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Occupational Pensions

Volume 458: debated on Monday 19 March 2007

To ask the Secretary of State for Work and Pensions (1) how many people took early retirement from their occupational pension scheme before April 2005; and how many are members of schemes in the Pension Protection Fund and in schemes negotiating to enter the fund; (127564)

(2) if he will estimate the cost of (a) removing the 90 per cent. cap and paying all pensions at the scheme level, (b) removing the 90 per cent. cap but keeping the overall cap on the level of pension provided and (c) removing the age discount for those who have not reached their normal retirement age for those people who took early retirement before April 2005 whose fund is in the Pension Protection Fund or negotiating to enter it.

There are currently three pension schemes which have completed an assessment period with the Pension Protection Fund (PPF) and whose members are receiving compensation from the fund; those members do not include any early retirees.

The remaining requested information is not available. Data on the number of early retirees are held by individual schemes and are not held centrally by the PPF until schemes have completed the assessment period. To gather the requested data would therefore entail contacting each scheme individually and incur disproportionate cost.

As it is not possible to determine the number of members who have taken early retirement it is therefore not possible to calculate the various requested estimated costs.