Skip to main content

Personal Savings

Volume 461: debated on Monday 18 June 2007

To ask the Secretary of State for Work and Pensions what assumption has been made on the annual uprating of the contribution limit for personal accounts in the stochastic modelling described on pages 113 and 114 of the Regulatory Impact Assessment to Personal Accounts: A New Way to Save. (141528)

To estimate the impact of the personal accounts contribution limit on individuals' pension income it was assumed that the limit would be uprated in line with average earnings.

To ask the Secretary of State for Work and Pensions to what year the figures in table 5.2 of the Regulatory Impact Assessment to Personal Accounts: A New Way to Save pertain. (141533)

The figures in table 5.2 refer to the financial year 2003-04. It was erroneously labelled as being data from 2005-06. The correct title of the table should be "Personal and stakeholder pensions: average contribution by status and earned income in 2003-04. The full table and notes can be found at

http://www.hmrc.gov.uk/stats/pensions/7-10-200405.xls

To ask the Secretary of State for Work and Pensions whether the average contributions to personal and stakeholder pensions detailed in table 5.2 of the Regulatory Impact Assessment to Personal Accounts: A New Way to Save include contracted-out rebates. (141534)

Table 5.2 is replicated from HMRC Pensions Table 7.10 which can be found at

http://www.hmrc.gov.uk/stats/pensions/7-10-200405.xls .

Footnote 5 states that these contributions include minimum contributions, which is another name for contracted-out rebates.