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Health and Safety Executive: Pensions

Volume 474: debated on Wednesday 23 April 2008

To ask the Secretary of State for Work and Pensions what the cash equivalent transfer value is of the public sector pension of the Chief Executive of the Health and Safety Executive.[Official Report, 17 June 2008, Vol. 477, c. 9MC.] (198499)

The total value of the remuneration package, including the value of the public sector pension, for the chief executive of the Health and Safety Executive is published each year, in June, in the annual accounts. In the latest published information available for 2006-07 accounting year the cash equivalent transfer value is £1,806,000.

To ask the Secretary of State for Work and Pensions what pension scheme is offered to staff joining the Health and Safety Executive; what the rate of employer contributions to the scheme is; and if he will place in the Library a copy of terms and benefits of the scheme. (198500)

Staff joining HSE after 30 July 2007 are offered the opportunity to join the Principal Civil Service Pension Scheme (PCSPS). Within the PCSPS there is a choice of two schemes, either the civil service nuvos pension scheme or a partnership pension where they choose a pension provider from an approved panel.

The majority of people choose to join the nuvos scheme and the employer contributions from 1 April 2008 are:

Band

Salary (£)

Rates from 1 April 2008 (percentage)

1

19,500 and under

17.1

2

19,501 to 40,500

19.5

3

40,501 to 69,000

23.2

4

69,001 and over

25.5

If they choose a partnership pension the employer contributions are:

A percentage of pensionable earnings which varies according to the employee’s age as at the beginning of the tax year (that is, as at the last 6 April) and so it may increase in the future.

Employer contributions

Age at the last 6 April

Percentage of pensionable earnings

Under 21

3

21 to 25

4.5

26 to 30

6.5

31 to 35

8

36 to 40

10

41 to 45

11.5

46 or over

12.5

On top of this HSE match any regular contributions made up to an additional 3 per cent. of pensionable earnings.

Full details of the terms and benefits of the PCSPS are available on the civil service pensions website

www.civilservice-pensions.gov.uk

including the current scheme rules and publications.