Personal Savings

Mr. Philip Hammond
To ask the Secretary of State for Work and Pensions if he will update figure (a) 2.4, (b) 2.5, (c) 2.6 and (d) 2.7 and tables (i) 4.5 and (ii) 6.1 from financial incentives to save for retirement (Research Report No. 403) using the new income tax rates.

James Purnell
The Department published financial incentives to save for retirement in November 2006, which provided estimates of the payback which can be expected from saving in a private pension for a range of example individuals based on a range of assumptions including those around investment returns and other factors.

These figures have since been updated to take account of the 2007-08 benefit figures, the changes announced in the April 2007 Budget, and our proposals for personal accounts, as set out in the consultation response published on 14 June. The revised figures and tables will be placed in the Library.