Written question asked by Lord Field of Birkenhead (Labour), in the House of Commons. It was due for an answer on Monday, 13 January 1997. It was answered by Oliver Heald (Conservative) on Monday, 13 January 1997 on behalf of the Department of Social Security.

Dept of Social Security

Question: What was the basis for the statement in paragraph 5.64 of the Financial Statement and Budget Report relating to the advantage of encouraging private provision in pensions as part of the reform of social security expenditure; and what savings resulted from that policy.

Answer: Mr. Field: To ask the Secretary of State for Social Security what was the basis for the statement in paragraph 5.64 of the "Financial Statement and Budget Report" relating to the advantage of encouraging private provision in pensions as part of the reform of social security expenditure; and what savings resulted from that policy. [9287] Mr. Heald: The Government are committed to funded occupational and personal pension provision, and have encouraged growth in this area by the introduction of greater choice and flexibility in pension options. As a result, this country is almost uniquely well placed to meet its pension promises in the new millennium. The Organisation for Economic Co-operation and Development and International Monetary Fund have acknowledged the strong position of the UK compared with other countries.

Secondary information