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Dept for Work and Pensions

Answer

Mr. Woodward: To ask the Secretary of State for Work and Pensions (1) what estimate the Government have made of the (a) proportion and (b) number of people who are entitled to a guaranteed minimum pension from their contracted-out final salary pension schemes who will not receive their full entitlement due to the winding up of their employer's final salary pension scheme; [144077] (2) what estimate the Government have made of the number of people who are entitled to a guaranteed minimum pension from final salary pension schemes that (a) have been wound up and (b) are being wound up by (i) solvent and (ii) insolvent employers. [144081] Malcolm Wicks: It is not possible to provide accurate estimates of the number of people entitled to a guaranteed minimum pension or those who might not receive their full entitlement in these circumstances. In order to produce such estimates, data on individual schemes' funding positions would be required. However, detailed information on this area is not available from existing data sources. Funding position information is particularly hard to obtain, given that it is highly sensitive to investment decisions and conditions in financial markets. The Pensions Schemes Registry (PSR), administered by the Occupational Pension Schemes Regulatory Authority (OPRA), holds information on the number of final salary schemes which are currently in the winding- up process and the number of schemes which have entered and completed winding-up. The registry database is, however, limited in a number of ways as described in the following footnote. Consequently, it does not provide a continuous record of the status of schemes, though it nevertheless remains the most comprehensive source of information available on the aggregate number of pension schemes in the UK. Note: The Pension Schemes Registry (PSR) is not designed or intended to provide a comprehensive or continuous statistical record of the status of schemes. The PSR registers schemes for tracing purposes and collects the levy from pension schemes, including those in the process of winding-up. New scheme data are being reported to the PSR on a continuous basis. Therefore, the figures are subject to continuous revision. When a scheme has changed status, the previous status of the scheme is not recorded on the registry. Schemes have up to 12 months to notify OPRA of any status change.

Secondary information

Type

Written question

Reference

415 c1096-7W; 144077;144081

Session

2003-04

Subjects

Insolvency Workplace pensions Pensions Pension rights

Link

View this Written question on www.publications.parliament.uk