Written question asked by Lord Mann (Labour) on Thursday, 13 March 2003, in the House of Commons. It was due for an answer on Monday, 24 March 2003. It was answered by Ruth Kelly (Labour) on Monday, 24 March 2003 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, whether the Financial Services Authority is able to allow pension providers to continue selling new pension policies that are not based on the parameters set by the Statutory Money Purchase Illustration regulations coming into force on 6th April. - (Holding answer 18 March 2003).

Answer: John Mann: To ask the Chancellor of the Exchequer whether the Financial Services Authority is able to allow pension providers to continue selling new pension policies that are not based on the parameters set by the Statutory Money Purchase Illustration regulations coming into force on 6 April. [103545] Ruth Kelly: [holding answer 18 March 2003]: A comprehensive FSA regime is already in place to govern the sale of personal pensions. The requirement to provide Statutory Money Purchase Illustrations (SMPI's), for holders of existing contracts, will come into effect from 6 April 2003. These will show what personal pension income may be worth in retirement at today's prices. They are designed to help pension savers determine whether they are saving enough for retirement. The SMP1 regulations, and the technical memorandum that informs them, will ensure these illustrations are prepared using standard assumptions. Following consultation in April 2002, the FSA has made rules to bring its post-retirement assumptions into line with those in SMPI's.

Secondary information

Type: Written question
Reference: 103545; 402 c62-3W
Session: 2002-03
Subjects: Financial Services Authority Pensions Regulation
Link: View this Written question on www.publications.parliament.uk

Treasury

Secondary information

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