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BeeHive  >  BeeLines  >  The pension radar service - volume 3

The pension radar service - volume 3

I was going to leave these to build up for a couple of weeks before putting out another batch of Radar Reports, but the last few days of January have seen a number of pension issues being debated in Parliament and the Lords, so I’ve included the links here to keep you in the loop. They are oral and written answers to questions in the Commons, and written answers to specific questions raised in the House of Lords.


HOUSE OF COMMONS ORAL ANSWERS
You’ll have to scroll down the page a bit for this one, but it’s an interesting exchange on the spread of means-testing and the imposition of the £5 Billion a year stealth tax on pensions.

Private Pensions
Minister for Pensions (Malcolm Wicks)

This next part of the debate concerns the fears that contracted-out rebates could be raided to fund the introduction of a citizens’ pension in the near future! 

National Insurance Rebates
Minister for Pensions (Malcolm Wicks)

More worrying stuff about the Financial Assistance Scheme and, particularly, where the money is likely to be coming from!

Financial Assistant Scheme 
Minister for Pensions (Malcolm Wicks)

And finally, from the Commons, some real concerns that the changes to public sector pension schemes may go through without too much opportunity for MPs to debate the issues.

Public Service Pensions 
Leader of the House (Peter Hain)

HOUSE OF COMMONS WRITTEN ANSWERS
This next one kind of follows on from the arguments a week or so ago over contracting-out of the State Second Pension. Here the Government gives some details of the number of people over the age of 53 who are contracted-out of S2P with Appropriate Personal Pensions. 53 of course is around the pivotal age where the flattening-off of the age-related rebates could prompt some people to re-enter the state scheme.

Pensions 
Asked by Steve Webb (LD)

Lastly, and briefly, a short statement on the plight of women in the UK these days and the way they are losing out from the pension system. The answer appears to be that the Pension Credit has sorted things out, but it seems to ignore the fact that, as many women do not achieve a full-rate Basic State Pension, they still stand to lose a proportion of their pension savings at a staggering 100% withdrawal rate.

Pensions Equality 
Asked by Mark Lazarowicz (Lab)

HOUSE OF LORDS WRITTEN ANSWERS
This is my personal favourite from this batch in that it tackles the great unknown of just how popular SIPPs will be after A-Day when residential property investments are allowed. You know what I think, but this is the official line on the subject…

Self-invested Personal Pensions
Asked by Lord Oakeshott of Seagrove Bay (LD)


Steve Bee
1 February 2005

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