Pension Schemes

Work and Pensions written question – answered on 28th January 2002.

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Photo of Michael Fabricant Michael Fabricant Conservative, Lichfield

To ask the Secretary of State for Work and Pensions if he will make a statement on the savings ratio with respect to pension schemes.

Photo of Ian McCartney Ian McCartney Minister for pensions, Department for Work and Pensions

Overall contributions to non-state pensions have increased year on year since 1997. It has risen from:

£50 billion in 1997

£60 billion in 1998

£65 billion in 1999

£69 billion in 2000.

Additionally, the introduction of stakeholder pensions has increased access to pension schemes and promoted greater pension saving generally. For example, the value of new pensions sales rose by 9 per cent. in the third quarter of 2001 to £2.8 billion.

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