Personal Pensions:opting Out Of Serps

EDM number 510 in 1994-95, proposed by John Denham on 30/01/1995.

That this House notes that those earning less than ú10,000 per annum are generally best advised to remain members of the state earnings related pension scheme; notes with concern that by 1992 alone ú3,350 million in national insurance contributions and rebates has been paid by the Government to private insurance companies which had sold policies to 2.4 million low income customers; believes that many of these customers face reduced pensions as a direct result of taking out personal pensions; urges the Government to stop the waste of public money on the sale of inappropriate personal pensions; and calls on the Securities and Investments Board and the Personal Investment Authority to ensure that vulnerable holders of personal pensions are advised immediately to return to the state earnings related pension scheme. (Relevant registered interest declared.)

This motion has been signed by a total of 84 MPs, 1 of these signatures have been withdrawn.