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To ask the Secretary of State for Work and Pensions, if he will re-calculate the figures on adult disadvantages set out in the Answer of 20th March 2003, 401 c911W, to include retirement on 31st December 2003. (Letter in Library Dep 04/1644).

Asked by

Lord Flight (Conservative)

Answering body

Department for Work and Pensions

Type

Written questions

Status

Answered

Date

26 May 2004

Reference

174026; 421 c1715W

House

House of Commons

Dept for Work and Pensions

To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 4th December 2002, 395 c918W, on adult disadvantage, if he will re-calculate the figures to include retirement on 31st December 2002; pursuant to his Answer of 4th December 2002, Official Report, column 918W, on adult...

Asked by

Lord Flight (Conservative)

Answering body

Department for Work and Pensions

Type

Written questions

Status

Answered

Date

20 March 2003

Reference

401 c912-6W;401 c911-4W; 97848;99334

House

House of Commons

Dept for Work and Pensions

To ask the Secretary of State for Work and Pensions, if he will re-calculate the figures in the table in the Answer of 27th June 2002, 387 c1050W, assuming (a) that the fund remains in equities until the annuity is purchased and including also figures assuming retirement on 31st December...

Asked by

Lord Flight (Conservative)

Answering body

Department for Work and Pensions

Type

Written questions

Status

Answered

Tabled on

20 November 2002

For answer on

4 December 2002

Answered on

4 December 2002

Mr. Flight: To ask the Secretary of State for Work and Pensions if he will re-calculate the figures in the table in the answer of 27 June 2002, Official Report, column 1050W, assuming (a) that the fund remains in equities until the annuity is purchased and including also figures assuming retirement on 31 December 2001 and 30 September 2002, (b) retirement on (i) 31 December 2001 and (ii) 30 September 2002 and (c) that the fund remains in equities until five years before the annuity is purchased when half is satisfied into gilts and the remainder remains in equities until retirement, including figures assuming retirement on 31 December 2001 and 30 September 2002. [83135] Mr. McCartney: The available information, is in the tables. Table 2, includes the data underlying the graph on page 19 of `Modernising Annuities' published by Inland Revenue and the Department for Work and Pensions in February 2001. It is not possible to provide information, where the date of retirement is after December 2001. This is due to data and model restrictions. Although a stylised model, it is the data in the second table that we believe best characterises the investment strategy of many pension funds. Investors will also be interested in expected pension income throughout their retirement and not just the income in the first year. The information does not give an indication of how this first figure may have increased for successive cohorts of pensioners due to increased life expectancy. The following assumptions have been made. A person contributes to a pension fund for 31 years; Contributions are made at 10 per cent. of gross earnings; Earnings in each year are £20,000 in 2000 earnings terms. The earnings growth index was supplied by the Office for National Statistics; 50 per cent. of each year's contributions are made at the start of each year and 50 per cent. at the end of each year; The return on equities is in line with the FTSE 30. The same figures were used as PQ61084 to enable consistency with that answer; The return on gilts is in line with the Barclays Capital Total Return Index. The same figures were used as PQ61084 to enable consistency with that answer; A 1 per cent. fee is deducted at the end of each year Upon retirement on 31 December of the given year, an annuity is purchased at the prevailing rate in that year, and as indicated in the tables. The source of this Annuity Direct. Table 1--pension entitlement assuming the fund remains in equities in all years _________________________________________________________________________________________________. Year started contributing Retire at end Years of Lump sum Lump sum in Annuity rate Pension at Pension at of year contribution built up 2000 earnings in last year retirement retirement (cash terms) terms (£) of (nominal (2001 (£) contribution terms, earnings (percentage) weekly) (£) terms, weekly) (£) 1956 1986 31 17,681 38,694 14.1 48 105 1957 1987 31 21,066 42,786 14.0 57 115 1958 1988 31 23,845 44,503 13.7 63 117 1959 1989 31 25,578 43,792 14.0 69 118 1960 1990 31 27,866 43,460 15.2 82 127 1961 1991 31 34,243 49,608 14.6 96 139 1962 1992 31 41,169 56,297 13.2 105 143 1963 1993 31 53,666 71,268 11.7 121 161 1964 1994 31 47,497 60,865 11.6 106 135 1965 1995 31 57,034 70,893 11.3 124 154 1966 1996 31 60,718 72,850 11.0 129 154 1967 1997 31 71,040 81,762 10.4 141 163 1968 1998 31 85,598 93,743 9.4 155 169 1969 1999 31 80,168 83,738 8.9 138 144 1970 2000 31 85,438 85,438 9.1 149 149 1971 2001 31 83,928 80,340 8.9 143 137 _________________________________________________________________________________________________. Table 2--pension entitlement assuming the fund switches from equities to gilts over the last 10years of growth. An extra 10 per cent. is invested in gilts in each successive year _________________________________________________________________________________________________. Year started contributing Retire at end Years of Lump sum Lump sum in Annuity rate Pension at Pension at of year contribution built up 2000 earnings in last year retirement retirement (cash terms) terms (£) of (nominal (2001 (£) contribution terms, earnings (percentage) weekly) (£) terms, weekly) (£) 1956 1986 31 19,209 42,037 14.1 52 114 1957 1987 31 20,987 42,625 14.0 56 115 1958 1988 31 21,803 40,693 13.7 57 107 1959 1989 31 26,910 46,074 14.0 72 124 1960 1990 31 28,666 44,707 15.2 84 131 1961 1991 31 35,404 51,291 14.6 99 144 1962 1992 31 40,730 55,695 13.2 104 142 1963 1993 31 46,840 62,203 11.7 106 140 1964 1994 31 49,102 62,921 11.6 109 140 1965 1995 31 53,289 66,238 11.3 116 144 1966 1996 31 56,810 68,161 11.0 120 145 1967 1997 31 61,245 70,488 10.4 122 140 1968 1998 31 71,329 78,116 9.4 129 141 1969 1999 31 79,658 83,206 8.9 137 143 1970 2000 31 75,946 75,946 9.1 133 133 1971 2001 31 72,927 69,810 8.9 124 119 _________________________________________________________________________________________________. Table 3--pension entitlement assuming that 50 per cent. of the fund is invested in gilts in each of the last five years of growth _________________________________________________________________________________________________. Year started contributing Retire at end Years of Lump sum Lump sum in Annuity rate Pension at Pension at of year contribution built up 2000 earnings in last year retirement retirement (cash terms) terms (£) of (nominal (2001 (£) contribution terms, earnings (percentage) weekly) (£) terms, weekly) (£) 1956 1986 31 20,109 44,007 14.1 54 119 1957 1987 31 25,475 51,741 14.0 68 139 1958 1988 31 23,487 43,835 13.7 62 116 1959 1989 31 29,432 50,391 14.0 79 136 1960 1990 31 29,460 45,946 15.2 86 135 1961 1991 31 33,095 47,946 14.6 93 135 1962 1992 31 34,374 47,005 13.2 87 120 1963 1993 31 41,056 54,521 11.7 92 123 1964 1994 31 44,523 57,054 11.6 99 127 1965 1995 31 46,351 57,614 11.3 101 126 1966 1996 31 52,045 62,444 11.0 110 132 1967 1997 31 57,518 66,199 10.4 114 132 1968 1998 31 67,337 73,745 9.4 122 133 1969 1999 31 74,250 77,556 8.9 128 133 1970 2000 31 69,928 69,928 9.1 122 122 1971 2001 31 61,342 58,720 8.9 105 100 _________________________________________________________________________________________________.

Date

4 December 2002

Reference

83135; 395 c918-20W;395 c916-8W

House

House of Commons

Dept for Work and Pensions

To ask Mr Chancellor of the Exchequer, if he will place in the Library the figures underlying the graph on page 19 of Modernising Annuities published by the Inland Revenue in February; what the date is in each year for which the figures are valid; and what the source is...

Asked by

Lord Flight (Conservative)

Answering body

Department for Work and Pensions

Type

Written questions

Status

Answered

Tabled on

10 June 2002

For answer on

27 June 2002

Answered on

27 June 2002

Mr. Flight: To ask the Chancellor of the Exchequer if he will place in the Library the figures underlying the graph on page 19 of "Modernising Annuities" published by the Inland Revenue in February; what the date is in each year for which the figures are valid; and what the source is of the date used for earnings, annuity rates and value of maturing personal pension funds. [61084] Mr. McCartney: I have been asked to reply. The information in the table sets out the figures underlying the graph on page 19 of "Modernising Annuities" published by the Inland Revenue and the Department of Work and Pensions in February. _________________________________________________________________________________________________. Year started contributing Retire at end Years of Lump sum Lump sum in Annuity rate Pension at Pension at year contribution built up (£) 2000 earnings in last year retirement retirement terms (£) of (nominal (2000 contribution terms, £ earnings weekly) terms, £ weekly) 1956 1986 31 17,681 38,694 14.1 48 105 1957 1987 31 21,066 42,786 14.0 57 115 1958 1988 31 23,845 44,503 13.7 63 117 1959 1989 31 25,578 43,792 14.0 69 118 1960 1990 31 27,866 43,460 15.2 82 127 1961 1991 31 34,243 49,608 14.6 96 139 1962 1992 31 41,169 56,297 13.2 105 143 1963 1993 31 53,666 71,268 11.7 121 161 1964 1994 31 47,497 60,865 11.6 106 135 1965 1995 31 57,034 70,893 11.3 124 154 1966 1996 31 60,718 72,850 11.0 129 154 1967 1997 31 71,040 81,762 10.4 141 163 1968 1998 31 85,598 93,743 9.4 155 169 1969 1999 31 80,168 83,738 8.9 138 144 1970 2000 31 85,438 85,438 9.1 149 149 1971 2001 31 83,936 80,348 8.9 143 137 _________________________________________________________________________________________________. The figures are based on hypothetical modelling of the return from contributing to a pension fund using the following assumptions: A person contributes to a personal pension for 31 years. The earnings of each individual go up in line with average earnings. Each individual contributes 10 per cent. of their earnings into a personal pension. For the first 21 years, the fund is invested in equities, providing a return in line with the FT30 price index (dividends are ignored to allow for the effect of charges). Over the last 10 years of contributions, the fund is switched into gilts at a rate of 10 per cent. of the fund each year. The return on gilts is in line with the Barclays capital total return index. A further annual charge of 1 per cent. of the fund under management is paid out of the fund each year. Upon retirement on 31 December of the given year, an annuity is purchased at the prevailing rate of that year. Date and sources of information: Historical annuity rates provided by Annuity Direct; and the rates refer to level annuity for a male aged 65, single life, guaranteed 5 years. The annuity rates were calculated by taking the average of monthly rates for each year. The annuity rates for 2001 refer to the average of monthly rates from January to October only. Earnings: The average earnings series from 1963 to December 2001 is taken from National Statistics publication, `The Abstract of Statistics for Social Security Benefits and Contributions and Indices of Prices and Earnings, 2001 Edition'. Two indices have been put together to form a monthly average earnings series, starting from 1963. The Index of Average Earnings from 1963 to 1975 covered employees in all industries and services, except postal services, banking and medical services. The Average Earnings Index (whole economy) from 1976 to present covered all employees. Prior to 1963 the earnings series was constructed by back calculating using the annual growth in average earnings of full time male manual employees. Figures for 2001 refer to the average of monthly rates from January to October only. The FT 30: Figures taken from: Economic Trends Annual Supplement, Office for National Statistics. Figures for 2001 refer to the average of monthly rates from January to September only. Gilt Rates: Barclays capital total return index Figures for 2001 refer to estimates after the end of October 2001.

Date

27 June 2002

Reference

61084; 387 c1050-1W;387 c1048-50W

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, if he intends to reform the requirement to purchase an annuity at the age of 75 years. - Ref to 4 March 2002, 381 c9W.

Asked by

Lord Flight (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

25 March 2002

Reference

44723; 382 c743W;382 c739W

House

House of Commons

Dept for Work and Pensions

To ask the Secretary of State for Work and Pensions, If he will make a further statement on the McDonald Report into pension provision. - Inc figures.

Asked by

Lord Flight (Conservative)

Answering body

Department for Work and Pensions

Oral questions - Lead

Status

Answered

Date

15 October 2001

Reference

372 c905-6; 3576

House

House of Commons

Dept for Work and Pensions

To ask the Secretary of State for Work and Pensions, If he will make a statement on the compulsory purchase of annuities.

Asked by

Lord Flight (Conservative)

Answering body

Department for Work and Pensions

Oral questions - Lead

Status

Answered

Date

25 June 2001

Reference

370 c382; 461

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 21st March, 365 c236W, regarding annuity reform, what his estimate is of the costs to the Exchequer involved in introducing the recommendations of the McDonald Report, with particular reference to the (a) minimum income requirement and (b) continued...

Asked by

Lord Flight (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

10 May 2001

Reference

368 c282W;368 c280W; 155963

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, if he will set out the calculation underlying the statement in the Red Book 2001, page 95, paragraph 5.67, on the costs of undertaking annuity reform; and if he will make a statement. - No figures given.

Asked by

Lord Flight (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

21 March 2001

Reference

154144; 365 c236W

House

House of Commons

Dept of Social Security

To ask the Secretary of State for Social Security, If he will make a statement on the Government's response to the McDonald Report on pension provisions. (Failed OPQ)

Asked by

Lord Flight (Conservative)

Answering body

Department of Social Security

Type

Written questions

Status

Answered

Date

3 April 2000

Reference

347 c333W; 115886

House

House of Commons

Dept of Social Security

To ask the Secretary of State for Social Security, if she will estimate how many pensioners aged between 65 and 75 years have postponed purchasing an annuity until after the age of 65 years. - Information not available.

Asked by

Lord Flight (Conservative)

Answering body

Department of Social Security

Type

Written questions

Status

Answered

Date

13 January 1998

Reference

22055; 304 c208W;304 c204-5W

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, if he will estimate the number of people of pensionable age who have retired but who have not purchased an annuity with the accumulated capital from their pension fund. - Information is not available.

Asked by

Lord Flight (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

18 November 1997

Reference

14757; 301 c111W

House

House of Commons

Librarians' tools

Type

House

Session

Year

Department

Member

Primary member

Answering member

Legislative stage

Legislation

Subject

Publisher