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8 May 2003 : Column 810W—continued
Investments
Mr. Gardiner: To ask the Secretary of State for Work and Pensions what assessment his Department has made of whether in the (a) short, (b) medium and (c) long term the recent falls in equity performance will lead to consumers buying cash investments instead of equity investments. [111443]
Ruth Kelly: I have been asked to reply.
Recent declines in equity prices have seen a fall in retail purchases of equity investments. The declines in equity prices should be viewed in the context of the historically higher return on equities over the longer term compared to other mainstream investments. Over time, stock market performance is likely to reflect the underlying performance of the economy. The fundamental drivers of a successful economy—high employment, low inflation and low interest rates—are in place.
New Deal
Mr. Jim Cunningham: To ask the Secretary of State for Work and Pensions how many young people in (a) Coventry and (b) the West Midlands have found permanent employment through the New Deal each year since 1998. [111136]
Mr. Nicholas Brown [holding answer 7 May 2003]: The information is in the table.
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| Coventry | West Midlands | |
|---|---|---|
| 1998 | 280 | 3,940 |
| 1999 | 600 | 7,740 |
| 2000 | 410 | 7,560 |
| 2001 | 290 | 6,810 |
| 2002 | 330 | 6,150 |
| Total | 1,920 | 32,200 |
(6) Sustained employment refers to jobs that last for at least thirteen weeks.
Note:
Figures are rounded to the nearest ten and may not sum due to rounding.
Source:
New Deal evaluation database.
Mr. Jim Cunningham: To ask the Secretary of State for Work and Pensions what monitoring takes place to ensure that employers involved in the New Deal provide jobs of quality for the employees whom they accept. [111137]
Mr. Nicholas Brown [holding answer 7 May 2003]: Jobcentre Plus requires all employers interested in recruiting a New Deal employee under the New Deal Employment Option to sign an Employer Agreement, which outlines the quality criteria and terms and conditions relating to the recruitment of employees under New Deal.
In addition, monitoring visits are undertaken by Jobcentre Plus staff and partner organisations at frequent intervals during the Option. These help to ensure that the work placement is running smoothly and that no discrepancies exist from that of the original notified vacancy including changes to duties, working hours, wage and expected duration and that the employee is receiving adequate supervision and mentoring.
Pensions
Mr. Gardiner: To ask the Secretary of State for Work and Pensions what policies his Department has for targeting Government information on pensions to groups in the workforce that traditionally have a low take-up rate of private pension provision. [111435]
Maria Eagle: The proposals outlined in our Green Paper "Simplicity, security and choice: working and saving for retirement", (Cm 5677), published on 17 December 2002, aim to ensure that people are provided with the information they need to make informed choices about their retirement provision.
- Issuing automatic state pension forecasts to people who are not members of private pension schemes, starting in May 2003 with the self employed;
Targeting pensions information at key life events when people might be most likely to think seriously about planning for their future;
Making it easier for employers to promote the benefits of their pension scheme to prospective members by producing an FSA approved pension information pack;
Requiring employers, who do not provide a pension, to provide employees with access to certain information or advice to help them plan for their retirement.
8 May 2003 : Column 812W
We are now concluding a wide-ranging consultation exercise in which we have sought views on these proposals. We have received more than 800 written responses and we will be setting out our plans in more detail in due course.
In addition, the Department's current pensions awareness campaign, supported by a series of information guides, has been running since January 2001 and over two million guides have been issued so far. This has included direct marketing activity targeting groups with traditionally low take-up of private pension provision, including women, the self-employed, young people, and working-age people with no private pension.
Mr. Gardiner: To ask the Secretary of State for Work and Pensions if his Department will work with the Inland Revenue to send out information to workers entering new permanent positions about the benefits of taking out private pension provision. [111437]
Maria Eagle: We are committed to encouraging people to consider their pension saving options. Everyone needs to be equipped to understand their financial choices and have access to the information they need to prepare for their retirement.
The Green Paper "Simplicity, security and choice: working and saving for retirement", (Cm 5677), recognised the vital part that the workplace plays in pension provision and set out the Government's proposals for working with employers to encourage and facilitate the provision of better pensions information to employees and prospective employees. This was a joint publication between the Department of Work and Pensions, HM Treasury and the Inland Revenue, demonstrating the close working relationship necessary between Government Departments to take forward the Government's agenda on pensions.
Our proposals for new employees include:
- Targeting pensions information at this key life event when people might be most likely to think seriously about planning for their future.
Making it easier for employers to promote the benefits of their pension scheme to prospective members by producing an FSA-approved pension information pack.
We will consider carefully any opportunities for the Department for Work and Pensions and the Inland Revenue to continue to work closely together in this area.
Mr. Gardiner: To ask the Secretary of State for Work and Pensions if his Department will make an assessment of (a) whether and (b) to what extent price caps and regulation have an effect on the ability of pension companies to offer products to lower income groups, with particular reference to stakeholder products. [111444]
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Maria Eagle: Following the Sandler Review, the Government published a consultation document "Proposed product specifications for Sandler 'stakeholder' products" in February 2003 that made proposals to provide people with more opportunities to save. As part of this work the Government have commissioned independent research into the impact of a charge cap on retail investment products. We will be responding to the results of the consultation in due course.
Mr. Evans: To ask the Secretary of State for Work and Pensions what percentage of working-age (a) adults, (b) men and (c) women in the north west of England are members of a stakeholder pension plan. [111588]
Maria Eagle: Specific data on the number of individuals contributing to stakeholder pensions, including a break down by region, will not be available until later this year. However, latest figures from the Association of British Insurers (ABI) covering the United Kingdom, indicate that 1.25 million stakeholder pensions had been sold up to the end of December 2002, of which an estimated 97 per cent. had been bought for individuals of working age (comprising 56 per cent. men and 44 per cent. women). ABI figures show the number of stakeholder pension policies sold, not the number of individuals who have taken out a stakeholder pension. People are allowed to hold more than one stakeholder pension.
Return to Work Credit Scheme
Mr. Boswell: To ask the Secretary of State for Work and Pensions (1) when he will extend the return to work credit scheme to the whole of the UK; [110736]
- (2) whether he plans to exclude the pilot return to work credit from calculations for (a) housing and (b) council tax benefit; [110737]
(3) how many specialist disability advisers will be recruited to assist the employment of disabled people; and what core skills they will be expected to possess; [110739]
(4) how many pilot schemes under the Green Paper Pathway to Work will involve medical services delivered other than by the national health service. [110741]
Maria Eagle: Our consultation document 'Pathways to Work, Helping People into Employment' Cm 5690, sets out a strategy for enabling people with health problems and disabilities to move into work, and so become and remain independent.
We are currently analysing the responses to the 'Pathways to Work' consultation. We will publish our response in due course.
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