Optants Out Of The State Earnings Related Pension Scheme

EDM number 937 in 1993-94, proposed by John Denham on 23/03/1994.

That this House notes with concern the Government's failure to respond to the concerns raised in EDM 315 and signed by 147 honourable Members to the effect that up to two and a half million people have been wrongly advised to opt out of the state earnings related pension scheme for personal pensions; notes that Coopers and Lybrand have independently produced a similar estimate as reported in The Independent on 23rd March 1994; notes with concern that these individuals may be worse off financially as a result; further notes that the Government has similarly failed to respond to the same concern when raised by the honourable Member for Southampton, Itchen, in Business and at Question Time, and by other honourable Members; believes that the Conservative Government bears responsibility for the irresponsible promotion of the option of leaving SERPS and the mis-selling of personal pension plans; and calls on the Government to ensure full compensation of victims and to establish an independent inquiry into the regulation and management of the financial services industry.

This motion has been signed by a total of 50 MPs.