Personal Pensions:persistency Rates

EDM number 509 in 1994-95, proposed by John Denham on 30/01/1995.

That this House notes with concern the study by AKG which reveals that nearly 22 per cent. of people who take out a personal pension cease payments within the first year and a further 18 per cent. drop out within three years; notes that commissions and other charges will leave those investors with little or nothing to show for their savings; believes that appallingly low persistency rates in the personal pension industry are further evidence of mis-selling of personal pensions; notes that the Personal Investment Authority is collating data on persistency rates but has not yet set any date for publishing company by company results; believes that the slow progress made in publishing this date is further evidence of the delays created by self-regulation; and calls on the Government to ensure that information on persistency rates is published by the end of 1995. (Relevant registered interest declared.)

This motion has been signed by a total of 83 MPs, 1 of these signatures have been withdrawn.