Occupational Pensions
5:04 pm
Professor Steve Webb (Northavon, Liberal Democrat)
I have a lot of sympathy with the cases that the hon. Gentleman raises. Does he accept, however, as we must all accept, that we are dealing with a pot of money that is inadequate to pay everybody, and unless more money is made available, the flipside of paying more to the people whom he describes, who have suffered badly, is to pay less to retired pensioners? Does he accept that that would create new uncertainty for those who have already retired? Is he saying that if the Conservatives returned to office, everybody drawing an occupational pension from a private company would be at risk of having their pension cut if the firm went into liquidation?