Pensions

Part of Bill Presented – in the House of Commons at 4:43 pm on 13 March 1997.

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Photo of Harriet Harman Harriet Harman Shadow Secretary of State for Work and Pensions, Member, Labour Party National Executive Committee 4:43, 13 March 1997

It will be too late for them. As a direct result of Government policy, they will have had a lower standard of living in retirement than they were entitled to. The Secretary of State and the Tory Government have shown no remorse about the personal loss and hardship that they have caused so many people. Far from it: they are trying to sweep the issue under the carpet and press on with their dogmatic and ideological proposals to get rid of all state provision and privatise all pensions.

The Government say that under their new scheme costs will be held down. Under the Financial Services Act 1986, they have always had the power to cap charges and have never used it. Their track record is to allow charges to soar. Why should we believe them now when in recent years they have allowed people's savings to be eaten up in costs and charges?