New Clause 6
Pensions Bill
6:15 pm
James Purnell (Minister of State (Pensions Reform), Department for Work and Pensions; Stalybridge and Hyde, Labour)
No, that is not my argument. My argument is that if people are to make a guarantee over 50 years, they need to say how it will be funded. It is also worth saying that unclaimed assets are not Government money. As the hon. Gentleman knows, an independent commission—the Commission on Unclaimed Assets—has been set up to propose recommendations on the use of unclaimed assets in the UK. The commission recommended the creation of a new independent financial institution to drive voluntary and community organisations seeking to relieve poverty in the UK. The commission’s final report to be published before the 2007 Budget will detail a series of technical and regulatory mechanisms to ensure a thorough auditing of dormant accounts and a rigorous campaign to unite account holders with their unclaimed assets. Obviously, if that is successful, there will not be as much money in that fund.
The commission has made clear what the fund should be used for. If the hon. Gentleman is saying that the money should be taken out of that fund and that he disagrees with the proposal, that is his right. However, the point is the same for any use of Government money. For example, if the Government were to use taxpayers’ money to increase the amount in the FAS, that money would not then be available for an alternative use. Decisions should be looked at in that context.