Transfer Payments and Preserved Benefits

Part of New Clause 1 – in the House of Commons at 4:15 pm on 20th July 1987.

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Photo of Mr Tim Smith Mr Tim Smith , Beaconsfield 4:15 pm, 20th July 1987

I cannot allow my hon. Friend to get away with that. It is difficult for trustees of an occupational pension scheme to give any guarantee. Again, it is open ended and no one knows what the rate of inflation will be. Large occupational pension schemes — I think of our multinational companies — have a tremendous record on uprating pensioners' benefits after retirement.