Private Pensions

Part of Orders of the Day — Opposition Day – in the House of Commons at 5:43 pm on 30 March 1994.

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Photo of Peter Lilley Peter Lilley Secretary of State for Social Security 5:43, 30 March 1994

The hon. Gentleman should look at the whole press release. He will find the point that I have just made—that, in general, people in that period would have received an advantageous pension. What we all know about the point of age, to which the hon. Gentleman referred, is that we are pledged to, and will, introduce age-related rebates designed to make contracting out attractive to people across the whole age range. Also, in the interim period, we introduced the 1 per cent. additional rebate to extend the viability of the existing system until that age-related rebate structure is in place.