Funded Pensions

Part of the debate – in the House of Commons at 4:11 pm on 2nd July 2002.

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Photo of Mr Archy Kirkwood Mr Archy Kirkwood Chair, Work and Pensions Committee 4:11 pm, 2nd July 2002

I understand that blame allocation is an important part of this process. However, may I go back to the important point made by Mr. Field? No one in the Chamber can be in any doubt that we are in the middle of a crisis of confidence regarding funded pension schemes. I think that there is a six-month window of opportunity, and the Government have put some useful reviews in place that might assist that process.

I do not think that people listening to the debate will be satisfied simply with blame allocation. The key question for me this afternoon is whether the Secretary of State will lead a debate on what will eventually have to be a complete reconstruction of a settlement for funded pensions in the future, because that is what the country is looking for a lead to achieve.