Final Salary Pension Schemes

Part of Oral Answers to Questions — Work and Pensions – in the House of Commons at 2:30 pm on 17th March 2003.

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Photo of Edward Leigh Edward Leigh Chair, Public Accounts Committee 2:30 pm, 17th March 2003

I thank the Minister for that answer, but the fact is that nobody denies that final salary schemes are in crisis. It might have been hoped that many people could find comfort in personal pension schemes, but the collapse in share prices over the past three years means that those are also in crisis. In the light of that difficulty facing pensioners, will the Minister make representations to his colleagues in the Treasury to the effect that it is high time that the changes to advance corporation tax—representing a tax on shares that has cost our pensioners £30 billion, or £5 billion a year—should be suspended so that we can at least for the time being, end this crisis, which is afflicting our pensioners so seriously?