Occupational Pensions: Survivor Benefits — Question

Part of the debate – in the House of Lords at 2:38 pm on 13th July 2015.

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Photo of Baroness Altmann Baroness Altmann The Minister of State, Department for Work and Pensions 2:38 pm, 13th July 2015

My Lords, the Government are absolutely committed to equality, and all accruals from now are on an absolutely equal basis. However, past funding of pension schemes would not have built in the cost estimates for equality. That is why we have to be careful and consider the issue most carefully before imposing a cost of £3.3 billion on these pension schemes. The cost for public sector pension schemes would be £2.9 billion, which has not been funded, and the cost for private sector schemes would be £400 million, which has also not been funded. Finding that kind of money when employers are already struggling is not straightforward.