Pensions Bill

Part of the debate – in a Public Bill Committee at 9:30 am on 17 January 2008.

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Photo of Nigel Waterson Nigel Waterson Shadow Minister, Work & Pensions 9:30, 17 January 2008

Can I move on to the other big issue that you have dealt with a good deal? That issue is levelling down and the likely effect of personal accounts on existing pension provision. I have two related questions. You describe one of your scenarios as a “pessimistic scenario”, but as potentially disastrous in public policy terms. How likely do you think that that scenario is? Do you accept that, if personal accounts are to be dubbed a success, they have to produce not only more savers but also an overall increase in savings?