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Occupational Pensions

The Chancellor never told the House of Commons that he was hitting people with a £5 billion tax raid on the pensions. Not once did he tell that. Of course, my right hon. Friend the Member for Richmond, Yorks (Mr. Hague), the then Leader of the Opposition did say that abolishing dividend tax credits would mean that"““pensions will be smaller and pensioners will be worse off.?—[Official Report, 2 July 1997; Vol. 297, c. 306,321.]" That is of course exactly what has happened. The figures speak for themselves; 60,000 occupational pension schemes have been wound up or, as the right hon. Member for Birkenhead said in the article:"““five sixths of the final salary schemes that have closed have done so since 2000; in other words, they have closed on our watch?." Only a third of the remaining final salary schemes are open to new members, and 125,000 people have lost all or most of their pension altogether. I give way to anyone who will vote for that amendment tomorrow.