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Occupational Pensions

It is absolutely right that there has been a cut in those schemes in every major country in the world, but I have to tell the right hon. Gentleman that I have the figures with me, and the cut in defined benefit schemes between 1995 and 2000 was 2 per cent. Between 1990 and 1995, there was a cut of 5 per cent. under his Government. I remind him that when he spoke in 1993 on the Finance Bill, he supported the withdrawal of the divided tax credit to 20 per cent. He said the Tories were doing it"““in a way that does minimum economic damage, recognising the substantial tax benefits available to pension funds as collective savings vehicles.?—[Official Report, Standing Committee A, 15 June 1993; c. 377.]" He makes my case.