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Occupational Pensions

Does the hon. Gentleman accept that the £540 billion combined deficit figure from the actuaries is predicated on wind-up and transfer into bonds, and we happen to be living through a gilt bubble, where prices are very high because of the pension crisis and regulatory pressure to go into bonds? Is not the more accurate deficit for ongoing pension schemes the FRS 17 deficit? Is it not the case that the current cumulative FRS 17 deficit is about the same as the actuaries’ figure for the losses as a result of the tax switch?