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Occupational Pensions

Those are very good points, which add to my basic argument about the complexity of the decline of the occupational pension scheme. Some of it was caused by factors outside Government control, some was due to regulatory change and some was attributable to tax measures, although not necessarily the most important part. Much of the debate has been retrospective. It has asked who was to blame, and why this happened 10 years ago. We should spend a bit of time looking forward. The hon. Member for Tatton was right to emphasise the need to do something about the 120,000 people who have been dispossessed as a result of the collapse of their occupational pension schemes. He also mentioned the proposal that we are to debate tomorrow, which the Liberal Democrats will support. It is a practical proposal designed to address the issue of compensation, and we hope that the Government will be sympathetic to it. Another issue that is coming down the track and will have to be faced fairly soon is the Equitable Life inquiry by the ombudsman, which is close to completion. It relates to a serious case of mis-selling to highly sophisticated pensioners, which may well have involved a serious regulatory failing. The Government’s response to that, and to the ombudsman’s report, will be an indication of how seriously they take the issue of confidence in private funds.