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Occupational Pensions

The former Chancellor of the Exchequer, Norman Lamont, and John Moore and others in the Conservative party said that the tax relief was a subsidy. Pension funds do not pay tax and why should they get a subsidy? Steelworkers, miners and others do not get such subsidies. I would have thought that in true Conservative No Turning Back fashion, the right hon. Gentleman would agree with his ideologically firm colleagues on that issue. The issue is the relationship between labour and those who have retired. A hundred years ago, there were 14 people working for every one retired. Nowadays, the figure is four to one, and in 2050 it will be two to one. That will lead to big problems. I regret the Opposition’s motion today, because I had thought that we had a consensual approach to the issue of pensions. A long-term solution is needed, but the Opposition are going for the short-term fix.