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Occupational Pensions

My right hon. Friend has touched on an important point of principle. My right hon. and learned Friend the Member for Rushcliffe (Mr. Clarke) referred to the fact that that option was rejected when he was Chancellor, partly because the arguments about rebalancing investment flows were rejected and partly because the tax change implemented by the Chancellor introduced for the first time double taxation on pensioners—taxation on income into the pension fund as well as taxation of the pension paid to the pensioner.