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Occupational Pensions

The problem is serious and we need to have a proper discussion about the consensus that we want to build in respect of pensions in the future. However, the way that the debate has been initiated means that it cannot offer a serious representation of what has happened. All hon. Members know that constituents are worried about their pensions and livelihoods, both now and in the future. No one denies that, but that is not the substance of the debate. Some serious contributions have been made, but there has been little attempt to give a serious representation of what has happened, and why. The debate is an easy hit for the Opposition. Few people understand the complexities of pensions or the workings of the stock market. Not many are familiar with dividend distribution and the nature of investment, the implications of demographic change resulting from rising life expectancy, or the changes in accountancy laws. The issues are complex, and it is easy to claim that a smash-and-grab raid has been carried out and to say, ““The Chancellor stole your pension.? That is the soundbite, but it is not an accurate or sensible reflection of what has happened. The truth is very different. When we look back at the relevant documents, I shall be interested to see what they have to say about the relationship between the abolition of dividend tax credit and investment. It has been claimed that the aim was merely to raise money, and the right hon. and learned Member for Rushcliffe (Mr. Clarke) said that the money was to be used for the Government’s employment programmes. As I understand it—