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Occupational Pensions

No, I do not. I am trying to make the case that, over the past quarter of a century, different challenges and massive global forces have changed the situation. I am not saying that everything was perfect in 1997, and that with this one change, everything has gone bad. I am trying to advance the case that there are more fundamental, long-term changes taking place. I would have hoped that the House would unite to scrutinise those organisations that fail to honour their promises to their employees, but that does not seem to be happening on a cross-party basis, at least not tonight. The trend away from defined benefit occupational schemes has been exacerbated—and, indeed, encouraged—by the policy decisions of Tory Governments. We have heard how Lord Lawson, as Chancellor, decided to tax pension fund surpluses in the mid-1980s, providing a marked incentive for companies to reduce those surpluses through payment holidays or additional dividends. That demonstrated short-term gain at the expense of long-term consideration for the British economy and the health of pension funds. The Thatcher and Major Governments also encouraged a shift away from occupational pensions towards individual private pensions.