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Occupational Pensions

I will furnish the right hon. Gentleman with the details, but I think that he will find that figure in the Red Book. He should remember that that is part of the Budget process. I always carefully follow the remarks of the right hon. Member for Charnwood because I have a lot of respect for him both as a Member and as a former Minister. However, I must correct one claim that he made, because it was not correct. He said that the dividend tax credit changes that my right hon. Friend the Chancellor introduced in 1997 broke the principle that pension contributions are exempt on investment and taxed on receipt. I remind him that my right hon. Friend’s changes did not change any of the fundamental principles of the taxation of pensions. Contributions to pensions remain exempt from tax and, indeed, my right hon. Friend has introduced important simplifications to the tax regime for pensions. Investment returns in pension schemes remain exempt from taxation.