---

Pensions Bill

I agree with my hon. Friend. Many of the 125,000 people whom we are discussing this evening are in the position that she describes. We are not considering pensioners who are expecting—as Cabinet Ministers might expect—large sums in retirement, but people who built up small amounts of pension. We should record our indebtedness to the pensions action group, and especially to Dr. Ros Altmann, for the way in which they assiduously brought such matters, including my hon. Friend’s point, to the House’s attention. The Minister referred to the Young review. It is an interesting document, which rewards further detailed study—I am sure that all hon. Members have studied it. It includes much that should give aid and comfort to those who support the amendments. For example, it emphasises the importance of stopping the annuitisation of the assets that are left over in the collapsed pension schemes. That is precisely the outcome that amendment No. 22 would achieve. The Minister wants to wait until November, when I presume that we will have the next phase of the report. Who knows how much longer Government action will then take? It could be attached to another pensions Bill. The process could take some time. If, during that time, many of the assets are annuitised, the benefits that could accrue to the FAS will be lost. Even if the Minister rejects all the other amendments—I wish that he would not—amendment No. 22 is in his interests as much as those of everyone else who pursues the matter. I fail to understand the basis of the Government’s opposition to the proposals. Although the amount of money required to increase benefits to PPF level— £640 million at net present value—is significant, it is not a great deal of money in overall annual public expenditure terms. I cannot understand why Ministers are so unwilling to do the right thing by a group of pensioners who have been treated so unjustly.