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Pensions Bill

The hon. Gentleman is right. ““Action this day”” must govern us. It is not enough to delay a little more and simply take the Government’s word. The Select Committee gave cautious advice about the extent to which we should listen to the Government. We need to act now because, tomorrow, the amount that has been annuitised may be greater. The next day, it may be greater still. We need to act to ensure that that does not happen and that the maximum amount of resources is available to benefit those who have suffered so long because of the collapse of their occupational pension. The Young review makes the point—perhaps it is a rebuttal to the Association of British Insurers, among others—that there are unclaimed assets potentially available in life insurance policies. However, the main point the review makes is that there is a need to create the lifeboat now. People need the guarantee of the benefits at PPF level. The Minister can have a review to ascertain the level of resources, but let us get the lifeboat going to give people outside the certainty that they require. Amendment No. 24 is simple and makes it clear that PPF-level benefits should be delivered by regulation as a matter of right. The other amendments make it clear that the process of allocating resources should be gone through, but the uncertainty of the level of resources that might be delivered by the various programmes should not stop us voting for these amendments. There may be a small cost attached—the hon. Member for Wolverhampton, South-West (Rob Marris) has referred to it repeatedly, from a sedentary position and otherwise—but answers to parliamentary questions show that it is not great. Let us float that lifeboat now to give hope to all concerned. The Minister presented his statement as an attempt to offer progress but it amounted to little more than more dithering and delay. Victims of this scandal cannot wait and, with the exception of those to whom the hon. Member for Eastbourne referred who have sadly passed away, will not go away. They will knock at our door every day they can. That is another reason why the House should act today. The amendments establish the lifeboat and start the search for the resources to fund it. That is the right order in which to do it. Let us not spend weeks, months or years reviewing the assets that might be available before we decide to float the lifeboat and give the guarantee of the appropriate level of benefits. Let us vote for the amendments tonight. The Prime Minister has made clear his wish to present an ethical dimension to his Government’s domestic policy. What better way to start than to ensure that the amendments are passed tonight and that the victims of collapsed occupational pensions in the FAS get the levels of benefits that they desire? The Prime Minister has also made it clear that he wishes to restore the role of Parliament. What better way could there be for the House to show that if the Government are not willing to provide that ethical dimension to their domestic policies, then it is? I hope that the House will support the amendments.