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Pensions Bill

The debate has been long and passionate, and I shall reply briefly to it. There is clearly great sympathy in the House for the pensioners affected by companies having closed their pension schemes. No one wants to lose their pension, regardless of whether it is a private or a public sector pension. Concern has been expressed today by Members in all parts of the Chamber about those pensioners, and concern has been expressed in the other place that more money should be spent. There is disagreement about where that money will come from, but the Young interim report is positive about our being able to find more money for the pensioners. Today I have been pleased to announce that it is our intention to match any additional funds the review might bring forward with the goal of moving to the 90 per cent. mark. We also hope that the Young review will help to enable us to respond properly to the issue of solvent employers. It is in pensioners’ interests that we get them more money as quickly as possible, so let us rapidly secure the Bill’s Royal Assent so that we can deliver immediate payments. We will not do justice to the pensioners by agreeing to the complex, costly and contradictory provisions before us. They will not deliver for the pensioners, which is the key objective. That is why I call on Members to support the motion to disagree. Lords amendment disagreed to. Lords amendment No. 16 disagreed to.