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Raising of the Pension Age

I am not convinced and neither is the hon. Member for Castle Point (Bob Spink). We will explore the issue further during the debate. Other reforms that the Government brought forward included a promise to increase the basic state pension in line with earnings by the end of the next Parliament, although of course that assumes that there is not a hung or short Parliament. The Government suggested that the reform could be introduced by 2012, but the end of the next Parliament could be 2015. I believe that that promise will be reneged on, especially by a Tory Government who are looking to cut public expenditure sharply. The Government's other reform was to build up private pensions over time through a state-set-up stock exchange-linked fund called personal accounts, which would cover more people than at present and make them eligible for a pension. Although such schemes can work, as I saw for myself in Sweden with the Select Committee on Work and Pensions, this one has got off to a most unpromising start. It is meant to have contributions of 4 per cent. a year from the employee, 3 per cent. from the employer and 1 per cent. from the Government, but those figures are far too low for the scheme to be effective. Some workers will contribute but gain nothing out of it for their final pension. The Government cancelled the commitment to the contribution for two years to save public expenditure, and you can bet your life that a Conservative Government would not pay either, as they would be concentrating on budget deficits. The cancellation for two years was an unpromising start.