Pensions — 3 Feb 1999

I beg to move,

That this House believes the Government has failed pensioners and thrown away a unique opportunity for reform; deplores their attack on pensioners through the abolition of the ACT dividend tax credit, which will cost pensioners and all future pensioners £5 billion per year; believes the Government has further hurt occupational schemes by increasing the regulatory and cost burden in the pensions Green Paper; rejects the Government's proposals, which will make pension provision more complex and offer no real security for pensioners in the future; and condemns the Government for their extensions of means-testing in the welfare and pensions system, which will undermine the incentive to save.

I beg to move, To leave out from "House" to the end of the Question, and to add instead thereof:

"commends the Government's approach to pensions reform, set out in its Green Paper, Partnership in Pensions; congratulates the Government on its determination to end the scandal of pensions mis-selling and its plans to strengthen the financial regulatory system; commends the Government on its commitment to economic stability and low inflation, which helps pensioners; believes that its reforms to the corporate tax system, which will result in the lowest-ever rate of Corporation Tax, will be in the long-term interests of companies, shareholders and pensioners; and approves of the Government's introduction of the Minimum Pension Guarantee, Winter Fuel Payments, the re-introduction of free eye tests and commitment to concessionary travel for the elderly as part of its strategy to provide security in retirement."

The correct answer was "Yes"--but that in no way detracted from our enjoyment of the hon. Gentleman's spirited contribution on that occasion, or on this.

Question put, That the original words stand part of the Question:--

The House divided: Ayes 185, Noes 327.

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