Pensions and Benefits — 4 Feb 2002 at 21:45

I beg to move,

That this House welcomes the Government's stated aim of increasing from 40 per cent. to 60 per cent. the proportion of pensioners' incomes which comes from the private sector, but notes with concern that the trend is in the opposite direction; deplores the regulatory burdens now placed on pension providers; condemns the Government for its failure to reform annuities; regrets the low level of saving and the decline of funded pensions; recognises that this poses a significant threat to the incomes of pensioners in the future; and further regrets that the Government's response is to increase the number of pensioners dependent on means-tested benefits.

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

"welcomes the Government's framework for pensions which will reduce pensioner poverty and encourage saving; further welcomes the fact that pension savings are now at record levels and the increased choice given by stakeholder pensions; further welcomes the Government's decision to set up the Pickering review; and congratulates the Government on the extra £6 billion paid to pensioners from April and its intention to bring in the Pension Credit which will increase the incomes of around half of all pensioners."

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

The House divided: Ayes 175, Noes 296.

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