Equitable Life

Debate between Cheryl Gillan and Bob Blackman

Thursday 26th February 2015 Commons Chamber

[Bob Blackman]

I completely concur with my hon. and learned Friend.

I should say that the Chancellor made a key and very brave move to compensate the pre-1992 trapped annuitants with a one-off payment of £5,000, which was doubled to £10,000 for those on pension credit. That was very welcome, but we are talking about the most vulnerable people trapped by the scheme, and my view is that they should receive total compensation. The estimate for total compensation for that element alone is £115 million, which I consider a drop in the ocean compared with the total pension bill due.

[Mrs Cheryl Gillan (Chesham and Amersham) (Con)]

May I congratulate my hon. Friend on bringing the motion before the House? As we are rapidly approaching that time in the political cycle called the Budget, I suggest that this is a golden opportunity for our Treasury team and the coalition Government to show that they have a big heart and meet the demands we are all making on behalf of our oldest and most vulnerable constituents?

[Bob Blackman]

I am sure that my hon. Friend the Economic Secretary is listening, but she will clearly not announce the Budget measures today. After this debate, however, I will seek a clear commitment from the political parties about what they will do if elected to government on 7 May. Although it would be welcome if the Chancellor stood up at the Dispatch Box and agreed a full compensation package, the key issue is that if he cannot do so in this Budget, Members and people outside the House will want to know what the political parties would do to compensate those who have suffered.