Oral Answers to Questions Debate
Full Debate: Read Full DebateChris Kelly
Main Page: Chris Kelly (Conservative - Dudley South)Department Debates - View all Chris Kelly's debates with the Department for Work and Pensions
(12 years, 9 months ago)
Commons ChamberJust in case the right hon. Gentleman has missed the point, I remind him that decisions about tax credits are a matter for the Chancellor. I am surprised that he does not know that, because he was once in the Treasury himself. That reminds me that he is the individual who left a letter saying that there was no money left. Where does he think we were going to get the money from to get our successful programmes under way? The answer is that we have made a great start through the work experience programme, the Work programme and the changes to universal credit. We as a Government are doing more to get people back to work than anything his Government did when they were in power.
T2. What assessment has the Minister made of the potential effect on UK defined benefit pension schemes of the European Union proposal to review the institutions for occupational retirement directive and align it with the solvency II directive? Is not that just a further EU assault on the hard-pressed UK occupational pension sector, and the last thing we need? Will the Minister stand firm against that?
We are gravely concerned about these proposals. The UK Government do not accept the need for new solvency arrangements for defined benefit schemes based on solvency II, which would have potentially serious effects for UK defined-benefit pension schemes. We are especially concerned about any proposals that would increase costs for employers at a time when we are looking to keep costs down, or that might affect the vital role pension funds play as investors in the UK. We will oppose these proposals.