David Mowat
Main Page: David Mowat (Conservative - Warrington South)
Sajid Javid
I always listen carefully to what the Chairman of the Work and Pensions Committee has to say, particularly on this type of issue, and I would be happy to meet him to discuss this further. He makes a very important point: this should not be seen as a general look at pensions rules. We are lucky, as a country, to have a very robust pension system; when things do go wrong, there is a lifeboat that works. However, as I said earlier, this is very much about this scheme, although I would be happy to discuss this further with him.
David Mowat (Warrington South) (Con)
The Secretary of State’s consultation represents an important potential point-of-principle change. Will he tell the House whether the change to indexation alone will put the fund into surplus? If the fund is still in deficit after this change, is there not a possibility that a future PPF referral will mean a double whammy for the workforce?
Sajid Javid
The pension trustees believe that their proposal will move the scheme into surplus and make it stable. However, it is worth emphasising that the Pensions Regulator will be very much involved. If this actually did go ahead, the Pensions Regulator would rightly have to be satisfied with it, and there would also have to be a number of other safeguards.