Pension Protection Fund and Pensions Regulator

Lord Flight Excerpts

Thursday 13th July 2017 Lords Chamber

[Baroness Buscombe]

I want to be absolutely straightforward about this with noble Lords. We are reviewing the implications of the judgment in detail and will respond appropriately in due course. The Government affirm their commitment to same-sex marriage and are proud of the achievement of the coalition Government, who delivered the 2013 legislation. The Government are committed to equality, and that is why legislation was introduced whereby pensions are built up equally for all legal partnerships.

[Lord Flight (Con)]

My Lords, the main problem for defined benefit schemes is the rate of interest at which accounting standards require them to discount their future liabilities. This gives rise to arithmetic which shows a substantial deficit that is not likely to happen. I believe that a White Paper is coming, but can the Government get a move on and address this issue? It is causing problems where they do not really exist.

[Baroness Buscombe]

I entirely accept what my noble friend has proposed; I am very much hoping that this will be part of the many issues covered in the White Paper.