Pensions

Lord Mawhinney Excerpts

Thursday 5th May 2011 Lords Chamber

[Lord Taylor of Holbeach]

In an earlier answer I indicated that there would be high earners over a longer working life whose accumulation of benefit would be less as a result of these proposals. However, the whole programme is designed to benefit those who have not normally, under the existing system, had the opportunity to accumulate a basic state pension that is adequate for their retirement. That must be the strategy that we seek to address. Anything involving pensions is a long-term programme and must seek consensus across Governments if we are likely to succeed.

[Lord Mawhinney]

My noble friend said with some confidence earlier that legislation in this area would be for some future Parliament and not for this one, and that it is the Government’s policy that no amount of extra money will be added to this proposal. Given that we are talking about implementation following legislation a number of years hence, in what financial circumstances would my noble friend consider the possible addition of extra money to fund the proposal?

[Lord Taylor of Holbeach]

I cannot speak for future funding that will be available to the Government for this or any other programme. At the moment, as far as government finance is concerned, we all know that we seek to tackle the deficit. This is a priority within Government, but I note the underlying subtext of my noble friend’s question.