Defined-benefit Pension Schemes Debate
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Philip Hollobone
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Defined-benefit Pension Schemes
Philip Hollobone Excerpts(6 years, 5 months ago)
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Several hon. Members rose—
Mr Philip Hollobone (in the Chair)
Order. The debate can last until 5.30 pm. I advise Members that we expect a Division at about 5 o’clock, in which case the debate will be extended by 15 minutes. If there is no Division, I am due to call the Front-Bench spokespeople at 5.08 pm, with the guideline limits being five minutes for the Scottish National party, five minutes for Her Majesty’s Opposition and 10 minutes for the Minister, leaving Laura Smith two or three minutes to sum up the debate.
There are four speakers seeking to catch my eye, one of whom has left the Chamber. We will start with Paul Masterton.
Julian Knight
I apologise. We were so rudely interrupted by the Liberal Democrats.
The effective remodelling of these almost-zombie DB schemes could be a means by which we ostensibly kick-start a different approach to social care and allow people to choose whether to supplement their social care in the long term by actively deciding to put away a certain amount of pension in order to receive a certain amount of social care insurance. There are all sorts of options for that.
I conclude by saying that the Green Paper and White Paper were refreshing and thoughtful. We have an opportunity to do something that the Turner report did not do—it dealt mostly with public finances and the state pension—which is to shift the balance and the focus on to private sector workplace pension schemes. We need them to play a role, but we also need to repair the problems of the past.
Mr Philip Hollobone (in the Chair)
We now come to the first of the Front-Bench speeches. The new finish time for the debate, because of the Division, is 5.40 pm.