Pensions Bill

I can remember Tory Front Benchers telling me on the Floor of the House that they would not commit any further public money, and that was the position that they took. Those who lost their pensions, whether before or after 5 April 2005, are all innocent victims, and they all deserve to be treated equally. I have always thought it quite ironic that those who campaigned for justice in this matter will receive less as things stand at the moment than the beneficiaries of their campaign in the form of the Pension Protection Fund. Therefore, I believe that there should be equity. According to the trade unions, they have evidence that the £8 billion may in any case be enough to settle that issue. I do not know whether that is the case, but, obviously, it would be welcome. The Government have set up a review and said that they are open to suggestions. In my Westminster Hall debate more than five years ago, I made both these suggestions: pooling the assets of pension funds and holding the private sector to account. I will conclude by referring to the private sector. Prudential’s venture capital company was the majority shareholder in UEF. I have met the chief executive on several occasions to call for the company’s help, but that has not been forthcoming. I wish the Government all the luck in the world in trying to get the private sector to contribute towards the financial assistance scheme.