Pensions Bill

I support these amendments and do so simply on the grounds of fairness and justice. It is totally unacceptable arbitrarily to leave out one group of pensioners from all the others and the benefits of the Pension Protection Fund as it has now been established. These people had no choice. If they had had a choice, a real choice, that would be different; but they did not. Caveat emptor really does not apply in this case. These people were told that they should join the company pension scheme. They were told that the scheme was sound. They had virtually been guaranteed that it was sound and would look after them when they retired. Maybe that was wrong, but that is what they were told. These pension schemes have now failed them. People were given that message when they were still at work. To treat them in this way now is unfair, undemocratic—as the noble Lord, Lord Oakeshott, said—and unjust, as well as being inhuman. It is totally unacceptable and the Government must rectify it. They have a duty to do so. Not that many people are involved. There will be a cost to the public purse but it is not a very high one. The Pension Protection Fund was a very welcome government initiative which rectified a social ill and many of us welcomed it with open arms. It was well done. It is an initiative that these people also must enjoy to the same level. I hope the Government will think again.