FUNDED PENSIONS

Early day motion 1535, tabled 2 July 2002 by Lord Willetts (Conservative). Signed by 59 members.

That this House notes the protests being made by the employees of the Caparo group over the decision by that company to replace its final salary pension scheme; further notes the reported comments of Lord Paul, the head of the Caparo Steel Group and Labour donor, citing the Government's decision in 1997 to raise an extra ú5 billion a year by cutting dividend tax relief for pension funds as one of the reasons why Caparo was abandoning its final salary scheme; and calls on the government to acknowledge the depth of concern felt by millions of pension contributors over the crisis in funded pensions and the connection between that crisis and the Government's ú5 billion a year tax on pensions which has cost each pension contributor ú400 a year.

Signatures by party: Conservative 57, DUP 1, Plaid Cymru 1.