FINAL SALARY PENSION SCHEMES

Motion Text

That this House notes with concern the most recent evidence of the mounting crisis in United Kingdom funded pensions as reflected by the recent closures of final salary schemes by large employers, including Safeways on Thursday 9th May, and the survey by Norwich Union revealing that a quarter of companies are contemplating the closure of schemes in the next two years; and urges the Government to reflect upon the speech delivered by the Chairman of the National Association of Pension Funds, Mr Peter Thompson, to its annual conference which expressed the view that the Government appeared to be unconcerned by the demise of final salary schemes and that the Chancellor seemed to think 'we should all have a long, healthy and poor retirement'.