§ 9. Mr. Winnickasked the Chancellor of the Exchequer if he will make a statement about the likely cost to the Exchequer over the next five years of extra tax concessions to pension funds that will result from the proposals for the phasing out of the state earnings-related pension scheme.
§ Mr. MooreNo extra tax concessions are envisaged. The proposed arrangements would be subject to the same tax treatment as existing superannuation arrangements.
§ Mr. WinnickIs not the position that the phasing out of SERPS will mean an overall cost to the Treasury? Is this one of the reasons why there was such a severe clash between the Chancellor and the Secretary of State for Social Services, which the Prime Minister tried to resolve?
§ Mr. MooreNo, in so far as the last apocalyptic aspects of the hon. Gentleman's questions are concerned, that is not accurate. He is right to remind us of what my right hon. Friend the Secretary of State for Social Services said on 19 June in the Select Committee on Social Services, when he estimated that the proposals could reduce tax revenues by somewhere in the region of £300 million.