§ Mr. John Denham (Southampton, Itchen)I beg to ask leave to move the Adjournment of the House, under Standing Order No. 20, for the purpose of discussing a specific and important matter that should have urgent consideration, namely,
the crisis in personal pensions that now threatens the retirement incomes of more than 2 million people".The problem is very clear and very simple, but the Government have attempted to conceal it behind complacency and inaction.The problem affects people who have left the state earnings-related pension scheme, but whose incomes are below about £10,000 a year. Their contribution to their personal pensions is too low: after the pension companies have taken management fees and profits out of their savings, their pensions will be less than they were under SERPS.
The Government slipped out the figures that reveal the position just before Christmas. In January, 147 Labour Members signed a resolution highlighting the problem. Coopers and Lybrand Deloitte estimates that 2.4 million people—40 per cent. of all those who have personal pensions—are now affected in this way. Despite that continuing pressure, the Government have done and said nothing.
With every day that passes, the future retirement incomes of nearly 2.5 million people are being unnecessarily and scandalously reduced. The Government have had more than enough opportunities to make a statement or arrange a debate in the House; I hope that it will now be possible for the House to adjourn, so that we can debate the matter that the Government do not wish us to debate.
§ Madam SpeakerI have listened carefully to what the hon. Gentleman has said. I must state my decision without giving any reasons. I am afraid that I do not consider the matter that he has raised appropriate for discussion under Standing Order No. 20 and I cannot, therefore, submit his application to the House.