§ 17. Dr. Julian LewisWhat representations she has received on the impact of the abolition of the advance corporation tax dividend on pension funds. [34058]
§ Mr. DenhamA number of organisations with an interest in pensions have written about this matter.
§ Dr. LewisWill the Minister encourage private pension fund managers to inform their pension holders by how much they must increase their monthly contributions to make up the shortfall in their pension funds—or would the Government rather keep their victims in ignorance, in the finest traditions of the late Robert Maxwell?
§ Mr. DenhamThat is a remarkable question from the party that was responsible for the mis-selling of personal pensions on an unprecedented scale. I make it clear that it is a responsibility of private pension providers to provide best advice to holders of their policies.
The best thing that we can do for pension provision is to lay the basis for sound, sustainable economic growth, which achieves high levels of investment and produces the wealth from which all our pensions will be paid. I believe that both the Budget in July 1997 and last week's Budget will achieve just that.
§ Mrs. DunwoodyIs it not important that people are given accurate information about their pensions, whether 17 from the private or the state sector? Is my hon. Friend aware that it was a previous Labour Government who sent in the inspectors of Mr. Robert Maxwell and produced a report which said that, under no circumstances, should he ever be given any support, and that a Conservative City of London proceeded to lend him as many millions as he asked for?
§ Mr. DenhamMy hon. Friend makes an interesting point. I agree that it is important to ensure that people receive accurate information about their pension provision. That is why the Government have set up the pensions education working group to examine how to raise the level of awareness about financial and pensions information. I anticipate receiving that group's report in the next few weeks.