§ Mr. Peter Atkinson
To ask the hon. Member for Roxburgh and Berwickshire, representing the House of Commons Commission, if the final value of the pensions of employees of the House will be protected following the Budget; and what estimate he has made of the cost of this protection to the Government. 
§ Mr. Kirkwood
The pensions of employees of the House who are members of the House of Commons Staff Pensions Scheme (HOCSPS) should not be affected by the budget proposals. The HOCSPS is analogous to the Principal Civil Service Scheme and is operated on a pay as you go basis. Since it is not a funded scheme and consequently has no investments the abolition of tax credits should have no effect on the value of pensions payable.
§ Mr. Atkinson
To ask the President of the Council if the final value of the pensions of hon. Members' staff will be protected following the Budget; and what estimate she has made of the cost of this protection to the Government. 
§ Mrs. Ann Taylor
The final value of the pension in respect of any individual on any honourable Member's staff will depend on a wide range of factors, including the level of contributions paid to the individual's pension arrangements, the choice of investment vehicle selected from time to time by the individual, and the level of annuity rates prevailing at the time when the individual 153W elects to draw pension. Whether or not the Budget will affect the final value of the pension will depend on all of these factors, as well as on economic variables such as the future progress of the investment markets. The ultimate pension levels are not guaranteed, either before or after the Budget.