§ Mr. Denham
The package of measures in the July budget will ensure that we create and maintain the right conditions for long-term investment and growth. This is the way to ensure that wealth is created to sustain pensions in the future.
The Government are taking the long-term view of the economy, and a long-term view on pensions.
There is some short-term risk that some people with appropriate personal pensions may have been best advised to rejoin SERPS. The Government have responded to these fears by increasing their rebating to ensure contracting out remains attractive.