Pension Schemes Bill Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Cameron Thomas
Main Page: Cameron Thomas (Liberal Democrat - Tewkesbury)Department Debates - View all Cameron Thomas's debates with the Department for Work and Pensions
(1 day, 6 hours ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Steve Darling
It is almost as if my hon. Friend had just seen the next section of my speech. We see such investment as an opportunity to drive social rented housing, our high streets and other investment in our communities. We need to ensure that UK institutions are the first, second and third investors in opportunities in the UK so that overseas investors see that we are backing ourselves and then pile in after us. That is essential.
We will vote against mandation. There is much to welcome in the Bill, but the devil is in the detail.
Cameron Thomas (Tewkesbury) (LD)
My hon. Friend speaks well about what is good in the Bill, but there is room for improvement. A number of my Gloucestershire constituents were employees of Gulf Oil before its merger with Chevron. Following the merger, they were moved on to the Chevron pension scheme. Between them, they have hundreds of years of service, but they are not protected against inflation, and over years of inflation, the value of their pensions has been eroded significantly. Does my hon. Friend agree that his new clause 7 is a genuine opportunity for pension justice—one that we hope the Labour Government support?
Steve Darling
I wholeheartedly agree with my hon. Friend. I am sure that the Pensions Minister is listening. Politics is all about calling out injustice, and my hon. Friend does a good job of that for his constituents.