Business of the House

Ian Blackford Excerpts

Thursday 14th July 2016 Commons Chamber

[Chris Grayling]

I clearly do not know the details of the case concerned. If the hon. Lady has written to the Minister for the Cabinet Office, I will ask my office to chase that up on her behalf. She mentioned our record on pensions; I remind her that it was us who relinked the state pension to earnings and created the triple-lock guarantee. We are doing more for our pensioners than previous Governments did for a long time.

[Ian Blackford (Ross, Skye and Lochaber) (SNP)]

Speaking from the Dispatch Box on Monday, the Secretary of State for Work and Pensions said:

“there is a very real systemic issue with DB”—

defined benefit—

“pension schemes that we need to look at”.—[Official Report, 11 July 2016; Vol. 613, c. 12.]

He is right. Of the 6,000 defined benefit schemes in the UK, 5,000 are in deficit. The Pensions Regulator has raised concerns about additional risks to such schemes following the vote to leave the EU. We are talking about a real risk to pension fund members. May we have a debate in Government time on this crucial issue?

[Chris Grayling]

There is no doubt that defined benefit schemes face enormous pressures because, most fundamentally, of the change in lifespan over the past few decades. It is a good thing that we are living longer, but it makes it much more difficult to fund a pension fund through a vastly longer period of retirement. The hon. Gentleman makes an important point about this issue, which the Department for Work and Pensions is monitoring carefully, and he will no doubt take advantage of the opportunities in the House, either in oral questions or in an Adjournment debate on the Floor of the House, to raise the matter directly with Ministers.