Gov't defeats pensions 'lifeboat' proposal

At the third reading of the Pensions Bill yesterday, the cross-party amendment supported by, among others, David Cameron, George Osborne, Menzies Campbell, David Laws, Frank Field and Alan Simpson, was defeated by just 22 votes. James Purnell, Minister for Pensions reform, stated the proposals, which would see a loan form the Treasury repaid by the collection of unclaimed assets, are “just another uncosted policy”. He adds: “[The Conservatives] propose to make a loan from the Treasury. What is a loan from the Treasury other than public expenditure? It is a bit like going to a bank and s...