§ Dr. Julian Lewis
To ask the Chancellor of the Exchequer if he will estimate the average extra annual payment which a subscriber to a pension scheme must pay to achieve the same return as would have occurred if the tax credit on dividends had not been abolished. 
§ Miss Melanie Johnson
Our package of corporation tax reforms included not only the withdrawal of payable tax credits on dividends but also cuts in corporation tax rates. These and other measures will help to improve investment performance. The overall effect of these changes on pension schemes will vary depending upon factors such as the type of scheme and the investment policy adopted. So it is not possible to provide a general estimate of the effect on pension schemes' ability to meet specific investment targets.