Minister must account for pensions black hole

ON Monday, the Minister for Social and Family Affairs announced details of the Pensions Awareness Campaign 2007.

I thought (foolishly) maybe this year the campaign would throw some light on the black hole that has swallowed up the contributions paid into occupational pension schemes for decades by thousands of workers. These workers are now about to retire or are already in retirement. Can the minister explain what has happened to their pensions?

Why were companies allowed take contribution holidays? Why has the minister not protected pensioners with deferred benefits? Why has the minister allowed firms change from defined benefit to defined contribution schemes?