Michael Portillo, Shadow Chancellor, is expected to argue tomorrow that the Government's scrapping of Advanced Corporation Tax credits for pension funds is fundamentally damaging the UK's pension industry.

Speaking at the National Association of Pension Funds (NAPF) conference in Glasgow, Portillo will claim that Government figures show that the number of new occupational schemes 'has halved since the general election from 6,000 a year in 1997 to just 3,000 in 1999'.