This government has an appalling track record on pensions. Clearly it does not understand how removing tax credits on dividends undermined the pensions of tens of thousands of people.

And now it is at it again.

The PPF Levy is designed to protect pensioners of Defined Benefit Schemes for companies that have weak balance sheets. But the reality is that it is another tax that puts yet more pressure on businesses that need stability and not financial surprise.

I'm a Director of the City of Birmingham Symphony Orchestra. We are one of the victims of the PPF Levy because of our much prized Defined Benefits Pension Scheme.

Last year we paid £9,363 as our PPF Levy charge. On Thursday last week, completely out of the blue, the CBSO received an invoice for £76,608 which is a rise of 718%. If we were a failing business, the pensioneers would benefit from this protection. But we are a charity with more than 50% of our income coming from national and local government grants through the Arts Council and Birmingham City Council. And, over the past two years since I became Trustee for Finance, we have devised a three year business plan that will deliver a surplus in each of the next three years, and remove our deficit by 2010.

The PPF Levy puts that in jeopardy. Had we known about the magnitude of this increase based on our credit rating following the 2006 accounts we could have addressed the issue. Our financial position is now relatively strong. Yet we are penalised.

Its throwing good money away. It buys little benefit for a pension scheme that is almost fully funded. And it is grossly unfair.

I'm rarely angry. But I am now.