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Pensions Bill

The hon. Lady has eloquently made the case for our canning the Bill and all going home. She has just said that the basic state pension does not really matter because there are lots of top-ups. The whole premise on which the Secretary of State is working is that we have to stabilise the basic state entitlement in order to promote saving over the long term. This is the point at which I was going to discuss the voluntary contributions that have been made and are still being made—an issue that we have raised with the Secretary of State on many occasions—but as a result of his announcement today, he has, perhaps happily, reduced my speech by a couple of minutes. However, I should like him to clarify one part of that announcement. Will contributions deemed by the Treasury to be precluded contributions—those that cannot increase someone’s entitlement to benefit—made from the conclusion of today’s Second Reading debate be refundable? I think that that is the intention behind his announcement, although it was not 100 per cent. clear whether the measure will be effective from today or from some later stage in this Bill’s passage.