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Proceeding contribution from Lord McKenzie of Luton (Labour) in the House of Lords on Monday, 4 June 2007. It occurred during Committee of the Whole House (HL) and Debate on bill on Pensions Bill.

Pensions Bill

Under the current system, if someone has been in employment for a number of years or, if working abroad, has been out of the labour market for a number of years and decides to make voluntary contributions, he must do so within six years of the tax year in question. Under my noble friend’s proposition, he would not haveto make the payment at that time but would simply store it up and take a view of the situation in 20, 30 or 40 years’ time. My point is that there have to be timely payments into the National Insurance Fund.

Secondary information

Type
Proceeding contribution
Reference
692 c909 
Session
2006-07
Chamber / Committee
House of Lords chamber
Subjects
Disability Children Child benefit Carers Age Women Eligibility Earnings rules Guaranteed minimum pensions Grandparents Pension credit Pensioners Personal savings Pay Pensions National insurance contributions Means-tested benefits Pension rights Overseas residence State retirement pensions Young people Take-up Retirement Voluntary contributions State second pension Home responsibilities protection
Legislation
Pensions Bill 2006-07
Link
View this Proceeding contribution on www.publications.parliament.uk