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Pensions Bill

I thank all Members of the Committee who have spoken in this short but crucial debate. I accept that legislation has been passed to restore the earnings link, but how do we ensure that that happens and when? The Minister says that we may have to wait seven years, but that is far too long. Millions of pensioners do not have flexibility on that because they will not still be alive when that day comes. The noble Lord should know better. It is not fair to say that my noble friend Lord Kirkwood and I were saying that the Government have done nothing for pensioner poverty. We accept that they have done a great deal. We were pointing out that, despite all the money that has been spent, many pensioners are still falling through the means-test net and many are still in poverty. That was the substantive point that we were trying to make. As long as the basic state pension continues not to be linked to earnings, that situation will grow worse. As we all know, pensioner poverty on the Government’s official figures grew worse last year, so the policy is not working. In response to the points made by the noble Lord, Lord Skelmersdale, I say that we have moved this paving amendment today because we do not want an issue of this importance to be considered late at night with few Peers here. We want to have the debate now. On the question of commitments, when George Osborne became shadow Chancellor, the first tax pledge that he made was to abolish stamp duty on share dealing in the City. Pensioners will notice that the Conservatives have the money to pledge a £4 billion a year handout on share dealing but are not prepared to pledge a penny to give a firm date for restoring the earnings link. I thank my noble friend Lord Kirkwood for his encouragement to test the Committee’s opinion, which I had every intention of doing. I should like to do so now. On Question, Whether the said amendment (No. 43A) shall be agreed to? *Their Lordships divided: Contents, 55; Not-Contents, 109. [*See col. 1264]