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Pensions Bill

I add to what my noble friend has said by discussing how auto-enrolment into pension provision will interact with those who are likely to be on means-tested benefits in retirement. This is one of the chief concerns of all those who are involved in the Bill, and is one of the great unknowns. The noble Baroness, Lady Noakes, said at Second Reading that it was, "““something of an evidence-free zone””.—[Official Report, 3/6/08; col. 119.]" Even the redoubtable Pensions Policy Institute said that some of the factors that will have an impact on returns from savings and personal accounts, "““could be more problematic than others””," in predicting the point at which saving decisions are taken. It continued: "““Clearly, nobody can predict with certainty all of their future life circumstances””," or marital status, and it may be difficult for an individual to predict whether he or she will be renting in retirement. Although it is clear that more pensioners will own their own homes in future, no one can know for certain what will happen to the housing market. Those who may have thought that their homes and jobs were safe may find that things are very different some years hence. In his winding up speech at Second Reading, the Minister did not give us very much information about the Government’s review of Pays to Save. He just said that the scheme was not buying people off, that it was there for a proper purpose and that he was sure it would deliver. Perhaps in his reply he could expand on what action the Government will take and in what circumstances when the review is published.