Very few did. This Bill, alongside its predecessor, will be considered equally historic. It is a blueprint for a new understanding between individuals, employers and the state, which will give all workers the chance to take control of their own retirement, providing for themselves and their dependants. These radical reforms...

Very few did. This Bill, alongside its predecessor, will be considered equally historic. It is a blueprint for a new understanding between individuals, employers and the state, which will give all workers the chance to take control of their own retirement, providing for themselves and their dependants. These radical reforms...

Will my right hon. Friend give way?

Will my right hon. Friend give way?

I think that this had better be the last occasion on which I do so, because I have taken up a great deal of time.

I think that this had better be the last occasion on which I do so, because I have taken up a great deal of time.

The Secretary of State is reassuring on the levelling down of contribution amounts. However, for many of us, the more critical question concerns the continuing drift of the level of contributions paid by employers out of defined-benefit schemes into defined-contribution schemes. Is his mind still open to the suggestion from...

The Secretary of State is reassuring on the levelling down of contribution amounts. However, for many of us, the more critical question concerns the continuing drift of the level of contributions paid by employers out of defined-benefit schemes into defined-contribution schemes. Is his mind still open to the suggestion from...

I am not sure about the hon. Gentleman's 14 per cent. figure, but I will certainly have a look at that. Let me deal with his final point on workplace personal pensions and the European directives. We are not satisfied that the European consumer protection legislation permits automatic enrolment into...

I am not sure about the hon. Gentleman's 14 per cent. figure, but I will certainly have a look at that. Let me deal with his final point on workplace personal pensions and the European directives. We are not satisfied that the European consumer protection legislation permits automatic enrolment into...

The Secretary of State knows that many of us were disappointed that there was no statement on the new deal for the financial assistance scheme category of people. Those who have written to me—many in UEF and other companies such as Kalamazoo—who lost their pension would still like greater clarification...

The Secretary of State knows that many of us were disappointed that there was no statement on the new deal for the financial assistance scheme category of people. Those who have written to me—many in UEF and other companies such as Kalamazoo—who lost their pension would still like greater clarification...

Does the Secretary of State agree that over time the salary levels of employees will be adjusted to accommodate the 3 per cent. contribution from employers? That will mean that employers will not make the contribution in reality, even though they might technically do so—it will come out of the...

Does the Secretary of State agree that over time the salary levels of employees will be adjusted to accommodate the 3 per cent. contribution from employers? That will mean that employers will not make the contribution in reality, even though they might technically do so—it will come out of the...

My hon. Friend makes a fair point. That is why the scheme is designed to reduce the administrative costs and to provide a simple scheme so that the benefits go to the people who need them. I am sure that he will see that as the debate on the Bill...

My hon. Friend makes a fair point. That is why the scheme is designed to reduce the administrative costs and to provide a simple scheme so that the benefits go to the people who need them. I am sure that he will see that as the debate on the Bill...

Does the Secretary of State agree that one of the best ways to ensure the maximum pension entitlement is ultimately to try to drive down the administration costs of the pension schemes? The potential economies of scale involved in the proposals offer that opportunity. Will the Secretary of State outline...

Does the Secretary of State agree that one of the best ways to ensure the maximum pension entitlement is ultimately to try to drive down the administration costs of the pension schemes? The potential economies of scale involved in the proposals offer that opportunity. Will the Secretary of State outline...

I understand my hon. Friend's point, which he made in an appropriately vigorous manner. He has been a champion of pensioners for a long time. As I said, the figure was a consensus figure. The industry was concerned that it should be in the primary legislation. To move forward in...

I understand my hon. Friend's point, which he made in an appropriately vigorous manner. He has been a champion of pensioners for a long time. As I said, the figure was a consensus figure. The industry was concerned that it should be in the primary legislation. To move forward in...

The Secretary of State has acknowledged that he does not know what the outcome rate will be—that is, the pension that an individual who contributes will receive at the end of the day. It may well be that 3 per cent. is insufficient as an employer's contribution. There certainly was...

The Secretary of State has acknowledged that he does not know what the outcome rate will be—that is, the pension that an individual who contributes will receive at the end of the day. It may well be that 3 per cent. is insufficient as an employer's contribution. There certainly was...

I agree with the hon. Gentleman that the slippage—it seemed at one point that it might be a haemorrhage—from defined-benefit and final salary schemes to defined-contribution schemes needs to be arrested. I hope that with the deregulatory review—this is the industry's view, and I expect it to deliver on it,...

I agree with the hon. Gentleman that the slippage—it seemed at one point that it might be a haemorrhage—from defined-benefit and final salary schemes to defined-contribution schemes needs to be arrested. I hope that with the deregulatory review—this is the industry's view, and I expect it to deliver on it,...

The Labour Government can be proud of what they have done for women, but the group of 30,000 to 40,000 women should be allowed to purchase their national insurance contributions retrospectively. We could limit access to people who do not live in this country by requiring residency of 20 years...

The Labour Government can be proud of what they have done for women, but the group of 30,000 to 40,000 women should be allowed to purchase their national insurance contributions retrospectively. We could limit access to people who do not live in this country by requiring residency of 20 years...

We have only done that in limited cases, but we are looking at it all the time. If we could find a way—we are open to suggestions, and we looked carefully and sympathetically, as I said, at Baroness Hollis's proposal—of targeting such a provision at women on low incomes, preferably...

We have only done that in limited cases, but we are looking at it all the time. If we could find a way—we are open to suggestions, and we looked carefully and sympathetically, as I said, at Baroness Hollis's proposal—of targeting such a provision at women on low incomes, preferably...

I am grateful for my hon. Friend's question. As I indicated, we will move towards the 90 per cent. figure. We looked sympathetically—and I know that he takes a close interest in this—at Baroness Hollis's proposal, but when we considered the details, it proved costly and poorly targeted. The poorest...

I am grateful for my hon. Friend's question. As I indicated, we will move towards the 90 per cent. figure. We looked sympathetically—and I know that he takes a close interest in this—at Baroness Hollis's proposal, but when we considered the details, it proved costly and poorly targeted. The poorest...

The Secretary of State made the valid point that expecting women to find thousands of pounds up front to pay for missing years and receive some pension would be prejudicial to poorer pensioners. In the past, however, his Department has allowed people to offset such contributions. If someone had to...

The Secretary of State made the valid point that expecting women to find thousands of pounds up front to pay for missing years and receive some pension would be prejudicial to poorer pensioners. In the past, however, his Department has allowed people to offset such contributions. If someone had to...

I beg to move, That the Bill be now read a Second time. It is the duty of every Government to keep the contract between the state and the individual under constant review to ensure that the balance between rights and responsibilities is properly maintained. At the end of last...

I beg to move, That the Bill be now read a Second time. It is the duty of every Government to keep the contract between the state and the individual under constant review to ensure that the balance between rights and responsibilities is properly maintained. At the end of last...

Does my right hon. Friend have any plans to address the difficulty faced by the other 25 per cent., or whatever it will be? If his answer is that that is too costly to address at the moment, can he tell us what the cost and the likely difficulties are?

Does my right hon. Friend have any plans to address the difficulty faced by the other 25 per cent., or whatever it will be? If his answer is that that is too costly to address at the moment, can he tell us what the cost and the likely difficulties are?

Does the right hon. Gentleman accept that the average payment that employers make into final salary schemes is 14 per cent., and the average for defined-contribution schemes is 6 per cent., yet only 3 per cent. is being proposed for the personal account? Does not that raise the concern that...

Does the right hon. Gentleman accept that the average payment that employers make into final salary schemes is 14 per cent., and the average for defined-contribution schemes is 6 per cent., yet only 3 per cent. is being proposed for the personal account? Does not that raise the concern that...

My right hon. Friend touched on the problem, as he put it, of affordability, but in a rich society I doubt that that is the case. Will he look at the tax breaks on savings given to the rich, which amount to at least £20 billion—some people think the figure...

My right hon. Friend touched on the problem, as he put it, of affordability, but in a rich society I doubt that that is the case. Will he look at the tax breaks on savings given to the rich, which amount to at least £20 billion—some people think the figure...