Lords message considered. The Deputy Speaker announced that Lords amendments 68 to 76, 78, 80, 84 and 86 engaged financial privilege. Lords amendment 1 disagreed to on division (278 to 158). Lords amendment 5 disagreed to on division (269 to 103). Lords amendment 15 disagreed to on division (276 to 155). Lords amendment 26 disagreed to on division (269 to 162). Lords amendment 35 disagreed to on division (275 to 159). Lords amendment 43 disagreed to on division (273 to 159). Lords amendment 77 disagreed to on division (271 to 95). Lords amendment 78 disagreed to on division (277 to 150). Lords amendment 6, 13, 16, 17 to 24, 27, 30 to 34, 36 to 42, 79, 83, 86 to 88 disagreed to. Motion that amendments (a), (b) and (c) be made to the words restored to the Bill by the Commons' disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88. Agreed to on question. Motion that this House agrees with the Lords in their amendments 2 to 4, 7 to 12, 14, 25, 28, 29, 44 to 76, 80 to 82, 84 and 89. Agreed to on question, with Commons privilege waived in respect of Lords amendments 68 to 76, 80 and 84. Motion that a Committee be appointed to draw up Reasons to be assigned to the Lords for disagreeing to their amendments. Agreed to on question. Reasons to be reported and communicated to the Lords.

Lords message considered. The Deputy Speaker announced that Lords amendments 68 to 76, 78, 80, 84 and 86 engaged financial privilege. Lords amendment 1 disagreed to on division (278 to 158). Lords amendment 5 disagreed to on division (269 to 103). Lords amendment 15 disagreed to on division (276 to...

Further to that point of order, Madam Deputy Speaker. I thank the right hon. Member for Salisbury (John Glen) for his point of order. As I have already said to him, I apologise for not giving him advance notice that I would raise the comments that he made in that...

Further to that point of order, Madam Deputy Speaker. I thank the right hon. Member for Salisbury (John Glen) for his point of order. As I have already said to him, I apologise for not giving him advance notice that I would raise the comments that he made in that...

I beg to move, That this House disagrees with Lords amendment 1.

I beg to move, That this House disagrees with Lords amendment 1.

Let me start by thanking Members of both Houses for their careful scrutiny of the Bill before us today. I thank Members of the other place for their amendments, which we are considering today; in particular, I thank Baroness Sherlock and Lord Katz for their steering of the Bill in...

Let me start by thanking Members of both Houses for their careful scrutiny of the Bill before us today. I thank Members of the other place for their amendments, which we are considering today; in particular, I thank Baroness Sherlock and Lord Katz for their steering of the Bill in...

As always, the hon. Member asks an excellent question. For people who are currently still working, it is important to keep the simple advice at the front of their mind that people should be saving towards their pension. In almost all circumstances, saving is the right thing to do, and...

As always, the hon. Member asks an excellent question. For people who are currently still working, it is important to keep the simple advice at the front of their mind that people should be saving towards their pension. In almost all circumstances, saving is the right thing to do, and...

I have just explained to the hon. Member why he should be worried. He is happy to carry on with the status quo; we are not.

We are going to set this out in two ways. First, we will specify on the face of the Bill that regulations under the reserve...

I have just explained to the hon. Member why he should be worried. He is happy to carry on with the status quo; we are not.

We are going to set this out in two ways. First, we will specify on the face of the Bill that regulations under the reserve...

If I have understood the hon. Member’s question, we are ruling out the ability for the power to be used for any purpose other than for the broad private asset class. That would include questions of specific asset classes, but it would also include questions of geography. I hope that...

If I have understood the hon. Member’s question, we are ruling out the ability for the power to be used for any purpose other than for the broad private asset class. That would include questions of specific asset classes, but it would also include questions of geography. I hope that...

I am always ready to engage in exciting debates about pensions. The right hon. Member for Tonbridge (Tom Tugendhat) is right to say that far more Members should be enthused enough to come and talk for as long as possible about pensions. I hope not to speak for two hours,...

I am always ready to engage in exciting debates about pensions. The right hon. Member for Tonbridge (Tom Tugendhat) is right to say that far more Members should be enthused enough to come and talk for as long as possible about pensions. I hope not to speak for two hours,...

I thank the Select Committee Chair for her intervention. The organisation she mentions has been consistently making these cases. In fact, the hon. Member for Wyre Forest (Mark Garnier) has spoken from the Opposition Front Bench about the work of that organisation in these debates, including in a Westminster Hall...

I thank the Select Committee Chair for her intervention. The organisation she mentions has been consistently making these cases. In fact, the hon. Member for Wyre Forest (Mark Garnier) has spoken from the Opposition Front Bench about the work of that organisation in these debates, including in a Westminster Hall...

I absolutely agree with the last point that the right hon. Member made. I am planning an extensive discursion on his wider point about investment in equities versus gilts shortly, so I ask him to bear with me, but it is an important point to raise. We may not agree...

I absolutely agree with the last point that the right hon. Member made. I am planning an extensive discursion on his wider point about investment in equities versus gilts shortly, so I ask him to bear with me, but it is an important point to raise. We may not agree...

I am not going to commit from the Dispatch Box to writing 50 letters, but I will happily have a conversation with my hon. Friend about it, as I always do.

Turning to my hon. Friend the Member for Harlow (Chris Vince), I was going to welcome his speech, but unfortunately...

I am not going to commit from the Dispatch Box to writing 50 letters, but I will happily have a conversation with my hon. Friend about it, as I always do.

Turning to my hon. Friend the Member for Harlow (Chris Vince), I was going to welcome his speech, but unfortunately...

There are Members of this House who are drawing several pensions, and they are to be encouraged to do so, working past the state pension age and contributing with their valuable expertise.

The right hon. Member then focused on how regulatory changes, partly in the 1990s, have driven changes in investment...

There are Members of this House who are drawing several pensions, and they are to be encouraged to do so, working past the state pension age and contributing with their valuable expertise.

The right hon. Member then focused on how regulatory changes, partly in the 1990s, have driven changes in investment...

I absolutely agree with the right hon. Member’s focus on the generational challenges, but I have a slightly different view on what the biggest challenge is. The biggest issue for younger generations is if they do not have faith in a pensions system because they do not believe it will...

I absolutely agree with the right hon. Member’s focus on the generational challenges, but I have a slightly different view on what the biggest challenge is. The biggest issue for younger generations is if they do not have faith in a pensions system because they do not believe it will...

Yes, basically I recognise the risks that the right hon. Member raises.

I think that I should now turn to the shadow Secretary of State, the hon. Member for Faversham and Mid Kent (Helen Whately). [Interruption.] It is not that I was confused; I was worried, because she used to be...

Yes, basically I recognise the risks that the right hon. Member raises.

I think that I should now turn to the shadow Secretary of State, the hon. Member for Faversham and Mid Kent (Helen Whately). [Interruption.] It is not that I was confused; I was worried, because she used to be...

As a point of principle, Madam Deputy Speaker, I never fight with you—it would end badly for everyone and I would lose every time.

The Conservatives would have opposed the Bill every step of the way. They would have not just been on the barricades but built them, which is the...

As a point of principle, Madam Deputy Speaker, I never fight with you—it would end badly for everyone and I would lose every time.

The Conservatives would have opposed the Bill every step of the way. They would have not just been on the barricades but built them, which is the...

No, we have got some more. That was before Conservative Front-Bench Members—then in a less bonkers phase of life—nodded through the Bill, which they now claim is some kind of end-of-days Armageddon. Let us be reasonable.

No, we have got some more. That was before Conservative Front-Bench Members—then in a less bonkers phase of life—nodded through the Bill, which they now claim is some kind of end-of-days Armageddon. Let us be reasonable.

No, I am going to finish.

Let us be reasonable. Maybe Conservative Front Benchers just needed some time to think about it. What happened at Third Reading? On that occasion we had the pleasure of the shadow Secretary of State—she had not quite got to the frothing phase of her development—saying...

No, I am going to finish.

Let us be reasonable. Maybe Conservative Front Benchers just needed some time to think about it. What happened at Third Reading? On that occasion we had the pleasure of the shadow Secretary of State—she had not quite got to the frothing phase of her development—saying...

I apologise, Madam Deputy Speaker. I shall contact the right hon. Member for Salisbury. The comments in the Westminster Hall debate are on the record.

I apologise, Madam Deputy Speaker. I shall contact the right hon. Member for Salisbury. The comments in the Westminster Hall debate are on the record.

Report stage. Government new clause 30 debated with further amendments, Government amendments and new clauses. Government new clauses 30 to 35 agreed to. Government amendments 20 to 89 agreed to. New clause 3 negatived on division (87 to 299). New clause 26 negatived on division (77 to 298). Clause 40, amendment 16 negatived on division (143 to 304). Clause 40, amendment 15 negatived on division (154 to 303). Third reading. Agreed to on question. Bill passed.

Report stage. Government new clause 30 debated with further amendments, Government amendments and new clauses. Government new clauses 30 to 35 agreed to. Government amendments 20 to 89 agreed to. New clause 3 negatived on division (87 to 299). New clause 26 negatived on division (77 to 298). Clause 40,...

I beg to move, That the clause be read a Second time.

I beg to move, That the clause be read a Second time.