I will be brief on this amendment because I share the concern of my noble friend Lady Hollis about the previous amendment, and I do not want to delay the Treasury Minister stamping his feet to get it sorted out as soon as possible.

This group contains amendments which, in their...

I will be brief on this amendment because I share the concern of my noble friend Lady Hollis about the previous amendment, and I do not want to delay the Treasury Minister stamping his feet to get it sorted out as soon as possible.

This group contains amendments which, in their...

Letter dated 06/01/2015 from Steve Webb MP to Baroness Thomas of Winchester regarding the Pension Schemes Bill and the Delegated Powers and Regulatory Reform Committee report. 4 p.

Letter dated 06/01/2015 from Steve Webb MP to Baroness Thomas of Winchester regarding the Pension Schemes Bill and the Delegated Powers and Regulatory Reform Committee report. 4 p.

Letter dated 05/01/2015 from Lord Bourne of Aberyswyth to Lord Bradley regarding the Pension Schemes Bill and the Delegated Powers and Regulatory Reform Committee report. 3 p.

Letter dated 05/01/2015 from Lord Bourne of Aberyswyth to Lord Bradley regarding the Pension Schemes Bill and the Delegated Powers and Regulatory Reform Committee report. 3 p.

Letter dated 19/11/2014 from Steve Webb MP to Members of the Work and Pensions Select Committee and the Financial Secretary to the Treasury regarding amendments to the Pension Schemes Bill 2014-15. 4p.

Letter dated 19/11/2014 from Steve Webb MP to Members of the Work and Pensions Select Committee and the Financial Secretary to the Treasury regarding amendments to the Pension Schemes Bill 2014-15. 4p.

Examination of witnesses. Written evidence reported to the House.

Examination of witnesses. Written evidence reported to the House.

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

It gives me great pleasure to move this Bill, alongside my right hon. Friend the Secretary of State for Work and Pensions and my hon. Friend the Financial Secretary to the Treasury, as the latest measure in our...

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

It gives me great pleasure to move this Bill, alongside my right hon. Friend the Secretary of State for Work and Pensions and my hon. Friend the Financial Secretary to the Treasury, as the latest measure in our...

The Minister is rightly saying that this Bill is part of a series of measures the Government have undertaken to increase pensions for people. Is the number of people in the auto-enrolment process higher or lower than expected?

The Minister is rightly saying that this Bill is part of a series of measures the Government have undertaken to increase pensions for people. Is the number of people in the auto-enrolment process higher or lower than expected?

I am grateful to my hon. Friend for that question. The number is substantially higher. I had to apologise to the Select Committee in oral evidence recently that we had grossly underestimated the success of our policy. We had thought that the staying-in rates for workplace pensions might be as...

I am grateful to my hon. Friend for that question. The number is substantially higher. I had to apologise to the Select Committee in oral evidence recently that we had grossly underestimated the success of our policy. We had thought that the staying-in rates for workplace pensions might be as...

May I be very clear that both the Select Committee and the Opposition welcome auto-enrolment and are very glad that it has been so successful, because one of the good things the coalition Government did was carry on the policy legislated for by the previous Labour Government? Perhaps some credit...

May I be very clear that both the Select Committee and the Opposition welcome auto-enrolment and are very glad that it has been so successful, because one of the good things the coalition Government did was carry on the policy legislated for by the previous Labour Government? Perhaps some credit...

The hon. Lady will be aware that there was a decade between the first stirrings of the Turner report and the implementation of automatic enrolment. She will also be aware that there is a risk—this is an important point and although I would not accuse the hon. Lady of doing...

The hon. Lady will be aware that there was a decade between the first stirrings of the Turner report and the implementation of automatic enrolment. She will also be aware that there is a risk—this is an important point and although I would not accuse the hon. Lady of doing...

The Minister talks about poor value for money, but essentially is the problem not the private pensions market? A universal state scheme would be incredibly efficient, give much better value for money and could be underwritten by Government. Such a system would make it possible to have defined benefits as...

The Minister talks about poor value for money, but essentially is the problem not the private pensions market? A universal state scheme would be incredibly efficient, give much better value for money and could be underwritten by Government. Such a system would make it possible to have defined benefits as...

I always enjoy it when the hon. Gentleman intervenes to make that point. In a sense, he has been consistent: he simply thinks that we should tax people more to pay higher state pensions. That is an entirely credible left-wing position. It is not his party’s position.

Sharing future state pension...

I always enjoy it when the hon. Gentleman intervenes to make that point. In a sense, he has been consistent: he simply thinks that we should tax people more to pay higher state pensions. That is an entirely credible left-wing position. It is not his party’s position.

Sharing future state pension...

I would like the opportunity to answer every point made by the Minister, but let me ask him one simple question. If the economy gets into very serious trouble and the private pensions market gets into a real financial crisis, as happened with the banks in 2008, what will happen...

I would like the opportunity to answer every point made by the Minister, but let me ask him one simple question. If the economy gets into very serious trouble and the private pensions market gets into a real financial crisis, as happened with the banks in 2008, what will happen...

But the idea that if the economy does very badly tax-funded pensions are secure is implausible. If the economy does badly, public expenditure on benefits must rise, tax receipts will fall, the deficit will rise and the ability of the public purse to pay the generous state pensions wanted by...

But the idea that if the economy does very badly tax-funded pensions are secure is implausible. If the economy does badly, public expenditure on benefits must rise, tax receipts will fall, the deficit will rise and the ability of the public purse to pay the generous state pensions wanted by...

I represent a significant number of providers in my constituency, including Legal and General, Partnership and Just Retirement, while Fidelity is also in this market to a degree. I am very concerned about the levy that is coming in to pay for the guidance, and about the difference between the...

I represent a significant number of providers in my constituency, including Legal and General, Partnership and Just Retirement, while Fidelity is also in this market to a degree. I am very concerned about the levy that is coming in to pay for the guidance, and about the difference between the...

Let me make a start, and I will then be happy to give way again. To be clear, the £20 million is not an estimate of the annual recurring cost of providing guidance; it is a one-off, seedcorn, getting-the-thing-going fund. For example, if we need to set up websites, produce

notus-xml...

Let me make a start, and I will then be happy to give way again. To be clear, the £20 million is not an estimate of the annual recurring cost of providing guidance; it is a one-off, seedcorn, getting-the-thing-going fund. For example, if we need to set up websites, produce

notus-xml...

I will take advantage of your invitation, Mr Deputy Speaker. I am not suggesting anything other than that the guidance is incredibly important—frankly, it needs to be closer to advice than guidance in its scale if it is to ensure that people are properly equipped to make such very difficult...

I will take advantage of your invitation, Mr Deputy Speaker. I am not suggesting anything other than that the guidance is incredibly important—frankly, it needs to be closer to advice than guidance in its scale if it is to ensure that people are properly equipped to make such very difficult...

Will my hon. Friend give way? [Laughter.]

Will my hon. Friend give way? [Laughter.]

I do not think that my hon. Friend can intervene on an intervention, but I will give way to him in a moment if he so wishes.

I agree with my hon. Friend the Member for Reigate (Crispin Blunt) that we want to see innovation. The industry is talking about a...

I do not think that my hon. Friend can intervene on an intervention, but I will give way to him in a moment if he so wishes.

I agree with my hon. Friend the Member for Reigate (Crispin Blunt) that we want to see innovation. The industry is talking about a...

On behalf of my constituents in Northumberland, I wholeheartedly welcome this reform, which has been massively welcomed by those who currently have a pension. However, how will the Government ensure that most small and medium-sized enterprises offer defined-ambition pensions? There is a degree of concern, which is legitimately held, that...

On behalf of my constituents in Northumberland, I wholeheartedly welcome this reform, which has been massively welcomed by those who currently have a pension. However, how will the Government ensure that most small and medium-sized enterprises offer defined-ambition pensions? There is a degree of concern, which is legitimately held, that...