Pensions Bill

I am intrigued by what the hon. Gentleman is saying. He is arguing that personal accounts will not incentivise saving, but his proposed citizen’s pension would disincentivise anyone from doing anything at all. People would rest secure in the knowledge that, later in life, they would receive a high level of universal pension. However, my constituents do not believe in a something-for-nothing society. They believe that what they get out should reflect the contributions that they have made. Women argue that their home caring responsibilities should be acknowledged for the contribution that they make to society. Although the concept of a universal pension has attractive features, it is wrong in some of its political and technical aspects.