Pensions Bill

Under the current system, if someone has been in employment for a number of years or, if working abroad, has been out of the labour market for a number of years and decides to make voluntary contributions, he must do so within six years of the tax year in question. Under my noble friend’s proposition, he would not haveto make the payment at that time but would simply store it up and take a view of the situation in 20, 30 or 40 years’ time. My point is that there have to be timely payments into the National Insurance Fund.