Pensions Bill

My Lords, I beg to move that this Bill do now pass. In doing so, perhaps I may take the opportunity to thank all noble Lords from the Opposition Benches, from my own Benches and from the Cross Benches, as well as stakeholders, who have taken the time to make their representations and who have ensured through their enthusiastic and knowledgeable engagement that the Bill has had a thorough examination. This is nothing less than such landmark legislation affecting millions of people deserves. I should also like to take the opportunity to give a big thank you to the Bill team for their patient explanations and their thoroughly professional approach to the legislation. I know that they probably look forward to the end of this Bill with the same enthusiasm as they look forward to the start of the next pensions Bill. From the start of the pension reform process, the Government have been determined to achieve change through consensus. I hope that noble Lords will agree that consensus continues to be very much in evidence, notwithstanding our last vote; for example, where we responded to the House’s concerns through concessions on the clarity of policy and drafting for the Personal Accounts Delivery Authority. It is true that there are still areas of the Bill on which there is less consensus, and we will wish to return to amendments made in this House on the financial assistance scheme. Similarly, we will be seeking to change the provisions to introduce retirement income funds as an alternative means of providing retirement income. Finally, although we recognise the strength of feeling on the payment of voluntary national insurance contributions, this is another area that we intend to return to during the other place's consideration of Lords amendments. We could never expect pension reform to be straightforward. This is a complex subject, and getting a fair and affordable solution demands a careful examination of the issues; but that has not prevented us making enormous progress, for which I again thank noble Lords. I am confident that in the next couple of weeks we will reach a conclusion that includes the right balance between cost and fairness. I look forward to Royal Assent later this month so that we can get on with implementing these reforms. As a result of the changes, we are proposing to raise payments made by the financial assistance scheme to 80 per cent, ensuring that more people receive more money immediately. My thanks again to all noble Lords who have contributed to the Bill’s progress through your Lordships' House. Moved, That the Bill do now pass.—(Lord McKenzie of Luton.)