Pensions Bill

My Lords, I thank all noble Lords who have spoken in this important debate. I am not surprised by the level of ignorance about pensions found by the noble Baroness, Lady Hollis. Employees will be told that their contribution will be 4 per cent—3 per cent from the employer and 1 per cent tax relief. We must not forget that some years ago the Treasury found that only 50 per cent of people in the whole country knew what 50 per cent meant. There are people under 50 who have large debts, but they have much longer to pay their contributions across their working lives. In addition, they will undoubtedly be able to use the internet to get the information they need; the under-50s will not. I think that it was the Pensions Policy Institute which in previous research highlighted that the people whom it then considered to be in most need of help were the over-50s who would rent in retirement. The situation since that research has changed completely: we are now told that the real problem is people remortgaging their houses and finding life very difficult as a result. The good should not be the enemy of the best. This amendment will be even more important in years to come than it is now. My noble friend Lord Oakeshott answered the question about payment for the important advice that would be provided. I commend the amendment to the House. On Question, Whether the said amendment (No. 16) shall be agreed to? Their Lordships divided: Contents, 66; Not-Contents, 151. Clause 13 [Qualifying earnings]: