Pensions Bill

My Lords, from these Benches, we, too, welcome the Government’s change of heart. We pay our own tribute to the Minister, who has worked hard to make it happen, and to the noble Baroness, Lady Hollis, who also has worked tirelessly to reach this outcome. I fear that it is in the nature of concessions that, the minute one is made, and a good one at that, people always want more. The noble Lords, Lord Skelmersdale and Lord Clarke, have spoken about that. There will, of course, be women who are bitterly disappointed that they are being left out. Some thousands of women—men as well as women, but mostly women—will certainly benefit if they can afford to buy the missing years outright or can take out a loan to do so and have 20 years’ national insurance contributions already under their belt. However, the Government have set the bar quite high. There are many more thousands, mostly but not exclusively women, who are not able to access a higher pension because they have no chance of fitting in 20 years of national insurance contributions. One other group for whom the door has been firmly shut is those who are already over 60, even if they have not yet picked up their pensions. I again refer noble Lords to the case reported in the Daily Mail on Monday concerning one lady. Are the Government prepared to look again at this situation? After all, it cannot affect that many women. I should like, finally, to draw attention to some sage advice by the pensions guru, Dr Ros Altmann, which also echoes what the noble Lord, Lord Skelmersdale, has just said. She warns those with an incomplete national insurance record to take expert advice before they buy back extra years, because they might qualify for means-tested pension credit. She also warns those who do not have good health to take advice before buying extra years. This brings me back full circle to the importance of the availability of good financial advice, rather than just general information, for those about to retire. As time goes on, such advice becomes more and more important. I hope the Government will keep us informed of the measures they are taking in that matter.