Pensions Bill

Part of the debate – in the House of Commons at 6:30 pm on 2nd March 2004.

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Photo of Nigel Waterson Nigel Waterson Conservative, Eastbourne 6:30 pm, 2nd March 2004

I begin by declaring an interest, in that I have some private pension provision—[Interruption.] Well, I had the last time I checked, anyway.

We have heard some interesting debating points today on the wording of our reasoned amendment. The whole point, as the House well knows, is that although we will not vote against the Second Reading of the Bill, we have profound reservations about it. We welcome the new regulator—we hope that he will end up with teeth and that he will use them where appropriate. We also support the principle of the pension protection fund, as my hon. Friend Mr. Willetts said in his opening speech. However, we have many reservations about the Bill, not least based on the many crucial details that are absent from it. Fortunately, the Secretary of State agrees with me on that, because he said in his opening speech, in a slight flurry of embarrassment, that the Government propose to try to amend their own Bill on a whole raft of issues, perhaps even in Committee. We welcome his invitation to a meeting to try to work out how we will get the Government out of that mess.