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Pension Schemes Bill [Lords]

Part of the debate – in the House of Commons at 10:25 pm on 30th January 2017.

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Photo of Chris Davies Chris Davies Conservative, Brecon and Radnorshire 10:25 pm, 30th January 2017

I am delighted to follow my hon. Friend Richard Graham—what a speech! The speech of the night, I would say. Pensions are an issue of vital importance to my constituents in Brecon and Radnorshire, and to all, young and old, throughout the country. As we live longer and grow older as a nation, it is imperative that everyone in the UK can support themselves in retirement. That is something on which we have all agreed, and that is why I am pleased that the Bill is before the House.

There are three key parts to the Bill, which emphasise the need for it: the protection of consumers, the incentives for responsibility, and the ending of anti-competitive practices. There are several points in the Bill with which I take issue, but slight tweaks will make it totally perfect. I was going to go through those points, but time is against us, and I have the wonderful pleasure of having been invited on to the Bill Committee, so I look forward to bringing those matters to the Minister’s attention over the next few weeks.

Overall, the Bill seems much needed. We must ensure that our constituents have confidence in our pension system, and the Bill seeks to do that. As we have heard too often, and throughout the debate, we need to ensure that responsible master trusts that work in the interests of their members are supported, and again the Bill seeks to ensure that. We need to ensure that our constituents have security for their retirement nest eggs, and the principles in the Bill seek to do just that. I therefore support its Second Reading and encourage all right hon. and hon. Members to do the same.