My Lords, it is a pleasure to follow the noble Lord, Lord Foulkes. I should say that I grew up near Barnard Castle and it was not notorious at that time.
I echo the tributes that have been paid to my noble friend the Minister. It plays to her strength, charm, innate graciousness and wisdom that she has listened to the concerns expressed at the earlier stages of the Bill. Therefore, I, too, pay tribute to her and thank her most warmly for the work that she and her team have done in this regard.
I also echo the comments about the remaining instruments that will be taken by the negative procedure, particularly where they have an impact and perhaps have to be taken urgently. It is always important to have proper parliamentary scrutiny of these instruments.
For a year—I think at the invitation of my noble friend Lord Blencathra or his successor—I was asked to look at, and shadow, the impact on women’s pensions. During that time, I learned how difficult it is for women to seek advice at the earliest possible stage. I take this opportunity to ask the Minister to reassure the House today that, not just on the face of the Bill but particularly in the regulations that we are empowering under it, trustees, board members and all those concerned, including financial advisers, will be asked to urge women —particularly younger women at the start of their careers—to take advice at the earliest possible opportunity. Never is that more appropriate than with CDC schemes, which are a new form of pension scheme. Echoing the thoughts of my noble friend Lord Holmes of Richmond, I suppose that pensions from defined benefit schemes were deemed to be a sort of deferred income. Now, the situation is completely different with defined contribution schemes and with a generation coming through, many of whom will have student loans to repay and difficulty in entering the workplace at this time.
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I confess that I am a beneficiary of the two pension schemes represented by those who have already spoken, but I feel personally disadvantaged by the WASPI legislation. I believe that it has cost the Conservative Party dear to ask women, at the end of their working life, to wait longer for their state pension. I am in a very fortunate position. I am in receipt of other pensions, so will not be completely dependent on my state pension when, if ever, I am entitled to claim it. When the debate was had in your Lordships’ House, the noble Lord, Lord Turner, made the point that 10 years’ preparation is required for any pension, but in this instance I do not think that 10 years was allowed for.
There is much in the Bill, and particularly in the government amendments which my noble friend has so eloquently spoken to today, that I support. My main concern is to ensure that the issue of women entering the pensions market is addressed in the Bill and in the enabling regulations.