Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill

Debate between Baroness Redfern and Baroness Sherlock

3rd reading
Wednesday 27th April 2022 Lords Chamber

[Baroness Redfern (Con)]

My Lords, I wish to emphasise again that this is a rather technical Bill, which has been made easier because some noble Lords here in the House today are very knowledgeable in this area. Those who spoke during the progress of the Bill have made it very clear that this is an important and long-awaited Bill. There cannot be many Private Members’ Bills that have been repeatedly called for in other debates over the course of several years.

This Bill was expertly presented and taken through the other place by Margaret Ferrier. I thank her, the departmental officials and my right honourable friend the Minister for Pensions for all the work that was done to get this Bill to this place. Though it might look complex as a piece of legislation, the Bill has a simple purpose of helping pension schemes meet their legal obligations. Specifically, it will help occupational pension schemes use the GMP conversion to correct the issue of men and women being treated differently in formerly contracted out defined benefit occupational pension schemes because of the impact of having a guaranteed minimum pension.

It is therefore with very great pleasure that I stand here today to present this Bill as it reaches its final stage in this House.

[Baroness Sherlock (Lab)]

My Lords, I briefly pay tribute to all involved in this Bill, including Margaret Ferrier MP, who steered it through the other place, and the noble Baroness, Lady Redfern, who has done the same for us here.

As the noble Baroness said, my noble friend Lady Drake and I can now stop badgering the Minister for a Bill on GMP equalisation. Although the Government Whips never did come through with government time, I commend the DWP for its wholehearted support of a Private Member’s Bill that happened to cover just the right territory at just the right time.