Oral Answers to Questions Debate
Full Debate: Read Full DebateGregg McClymont
Main Page: Gregg McClymont (Labour - Cumbernauld, Kilsyth and Kirkintilloch East)Department Debates - View all Gregg McClymont's debates with the Department for Work and Pensions
(11 years, 6 months ago)
Commons ChamberMy hon. Friend is right. For those who retire under the new regime, years spent some decades ago bringing up children, which were not properly protected for state pension rights, will be so under the single-tier arrangements.
It has been a busy few weeks in pensions world. The Minister will be aware that the Office of Fair Trading has recently announced that it is to undertake an inquiry into the private pensions market. This follows a Labour campaign for just such an inquiry. The Minister’s response to our campaign was to accuse the Labour party of scaremongering on pension charges. Now that the OFT has decided to undertake this inquiry, may I encourage the Minister to heed another Labour campaign call and lift the restrictions on NEST as soon as possible so that it can provide low-cost, high-quality pensions to everyone who wishes to save with it?
We look forward, I am sure, to hearing about NEST, whatever that may be.