Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill

Saqib Bhatti Excerpts

3rd reading
Friday 25th February 2022 Commons Chamber

[Saqib Bhatti (Meriden) (Con)]

I will keep my remarks brief, because I know that there are many good speeches still to come. Let me first refer the House to my entry in the Register of Members’ Financial Interests: I am a practising chartered accountant, and also the chair of the all-party parliamentary group on small and micro business.

I thank the hon. Member for Rutherglen and Hamilton West (Margaret Ferrier) for introducing an excellent Bill which will achieve a great deal. As a practising accountant who had to live through the introduction of auto-enrolment, I have a love-hate relationship with it, and with pensions, although of course I see the fantastic benefit that they bring. Recent figures show that in my constituency alone, more than 22,000 employees in 1,830 businesses across Meriden have automatically enrolled. That scheme is a great achievement, providing security and a pot of money for people to rely on when they retire. Hopefully they will look back at us for many decades to come, and thank us for taking the measures that we have taken.

Speaking as the chair of the APPG, I hope the Minister will assure me that, as pension changes occur—I am sure he has already envisaged them—there will be consultation with businesses, because small and micro businesses often feel that they are not part of the conversation. That said, when auto-enrolment was introduced, the SME sector was quite relieved by the consultations that took place. That also showed that the Government can introduce good legislation with good IT systems behind it, as we have also seen recently with the furlough scheme, in respect of which I was involved in getting my clients on with real-time information.

The Bill is excellent and is what I call an equaliser Bill, quite rightly bringing women on a par with men. There are many other things to achieve on that journey but I wholeheartedly support this legislation. I congratulate the hon. Member for Rutherglen and Hamilton West on her cross-party thinking. As we have seen in recent week, great things can be achieved when the House comes together in unity. I thank her and the Minister for all their work.