(8 years, 10 months ago)
Commons Chamber5. What estimate he has made of the number of people who will receive a lower state pension under the single-tier pension.
Provided that people have at least 10 national insurance qualifying years, they will not receive a lower pension under the new state pension based on their own national insurance contributions than they would have already built up under the current system.
The truth is that under the Government’s new pension system, substantial numbers of pensioners will lose money. Why did the Government turn their face against the obvious solution, which is to move to a much higher basic state pension, backed up by a compulsory state earnings-related scheme for all, with defined benefits?
It is important that the hon. Gentleman appreciates that the new state pension is based on national insurance contributions. He will be aware that for many years many people have contracted out, and a small portion of their national insurance has gone towards a work pension or a private pension. If they add the new state pension to their other pension, which was paid for by national insurance contributions, they will find that in many cases they will be better off than they would be under the new state pension, which is £155.65.
(9 years, 1 month ago)
Commons ChamberI congratulate my hon. Friend on her efforts in helping to spread the important message about this groundbreaking reform. I agree that small businesses need to advise their employees of the changes, which is why the Government have launched a new national communications campaign for small and micro-employers, as well as for individuals.
Would it not be much more sensible, financially secure and efficient and beneficial to pensioners to establish a compulsory state earnings-related pensions scheme for all, with defined benefits, in place of the Government’s auto-enrolment scheme?
(9 years, 9 months ago)
Commons ChamberIn a previous Question Time, I raised the problem of victims of domestic abuse apparently being deterred from going to law because of the cuts in legal aid. Has the Minister discussed the matter with representatives of the law authorities? Does he have any statistics to confirm these reports?