State Pension Age (Women)

Victoria Prentis Excerpts

Thursday 7th January 2016 Commons Chamber

[Marcus Fysh]

My hon. Friend makes an excellent point. Equality is at the heart of what we are trying to do for women. One of the ways that we are trying to achieve that is by decreasing the gender pay gap. That will be helped by increasing the minimum wage, increasing the availability of jobs and increasing the personal tax allowance. We are pursuing many incentives and programmes that will allow women to participate successfully for a little longer than they may have expected.

The issue at the heart of this debate seems to be the extent to which women were given notice and therefore the ability to plan for their retirement. I am sympathetic to anyone going through a stressful personal situation, but we need to be responsible. It is hard to say who was contacted or who was not, but from what I have seen—obviously, I was not involved in any of the previous decisions—it seems that most people were given notice of the change, allowing them to plan.

I have some advice for the younger generations who might be listening to this debate. I have some experience in the pensions world. The main thing that people have to remember when investing for their retirement is that the earlier they start saving, the more money they will have at the end. That is because of the power of compound interest, which has a tremendous effect.

[Victoria Prentis (Banbury) (Con)]

My hon. Friend is making a wide-ranging speech. Will he join me in hoping that the Minister, in his closing remarks, will address the issue of communication with those who are working now and who hope to retire in the future, so that my hon. Friend’s young daughters and mine will know where they stand?

[Marcus Fysh]

My hon. Friend makes an excellent point, the very point on which I had intended to conclude my remarks. We have a duty to the young people of this nation to keep their taxes down so that they have as much scope as possible to plan for their retirement. They are already being asked to shoulder an unacceptable burden that was put on them by the Labour party. It would be entirely wrong to reopen a decision that was taken by the Conservative and Liberal Democrat coalition back in 2011.