Pensions Bill is long overdue but welcome -Bruce

6.16.42pm UTC (GMT +0000) Tue 16th Jan 2007

Mr Bruce welcomes the new Pensions Bill which could help lots of pensioners get a fairer deal

Gordon MP Malcolm Bruce has today welcomed a new Pensions Bill which aims to reform the currently unfair and complicated pensions system to include the re-establishment of the link between earnings and the Basic State Pension.

Commenting on the Bill which received its Second Reading in the House of Commons today (Tuesday), Mr Bruce said:

"Reform of the pensions system is long overdue and the Liberal Democrats have being calling for the link between earnings and the state pension to be re-established long before Lord Turner's proposals were announced in the Pensions White Paper. I'm pleased therefore that Parliament is taking these important first steps which will have a huge and beneficial impact on many people's lives.

The MP added:

"The system will not change overnight and there will be many kinks to be ironed out when this Bill is examined at the Committee Stage of its life in Parliament but the main beneficiaries of the new legislation will be women who take a career break and carers.

"Modernising the system will correct the disgraceful anomaly that currently sees only 30% of women who reach the state pension age have a full basic state pension. If passed this figure should increase to 70% by 2010."

"Men should also benefit from the new legislation with the number of years it takes to build a full basic state pension falling from 44 years for men and 39 for women, to 30 years for all."

ENDS