I am grateful that the hon. Member for Inverness, Nairn, Badenoch and Strathspey acknowledged that there is a package of notice to be considered here, as I was encouraging him to do so in the previous debate. Part of the package—aside from what the Bill is doing—is the very extensive reform taking place to the state pension. He will also know, as was also acknowledged by the hon. Member for Eastbourne, that a considerable part of that is the extensive reform of the state second pension. Having simplified future rights to the state second pension, clause 80 and schedule 3 of this Bill go a step further. These provisions enable us to simplify past accrued pension rights.

Put simply, the key proposal is—for people retiring after 2020—to bring forward the calculation that would currently occur at state pension age. In doing this, any and all accruals of additional state pension up to 2012—be they accrued rights to graduated retirement benefit, SERPS and/or S2P and contracted-out equivalents—would be rolled up into a single cash value amount. This amount would then be revalued annually in line with earnings during a person’s working life. As a result of this, people will be able to work out much more easily what state pension they can look forward to and, subsequently, be better able to plan appropriately for their retirement.

I would like to bring to the Committee’s attention that we still wish to bring forward amendments to this part of the Bill to simplify the contracted out deductions payable as part of this consolidation. The required amendments are technical and therefore demand very careful drafting, but I can confirm that we will bring these forward as soon as possible.

I would like to reassure hon. Members that I intend to provide them with a comprehensive fact sheet—I know they will look forward to this—setting out all the details of what is being proposed here, hopefully in the most digestible manner possible. I will do that in time for the amendments that I have just referred to.