The debate was opened by the Minister for Pensions, Steve Webb. The Shadow Minister for Work and Pensions, Gregg McClymont, responded on behalf of the Opposition.
Summary of the Pension Schemes Bill
The Bill, which extends to England, Wales and Scotland, would establish a new legislative framework for private pensions, defining them on the basis of the promise they offer for members about their retirement benefits during the accumulation phase.
The Bill would also give force to measures announced in the 2014 Budget to give people aged 55 and over more flexibility about how to access their defined contribution pension savings from April 2015.
Progress of the Bill
This Government Bill was presented to Parliament on 26 June 2014. This is known as the first reading and there was no debate on the Bill at this stage.
Keep up to date with all the proceedings and documentation, including amendment papers, on the Pensions Schemes Bill and find out how a bill becomes an Act of Parliament.
House of Commons Library
The House of Commons Library produces briefing papers to inform MPs of key issues. The papers contain factual information and a range of opinions on each subject, and aim to be politically impartial. The Library has published the following briefing paper for the second reading.
What happens at second reading?
At second reading the House debates the whole principle of the bill. It usually takes place no sooner than two weekends after first reading.
The Member in charge or the Minister moves the motion 'that the bill be now read a second time'. MPs then debate the bill.
At the end of the debate the Speaker determines whether there are any objections to the motion being debated and asks for the Ayes and Noes.
Members voice their opinion, and if no objections are made, the bill passes second reading without a vote. If the Speaker believes Members have voiced disagreement, a division is called and a vote taken.
What happens after second reading?
If the motion at second reading is agreed to, the Bill will go to a Public Bill Committee for consideration.
Watching proceedings from the public gallery
UK residents and overseas visitors can watch proceedings in the House of Commons by visiting the public gallery.
This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber.