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Occupational Pension Schemes (Levies) (Amendment) Regulations 2006

My Lords, I thank the Minister for introducing the regulations. He said that the cost will be approximately £15 million or, to put it another way, British business will have to stump up around £15 million in administration costs. This is not the element of the costs of the Pension Protection Fund that will cause the most concern, so I shall not delay the House. However, I wish to put on record that the total costs of the PPF are of concern to British business and there will be a point beyond which the costs of the PPF, whether administrative or otherwise, could start to inflict economic harm. At that point, it will not matter what label the costs have.