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Social Security (Reduced Rates of Class 1 Contributions, Rebates and Minimum Contributions) Order 2006

My Lords, I thank noble Lords. I particularly congratulate the noble Baroness, Lady Noakes, and the noble Lord, Lord Oakeshott, on their eight and nine orders debated this afternoon. It is great to see the noble Lord, Lord Hunt, in his place, taking part in this debate. As I am discovering in the pensions world, no debate about anything to do with pensions can go without the usual criticism of the Government’s pensions policy. I reject what the noble Baroness, Lady Noakes, says. The Government’s actions are not an attack on private pensions, as she suggested. We support private pensions. We think their contribution is enormous. One of the main reasons we set up the Pensions Commission was our wish to see stability, consistency and a strong pension policy over the next 30, 40 or 50 years. The noble Baroness knows that the £5 billion dividend tax credit that she mentioned is a gross exaggeration.