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Pensions Reform

We think that many millions of people will save under the NPSS, which will provide a welcome boost to the savings culture. I hope that the hon. Gentleman welcomes that. It is difficult to estimate the number of people who might opt out in the future. We think as many as a third of eligible employees might want to opt out of the low-cost personal accounts that we are introducing. We are making it clear today that that must be a personal choice. It would be wrong—and Turner rejected the idea—to compel every employee to participate in the new personal accounts, irrespective of personal circumstances. For that obvious reason, we decided not to do so.