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Pensions Bill

There will not be time at the end of the debate to reply to all the points made, so on this very important point, I want to reassure the hon. Gentleman now that he is absolutely right: one would expect a large degree of continuity between the delivery authority and the personal accounts board. All that the Bill is doing is establishing that they will be differently legally constituted organisations with different responsibilities. It may not be that every single person carries on from one organisation to the other, but the hon. Gentleman makes the very good point that the expertise should be maintained and that stakeholders should be involved from the very start in developing policy. However, there should not necessarily be strict representation on the board of every stakeholder; otherwise, it might not be able to be as flexible as we would like.