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Pensions Bill

My hon. Friend raises an important issue. We have to look at where we are going in terms of the Young review, which was asked to see how much we can sweat out of the assets. My hon. Friend is right to say that the amount in failed schemes is well in excess of £1 billion. That gives us a fair amount of resources and if we can aggregate them, bulk them up and bulk buy, we can certainly go beyond 80 per cent., as the Government have indicated. However, what I cannot tell my hon. Friend at present is how much will be available in terms of the Young review. The review needs to come to fruition and we need the report. It was scheduled for the end of the year, but I have asked for it to be brought forward to November so that we can see it earlier, because I am conscious that a large number of people are waiting on the outcome of the review.