---

Pensions Bill

I am sure that is right. I appreciate that it is not for the hon. Gentleman’s Committee to make such judgments. The centrepiece of the Minister’s speech tonight—the lifeboat towards which he has been swimming for most of the evening so far, but making little progress—has been the Young report. I agree that it is a useful document, as far as it goes. It is, of course, an interim report and seems to have been rushed out in an attempt by Ministers to bolster their position on the Bill. There is clearly more work to be done by Mr. Young and his colleagues, and I think he accepts that. My overall mark so far is six out of 10—must try harder. We welcome parts of the report. It is correct to conclude that the funds available for the victims can be boosted by not purchasing bulk annuities. That is not rocket science. We have been saying that for quite a long time and campaigners like Ros Altmann for even longer, yet Ministers have taken no notice at all. I am pleased to see that in their response to the Young report, Ministers have finally seen the light. But there is a massive danger that faces us this evening. The hon. Member for Aberdeen, South (Miss Begg) touched on it in her intervention. It explains why, forgetting all other arguments for and against, hon. Members in all parts of the House must support the amendments tonight. As wind-ups of schemes proceed, many of the assets identified by Young could be dissipated by purchasing annuities in bulk before the review team produces its final report at year’s end. We must not allow that to happen, or much of this will become academic. That is the aim of amendment No. 22.