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Pensions Bill

I am grateful to my hon. and learned Friend for that intervention. I know that he has been a doughty campaigner for the British United scheme members who lost many of their pension rights. He is right about the annuities market. An interesting and thoughtful document was produced by the Treasury a few months ago on the subject. Almost by definition, if pension funds are to be wound up without sufficient assets and the money is to be used to purchase annuities in bulk, the money will not go as far as it might otherwise do. We entirely agree with Mr. Young about that. Belatedly, the Government also seem to agree, but all the Minister can say, rather wetly, if he will forgive me, is that the trustees must take their own advice. It is little more than a nod and a wink, whereas amendment No. 22 would make it crystal clear that they must stop purchasing annuities in bulk for the foreseeable future so that we can get the money going through the system to help the people who need it most.