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Pensions Bill

I am grateful for that intervention. The Minister referred to amendment No. 22B which would provide support for members of the FAS by blocking the bulk-purchase of annuities using the assets that remain in schemes. Its purpose is to allow the unused funds that are left in the pension schemes to be used to improve the benefits within the FAS. It is a great shame that the Minister is still unwilling to state that he agrees with the position set out by the Liberal Democrats and the Conservatives and, more significantly from the Minister’s point of view, by many of his Back Benchers. The right, just and decent thing to do would be to ensure that those whose pension schemes collapsed before the introduction of the Pension Protection Fund and who therefore benefit under the FAS should receive benefits at the same level as those in the PPF. We have consistently articulated that position. That is the purpose to which any funds that can be husbanded through the judicious and speedy application of regulations under the amendment should be put. That is what the 125,000 people, organised so admirably by Dr. Ros Altmann and others, have been campaigning for. Much anger was expressed on this matter in the debate in the other place, but such anger is more strongly felt by the 125,000 people who believe that, unaccountably, they will have to wait longer than they had expected to get what they regard as a just and decent settlement. We welcome the amendment. In last week’s debate, I observed that what was then amendment No. 22 served the Government’s purpose. At that time, the Minister denied that. I am delighted that common sense has prevailed and that the Government have accepted this revised version of that amendment. I have a couple of questions about how the Minister intends to implement it. Lord McKenzie has made it clear that the Government intend to introduce regulations under the amendment. How quickly do they intend to do so? Clearly, the regulations are subject to a negative procedure. Can they be introduced during the summer recess, or will that have to wait until October? As has been said, time is of the essence. According to the Young review, £1.7 billion of assets remain in the schemes. As the Young review also made clear, and as was made clear in last week’s debate, any delay could result in some of the funds being annuitised by scheme managers.