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Pensions Bill

The Secretary of State has acknowledged that he does not know what the outcome rate will be—that is, the pension that an individual who contributes will receive at the end of the day. It may well be that 3 per cent. is insufficient as an employer's contribution. There certainly was not consensus on whether that was the right amount. There was not enough information. Why is the figure of 3 per cent. set in stone in the primary legislation? Why was it not introduced as a regulation, which can be more easily altered if the circumstances demand that that should be the case? Did the Secretary of State cave in to the CBI?