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Pensions Bill

I accept that the scheme cannot compete unfairly with providers in the private sector or companies' schemes, but we are talking about persuading some of the poorest people in society to save. Even though they may be saving small amounts, they will be giving up a large—to them—proportion of what they are earning. We are also talking about people who are unlikely to be especially attractive to the commercial sector, because the costs of their business would outweigh the benefits—we know already that the commercial sector turns down small amounts—so we are talking about a special group. However, there will have to be some element of disregard, because someone might be very successful later in life.