---

Pensions Bill

I hope that the hon. Gentleman will forgive me, but I am not sure that there is a great deal of difference between us. My point was that Thoresen shows in his report that personal accounts do not present entirely new issues. As far as Thoresen is concerned, the need for generic advice in certain circumstances when people are auto-enrolled into pension schemes—that is happening today—is not substantially changed by personal accounts, and so new issues are not brought up. There are issues of scale, but they are not new when it comes to the details of individuals who sign up or do not sign up. I can pray in aid the report in the sense that Thoresen has identified some ways in which money guidance can be piloted and considered, and we are examining those proposals at the moment. That might—I deliberately use the word ““might””—provide some element of guidance on personal accounts and a range of other issues such as when individuals, who are often on low incomes, have to enter into substantial financial dealings, including mortgages and a pension scheme. I am not sure that there is such a difference between the hon. Gentleman and me as he seemed to think. Thoresen's references to personal accounts, even though they were brief, did not identify specific points or go into any detail. He basically said that the problems that we will have are much the same as those that we are having on a range of other issues. Providing generic advice is therefore one way to help people to make some of the important decisions that they have to make. I hope that on the basis of the points that I have made, the hon. Member for Eastbourne will feel able to withdraw the new clause. I thank him again for the way in which he introduced his discussions on pay-as-you-save.