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Pensions Bill

I shall try to tidy up one or two points. In terms of where the money is, it depends on the arrangements by which payments are made from the employer into the scheme and at what point in that process the opt-out is exercised. If the money has reached the scheme, there will need to be a process for the money to come back out of the scheme. If the money has not yet reached the scheme, it will be somewhere with the employer or in transit, in escrow or not, but probably not. Those processes need to be worked through. As to who the direct recipient should be, it depends in part on the process by which tax relief is obtained, because it may well be that the employer has to tax that refund. It depends a little on what arrangements are entered into. We cannot be prescriptive until we have worked through some of that detail.