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Pensions Bill

I am not quite sure what this flexibility is all about. We have earnings bands, and we have to ensure at least that they maintain their value over time. We accept that they might have to be realigned, which was the purport of the amendment of the noble Baroness, Lady Turner, although there should be a special procedure if that is to be the case. However, the flexibility that the Minister wants is merely to say what kind of revaluation it is, because Clause 13 talks only of the Secretary of State determining whether the earnings band has maintained its value. As this is in essence about earnings leading to replacement income in retirement, I cannot see any other logical basis on which to determine value, and I struggle to see what kind of flexibility the Government seek.