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Pensions Bill

This has been an interesting debate; the noble Baroness has done us all a service by raising this issue. The more I listen, the more I think about it. When she introduced this probing amendment she, very fairly, asked where the Conservatives stood on this. They are not exactly progressing very fast. I remember the major initiative by David Willetts four years ago—that is quite a long consultation. I was not quite sure, listening to the noble Lord, Lord Hunt, where the Conservatives stand, even though they are keen to hear where the Government stand. I am a bit sceptical, to be honest. The noble Baroness has rightly highlighted the problem of poorer women in particular, but whether this is the right way to solve it I do not know. It raises the question of whether a revolving pension pot, which is what she is talking about, should enjoy tax relief. In principle, it also raises the question of whether the tax-free lump sum is ultimately defensible and is the best way of dealing with pensioner poverty. It is very interesting that this debate has highlighted that possibility; the noble Baroness might say that as long as you have the tax-free lump sum, you should be able to withdraw it. The point made by the noble Baroness, Lady Howe, about amounts going in and out and complications arising is important. I agree with my noble friend Lord Kirkwood that anything that would complicate personal accounts or make them more difficult or costly to administer at this stage is not the right way to go. I am sorry to sound a bit ministerial, but I look forward to hearing whether the Minister will be more ministerial than me.