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Pensions Bill

There is nothing wrong with it. The noble Baroness was advancing the proposition that, if people manipulated their pay structures to reduce their contributions, the compliance regime would pick that up. However, it would be difficult to rely on the compliance regime to distinguish those situations from situations where there was a genuine commercial reason to restructure pay or a dual reason to restructure pay. That is why we do not see that as a route forward. It is a similar situation with grandfathering arrangements. You might identify up-front schemes that were okay, but there might be legitimate commercial reasons for restructuring pay down the line. I stress that I believe that there is a way through this, using mechanisms other than those that the noble Baroness has identified. We need to make sure that we achieve that.