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Pensions Bill

I listened carefully to what the Minister said about costs. He was pretty clear that the extra costs of setting up the extra regime for the Pensions Regulator arising from this would be met by a separate grant-in-aid. What I did not hear him say, which perhaps he would, is: ““We have not yet decided, once it has been set up, how all the extra costs of the Pensions Regulator being involved in so many schemes will be funded and shared””. The noble Baroness fairly asked how we will ensure that there is not cross-subsidy from existing pension schemes. Is that still work in progress? We would be very grateful to hear how far the Government's thinking has developed. Setting up is one thing; sharing the cost of a greater regulatory regime is another.