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Pensions Bill

I am puzzled at the noble Lord’s response, although I can understand where the noble Baroness is coming from. This is a DC scheme, whereas all the assumptions about employer contribution and activity are based on models of a DB scheme where the employer has set up the scheme and is actively contributing but is also expected to honour the pension promise, underpinned by the PPF. This is a DC scheme, in which the disinvestment risk and, to some extent, the investment risk, is carried by the members. The amount of risk carried by the employers is non-existent. Clearly their views matter and will be picked up by an employers’ panel, but I cannot see the place for employers in a money purchase scheme; it has nothing to do with employers apart from their contributions, which are laid down by statute.