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Pensions Bill

moved Amendment No. 112A: 112A: Clause 61, page 31, line 23, at end insert— ““( ) There shall be an absolute prohibition on transfers between the pension scheme established under section 58 and other pension or savings schemes.”” The noble Baroness said: I will speak briefly to this amendment and Amendment No. 112A; we have covered some of the territory. This deals with transfers. I was grateful to the Minister for pointing me to the way in which the rules on transfers in and out will be constituted. Transfers are rather like top-ups in that it is not absolutely clear that it will be right for people to transfer money out of existing pension rights in other schemes and into the personal accounts scheme. The Minister will be aware that there is a concern in the pensions-providing industry that personal accounts will suck in money and that the scheme could advertise itself as sucking in all these additional pension pots. There is a problem there. There is also the bells and whistles aspect that has been mentioned. The chairman of PADA has warned about that in relation to damaging successful implementation. I have tabled two amendments. One says, ““No transfers at all””, and the other says, ““Transfers from 2017””. We understand that the Government’s position is that there will be a review, with the possibility to transfer in from 2017. The industry is happy with there being no transfers before then. What is the Government’s view of timing in this regard? Will there be a review ahead of 2017 to allow transfers potentially from 2017, or a review after five years of operation of the scheme, leading to transfers possibly being allowed from perhaps 2019? That would be an important piece of information. I should be grateful for the Minister’s latest view on the Government’s position on transfers. I beg to move.