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Pensions Bill

Although the noble Baroness’s warnings about gobbling up all private sector saving in this country as we know it, or whatever the warnings were, do not curdle my blood and I think that they were a bit overdone, I agree with her that we do not need this extraordinary self-liquidating subsection at the end of the clause. I put it to the Minister that you can always set very high limits if you want. The Secretary of State can say that the limit is £1 million—you can have any limit you want. Therefore, I find it very odd to set out the contribution limits and then to say, ““But we may just blow this whole thing up after all””. So, like the noble Baroness, I cannot see that this subsection is appropriate and I support the amendment.