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Pensions Bill

The noble Lord has suggested that the Government could not raise the limits if that was found to be appropriate. I was trying to suggest that the Government should retain the power. I do not normally argue that position, but I do so not from the position that the Secretary of State should be involved in the minutiae of the workings of the Pension Corporation, which is my normal position; it is a separate point. Having created that large state-backed financial institution with significant market power because of its size, its access to marketing budgets and so on, the Secretary of State should always retain the power to restrain the uncompetitive use of the financial muscle of that body, notwithstanding that there might be a review of limits because different limits might not be destructive to markets. We are not quite having a meeting of minds and we will not do so today, but the Minister will not tempt me to test the opinion of the House today. I will take the matter away and consider it for Report.