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Pensions Bill

I will try. I struggled a little and had some discussions with officials, which are still under way. It was explained to me that the NDPB will have costs in relation to its members, which may not necessarily be scheme costs. There will be costs that the NDPB incurs which would be chargeable to the scheme, for example if asset management is outsourced. Whether those asset management charges go directly to the scheme or to the NDPB and are then recharged to the scheme is under consideration. The key point is that members’ contributions are invested by the trustees, not by the Secretary of State. He does not have a role in that and nor do the Government. We need to develop some pro forma examples of what these accounts might look like. It would certainly help me and I think it would help the noble Baroness. I would be happy to share those examples with her.