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Pensions Bill

This is all the other way round. I listened to Mr Jones make a compelling case, in which he used the phrase that he is going to design an Expedia, not a Thomas Cook. It will be internet-based and low cost; it will be all in the sky; there will be no mail and no face-to-face. He is doing that only because he knows that he has a certain amount of money and has to stay within the constraints of 0.3 per cent AMC. I am pleased that the noble Baroness tabled the amendment because I am getting more sceptical as the debate goes on. If Mr Jones feels that he has more than 0.3 per cent—if he can nudge it up to 0.5 per cent—he will design a different scheme. So, unless he knows the envelope within which he is working, how can he possibly be expected to design a scheme? It is all the other way round.