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Pensions Bill

Precisely for that reason—taxation, as noble Lords know, is an issue not for this House but for the other place. The proposition was not acceptable to the other place; that is why it claimed financial privilege. We cannot debate sensibly a pensions issue of this nature without understanding the full range of taxation implications. My noble friend would not support one proposition at all if it did not involve full withdrawal; alternatively secured pensions—the money left in the pot when someone dies—involve a 70 per cent tax charge and the rest flows through for inheritance tax. Is that in the minds of noble Lords who support the proposition? The noble Lord asked about ISAs. You do not get a tax deduction on the way into an ISA; you may get tax-free income.