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Pensions Bill

I found the noble Baroness’s speech very interesting. In talking over the proposals of Con Keating of BrightonRock briefly, although not specifically, with Lawrence Churchill of the PPF—I do not wish to attribute any views—I certainly did not recognise the noble Baroness’s monopoly or timidity arguments for saying that the Government would resist this. I have heard neither of those. Before my noble friends responds, perhaps the noble Baroness could help me on who insures the insurers. The point about the PPF is not that it wants to be all encompassing. It has carefully gone to a risk-related levy in order to encourage funds to have a predictable and sensible approach to risk as faced with the DB schemes. I think we all recognise that there are complexities with hybrid schemes. The trouble with moving into the insurance market is that of the reinsurance proposals behind it. I am not sure that some companies which would like to move into this market place have sufficient resources for reinsurance. As I say, it is not a field I am comfortable with, so I will defer. Ultimately, we could easily have a fall back on the PPF or, almost, a version of why FAS had to be set up.