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Pensions Bill

I cannot be more emphatic than that—even me, with my extensive use of the English language. It is a probing amendment, not least because I do not believe that the point I am hoping to raise is actually decided by primary legislation. The amendment is also highly technical. However, I should be interested to know why the Government have decided to proceed as they have. My concern is that they are not considering post-1997 escalation in the factors used to calculate the annuity derived from tax-free commutations or transfers. Pensioners who took the cash are therefore receiving less than 90 per cent of expected pension and are disadvantaged compared with those who did not commute. Surely this is an arbitrary penalty for a decision made at a time when the pensioner could have no way of knowing the effect. Why are the Government not using calculations that are of general use in the marketplace and would rule out this particular anomaly? I beg to move.