Proceeding contribution from Lord Skelmersdale (Conservative) in the House of Lords on Tuesday, 7 October 2008. It occurred during Debate on bill on Pensions Bill.
Pensions Bill
My Lords, we are talking—or at least the Minister is—about a situation in which we have 100 per cent, perfect, super-duper administration. The Minister said—and I wrote this down—that the current thinking was that some 30 per cent of the 6.5 million people of whom he has been talking are believed to be likely to opt out. That is around 2 million people. If 2 million amounts of cash are floating around, that represents 4 million repayments, does it not? To achieve that within a short period is beyond possibility. However, I shall not press the amendment as I was asking whether the Government had any intention of paying back any interest earned on that money. The answer is no and I am content, for the moment, to live with that, but I cannot promise that I shall be content for very much longer. I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 9 [Workers without qualifying earnings]:
Secondary information
- Type
- Proceeding contribution
- Reference
- 704 c145-6
- Session
- 2007-08
- Chamber / Committee
- House of Lords chamber
- Subjects
- Contributions Advisory services Fixed penalties Investment Information Insolvency Ethics Personal income Pay Workplace pensions Pensions Personal pensions Pension funds Pension rights Pensions Ombudsman Tribunals Small businesses Tax allowances Taxation Pensions Regulator Personal Accounts Delivery Authority Occupational money purchase schemes National employment savings trust scheme
- Legislation
- Pensions Bill 2007-08
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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