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Pensions Bill

My Lords, that was an interesting and wide-ranging speech. I am flattered that the noble Baroness, Lady Hollis, thinks that I may be able to answer the riddle of the little and big pots. I am not an expert on that, but I agree that it is a problem. I would go further and say that I do not agree with these amendments. I say to the noble Baroness, Lady Noakes, that they are nanny-state amendments and are unnecessarily restrictive. We should be encouraging people to save for a pension in whatever way they wish. We believe that the Government have been weak in caving in to industry lobbying—it is interference in free consumer choice. We do not support restrictions such as these—indeed, we are doubtful whether restrictions are necessary. At the end of her speech, the noble Baroness, Lady Hollis, raised an interesting point about enhanced transfer values and DB scheme buyouts. Although I have no personal experience of that, I am, like her, hearing some worrying reports. It is important that there should be a rigorous requirement for proper independent advice to be given before anyone undertakes such a transaction. It is too easy to hand out a cash carrot to hard-pressed people, and they may be making a very bad decision. Like the noble Baroness, I raise the issue with the Minister and hope that the DWP is on the case. It needs urgent action because the reports are worrying.