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Pensions Bill

My Lords, I am grateful for the amendment, because it gives us the chance to try to produce some clarity on the issue. Before I turn to the specific amendment, I remind the House that the sole function of the trustee corporation is to be the trustee of the personal accounts pension scheme and to run the scheme in the best interest of members, subject to the order and rules. As we have discussed, the trustee corporation is to be set up as an NDPB. Before I go further, perhaps I might revert to the discussion we had about the draft pro forma accounts and stress, as I did at our meeting, that they were illustrative to give an indication of how the flows could be shown in accounting terms. Clearly, the delivery authority is responsible for designing the scheme and no final decision has been taken, so quite where the flows and costs will end up is still an open question. The purpose was to try to start a discussion on that.