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Occupational Pension Schemes (Levy Ceiling) Order 2010

I am sorry; it is for a whole year period. I will write to the noble Lord specifically to confirm that, but that is why. The noble Lord asked about the PPF’s assessment, which was over 25 years but is now to be over 20 years. To be clear, the modelling still indicates a period over 25 years. I think that I said it would be at least 20—I was being conservative, with a small ““c””, as ever on this. The modelling has now been reviewed by the National Audit Office in its positive report published last Friday. The noble Lord referred to the PPF’s 7,800 series of reports. An updated report is issued today. I do not know whether he has seen it; it may be helpful if I update him on that. The aggregate funding position of the almost 7,400 schemes protected by the PPF is estimated to have worsened slightly over the month to a deficit of £51.9 billion at the end of January 2010—compared with a deficit of £32.6 billion at the end of November 2009—but the scheme funding is better than it was a year previously, when there was a deficit of £183.6 billion. I know that the noble Lord understands full well that those figures refer to a net of aggregates that swing around increases in asset values and changes in gilt yields and what they mean for liabilities. The noble Lord asked about the 27 per cent of the sample that constitute open schemes and he wanted clarification on whether that meant open both to new members and to new accrual. I look for support from the back of the Room, but I am not getting it, so I shall have to write to the noble Lord.