Occupational Pension Schemes (Levy Ceiling) Order 2006

I thank noble Lords for their mainly helpful comments on the order and for raising some old favourites, which I will respond to. I will answer the factual questions. The noble Lord, Lord Skelmersdale, asked what the 0.5 per cent cap means in cash terms. It relates to a scheme’s PPF liabilities. It entirely depends on the size of a scheme, not its underfunding. For 2006–07, the scheme-based levy is 20 per cent of the total £575 million, which is about £115 million. There are 40 schemes with almost 20,000 members in an assessment period. Of those members, just over 4,000 are pensioners. No compensation is payable yet, because they have not gone through their assessment period. For the moment, it is up to the scheme trustees to continue to pay those pensions. If the noble Lord would like me to send him a list of the companies that are now in assessment, I would be happy to do so.