Pensions Bill

The noble Lord is right to press me on that matter; but he is also right to say that the question of ongoing compliance costs is still work in progress. We need to be mindful of the fact that the regulator already has powers to pursue late payments to pension schemes. At present, that activity is funded by the levy. That makes it potentially difficult to draw a distinction between the regulator's existing role and its new one, especially in the area of late payments, but that is something that we need to work through. I answered the question today, which I am not sure we had been asked before, about whether the levy will operate for personal accounts. It would, so there is another potential source.