Pensions Bill

My Lords, the noble Lord challenges me on a very interesting and important issue. I suppose there is an issue of where an investment is located and whether one makes a judgment narrowly, say, in relation to the UK’s domestic interest, or more broadly and whether companies are engaged in simply taking advantage of the laws that exist or are doing something beyond that. I rest my defence by saying that, ultimately, that is a matter for the trustees or for my Treasury colleagues, and not for a lowly DWP Minister.