Pensions Bill

My Lords, I certainly agree with the second point. As an NDPB, the trustee corporation will be required to publish an annual report and its accounts, setting out what it has spent on running the scheme. Those will have to be independently audited by the National Audit Office and laid before Parliament. As an occupational pension scheme, the scheme is required to produce an annual report and scheme accounts. Amendment No. 58 would empower the Secretary of State to direct that the NDPB accounts must contain information about the financial position of the scheme. Amendment No. 61 would require the audited accounts of the scheme to be laid before Parliament. Schedule 1 already contains provision for the Secretary of State to direct the trustee corporation to include information in the annual report. That power refers to information relating to the financial position of the trustee corporation or any other matter. That power would therefore already allow the Secretary of State to direct that the report must include information related to the scheme—for example, if PADA recommends, after detailed consideration, that this is appropriate. Therefore, Amendment No. 58 would simply duplicate existing provision. I explained in Committee that the requirement for an auditor's statement about all contributions to the personal account scheme would be very costly and difficult to compile, due to the sheer number of employers and members participating in the scheme. I think that we agreed on that and that we need alternative assurance arrangements based on the principles of openness, accountability and probity. There will be two sets of accounts. Although the two sets of accounts are technically separate, they are so closely linked, as we have identified, that it is inconceivable that one could be looked at without examination of the other. The financial position of the scheme will be clear from that package of accounts. Whether the scheme accounts and the NDPB accounts are presented in the same document is a detail yet to be decided. I hope I can reassure the noble Baroness again that both sets of accounts will be publicly available. This means that scheme members and Members of Parliament will definitely be able to have both sets of accounts before them. I hope that that is the reassurance that she is looking for.