Pensions Bill

My Lords, it is a pity that we will end our deliberations today on a less happy note than we have achieved for much of Report to date. We remain concerned that the Government even talk the language of subsidy. The Minister said that it will not be unfair and that it will be subject to rules and so on but, if we go back, the Pensions Commission knew about the financial facts of the scheme it was proposing and it did not mention subsidy. The Government knew the facts when they published their policy in two White Papers in 2006 but they did not mention subsidy; I have checked. We gave our support to the personal accounts scheme on the basis that there was not subsidy. There are some things that may well challenge the consensus that exists on personal accounts. I will put it no higher at this stage but the Minister should be aware that this is one of the things that might provide a dividing line in what we can accept for personal accounts. It would not be appropriate for me to divide the House because I have already said that I shall not. However, we regard this as an important issue; perhaps it is more important in the context of my party’s policy towards continuing support for personal accounts if this talk of subsidy remains in the Government’s language. It is not part of our concept of personal accounts and we would always resist it.