Pensions Bill

My Lords, I have a lot of sympathy with the objectives of the amendment. In a sense, it is almost a subset of the need to get generic financial information. We are talking about ensuring that people use their money in the best possible way when purchasing an annuity, so that they are aware of all the factors that affect it. I could add that gender might be included, but I know that the noble Lord and I do not see eye to eye on this issue. I have two questions; whether my noble friend or the noble Lord, Lord Oakeshott, can best answer them I do not know. First, I am not comfortable with the idea of the proposed new clause being in the Bill. I am not sure that this is an appropriate place for it. Secondly, I am not sure that it should not be done straightforwardly by the Financial Services Authority. I see no reason why the Financial Services Authority should not be encouraged, through its consumer panel—chaired by the noble Lord, Lord Lipsey—or whatever, to take this forward. It is a worthwhile thing to do and explore. In so far as the amendment is a useful hook for that debate, I welcome it. I do not go along with the noble Lord, Lord Skelmersdale, about people trying to create or avoid moral hazard by shifting addresses and things. That is not likely to happen. However, I am not sure that it is the Government’s job at this stage to lay the duty on the FSA, and for the FSA to, in turn, lay the duty on pension or annuity providers. This issue should be explored with the FSA, if it is not already doing so. It is a perfectly sound idea. However, from my feeling of where the Bill is going on this, I do not think that it is the right medium for a clause of this sort. In so far as we can encourage the FSA to take this issue forward as part of the post-Thoresen debate, I welcome that very much.