Pensions Bill

My Lords, I have only a small contribution to add to what my noble friend has said. He is the City expert; there are many others in this House, and I am not one at all. As a lay person, I have been surprised that the FSA does not appear to have any powers to protect these company pension schemes. Some of the recent newspaper reports may not be accurate when they say that some foreign loan companies in this country have raided pension schemes before being declared bankrupt, but it makes one wonder whether the FSA powers in this area are as strong as they should be. Taxpayers should at least know that somebody is looking out for their best interests to prevent compensation being paid out from the Pension Protection Fund. I would welcome the Minister’s reassurance on this point.