Personal Accounts Delivery Authority Winding Up Order 2010

My Lords, I am happy to take the matter away but the noble Lord should not deduce from anything I have said that the way forward is likely to be other than on the basis we discussed in Parliament. The debate on social and responsible investment did a couple of rounds through the various courses of the Bill and that matter will also be before the trust corporation and its members. We are setting up the trust corporation as an independent body to run the pension scheme in the best interests of its members. The people appointed to the board of the trust corporation should be experts and have knowledge in these fields. The direction of travel of investment policy that the noble Lord infers is probably wide of the mark. However, I will take the matter away. I am sure that those involved will take the opportunity to read what has been said in these debates and the debates in the other place around this issue so that the noble Lord’s position, and the position we discussed as the Bill was going through Parliament, are clearly understood. The noble Lord, Lord Oakeshott, also raised the issue of information and advice for individuals. Again, that was a significant issue that, reasonably, preoccupied us for much of our time when we were discussing the Bill in Parliament. We are developing an information service as part of the Planning and Saving for Later Life campaign. People will be able to access the information they need via the "better future" pages on direct.gov or via a dedicated telephone helpline. We have already launched phase one of the service covering state pensions. We are working closely with other expert organisations and carrying out research to develop the content on auto-enrolment. We will be providing information so that people can identify what options they have. Some individuals may wish to seek further information—for example, those considering paying off large, high-interest debt first. That is the case for any financial decision. We are working with other expert organisations, including TPAS and the FSA, to ensure that people with more complex financial circumstances are provided with the information that they need. I remind the noble Lord that the analysis done at the time, which I think is the most up-to-date analysis that we have, could not identify any one group of people who would likely to be worse off from saving in personal accounts—or NEST, as it now is. Sorry, that covered auto-enrolment, not just NEST. The analysis showed that 70 per cent were likely to get back twice what they put in and 95 per cent would get back at least what they put in. That was the analysis done at the time, and I believe that it still holds good.