Malcolm Rifkind (Shadow Secretary of State for Work & Pensions & Welfare Reform, Work & Pensions & Welfare Reform; Kensington & Chelsea, Conservative)

On what is otherwise a day of infamy, your position stands out as a beacon of parliamentary principle, Mr. Benton, which will be commended no doubt for the next 100 years.

The clause sets out the investment requirements for savings and retirement schemes. It is mainly an enabling clause. Subsection (2) provides that an account can be made up of investments set out in regulations by the Treasury. They are not specified under the Bill, but it is intended that the investments be similar to individual savings accounts, including cash, stocks, bonds and collective investments. I hope that the clause commends itself to the Committee.

Stephen Timms (Minister for pensions, Department for Work and Pensions; East Ham, Labour)

I have just one question. I found it a little surprising that the Bill proposed that the approval of an account manager should be given to the pensions regulator. I should have thought that the Financial Services Authority would have been more appropriate. Why was the pensions regulator, in particular, proposed?

Malcolm Rifkind (Shadow Secretary of State for Work & Pensions & Welfare Reform, Work & Pensions & Welfare Reform; Kensington & Chelsea, Conservative)

I do not have strong views about the matter. If the Minister tables an amendment to that effect on Report, I assure him that I shall   respond to it in a constructive fashion. We would have had time to look into the respective merits of the two approaches.