Clause 15
Pensions Bill
1:30 pm
Andrew Selous (Shadow Minister, Work & Pensions; South West Bedfordshire, Conservative)
Welcome back, Mr. Gale. As I was saying, new clause 3 would require the Secretary of State to report to Parliament every financial year on how the Government have used the revenue saved by abolishing contracting out and, in particular, how that money has been used to encourage a culture of savings in this country. Amendment No. 37, tabled by the Liberal Democrats, is along much the same lines. I am happy to endorse much of what the hon. Member for Yeovil has said. New clause 3 is essentially a probing amendment. We will listen to what the Minister has to say in response.
Before I conclude, I should just like to reiterate my plea to the Minister for a clear explanation of how the contracting-out rebate figure moved within the space of under a year from £4 billion down to £1.6 billion. Were a company listed on the stock exchange to come out with such a massive variation in financial forecast it could have its shares suspended and the directors would probably be hauled before the stock exchange board to account for themselves. I am sure that all members of the Committee are waiting with bated breath to hear what explanation the Minister can give us on that point.