I am grateful for that clarification, but I still think that, although obviously I do not know how much weight was given to the industry’s point of view, the fact that the Minister kept some opinions in reserve and indicated that the Government would act at some point in future to change that suggests that there just might be something there. With that clarification, though, especially the clarification that the Government would be prepared to look at this again in the light of experience and circumstances, I beg leave to withdraw the amendment.
Amendment 8 withdrawn.
Clause 14 agreed.
Clause 15: Investment performance reports
Amendment 9 not moved.
Clause 15 agreed.
Clauses 16 to 18 agreed.
Amendment 10 not moved.
Clauses 19 and 20 agreed.
Clause 21: Policy for dealing with a deficit or surplus
Moved by Lord Bradley
11: Clause 21, page 9, line 3, leave out “may” and insert “must”