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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.
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?