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I am extremely grateful to my hon. Friend for moving the amendment. I indicated on Second Reading that the drawdown examples given in the Bill could be added to or subtracted from. First, there is the basic principle that a drawdown facility would encourage younger savers, particularly those in their 20s and 30s, who will not want to lock up funds for 30 or 40 years; by investing in such an account they would not cut off access to those funds if they were needed to cope with some of the fundamental decisions that might affect them and their families.
The proposal is based on a scheme that operates in Canada; it covers the same two categories. I have said that if the Committee or the House wishes to broaden the opportunities for drawdown, I would have no objection in principle. I would be happy to acquiesce in what my hon. Friend proposes.