The hon. Member for South-West Bedfordshire has had quite a good run with some of his amendments, but it has now ended, I am sorry to say. Let me explain why we are not keen on the amendment.

Clause 32 gives the Pensions Regulator the power to issue fixed penalty notices to persons who have failed to comply with compliance or contribution notices and the employer duty provisions. The primary role of fixed penalties is to act as a deterrent and, where necessary, sanction those who have not complied. The amendment gives the Secretary of State the power to decide which moneys arising from fixed penalties should be used for the benefit of qualifying jobholders. However, it is a long-standing practice that revenue from fixed penalties goes directly to the consolidated fund of the Exchequer, so that it can be used as appropriate on a full range of public services.

The regulator will not gain financially from the imposition of fines, and there will be no hidden incentives for their issuing. Importantly, this measure is fully in line with the findings of the Macrory review, separating revenue streams in order to eliminate all perverse incentives. The hon. Gentleman may know that we are taking forward the recommendations of the Macrory review via the Regulatory Enforcement and Sanctions Bill, which is currently at Committee stage in the Lords.