Good for the skiing, as the hon. Gentleman has said. I will get back to the point.
“shall establish a money purchase scheme”,
which is what the Government intend. There is no doubt about that, although if there is, then the Minister will surprise us all when he responds. My question, simply, is why should the Bill not say what we are establishing as the personal accounts scheme?
I am grateful for some advice offered to me on this point. It has been suggested that, in order for personal accounts to work, the phrasing that the
“Secretary of State may establish a pension scheme” is a bit strange, in that it seems to be permissive rather than mandatory, which the Minister has acknowledged by nodding. The scheme concerned must be a money purchase occupational pension scheme. Would it not be better to say so?