Part of Pensions Bill – in a Public Bill Committee at 6:45 pm on 5 February 2008.
There are two things to say in respect of that. First, when annual reports are published, he will be able to see all sources of income to the authority. That is quite right and proper. I have already indicated that we have given the £21 million estimate for the setting up of PADA. I have tried to reassure him on that point. I have given him an indication of how much has been allocated to date. It is clear that within the existing financial year it will reach grant-in-aid status, after which it will incur costs on its own account. He can deduce from that timetable the information that he needs.
I stress that that does not mean that the specific powers that we are taking in the clause for the sources of funding will necessarily be used. They will simply ensure that the authority has the flexibility to identify the funding strategy that provides the best deal for its members. It would be wrong to fetter the development of the best funding solution by insisting on any particular approach. I also stress to the Committee once again that we have no intention of unfairly subsidising the personal accounts scheme.
My reassurances are similar to those that I gave this morning. I may anticipate what the hon. Gentleman thinks about them, but I hope that my explanation has reassured him of the Government’s intentions and made it clear why flexibility is important both for getting the best deal for members of the scheme and funding the authority’s activities. I hope that that is sufficient to encourage him to withdraw the amendment.