Clause 68 - Borrowing by section 67 pension scheme

Finance (No. 3) Bill – in a Public Bill Committee at 6:30 pm on 7th June 2011.

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Question proposed, That the clause stand part of the Bill.

Photo of David Hanson David Hanson Shadow Minister (Treasury)

I have one quick question. Will the Minister assure me that the article in The Daily Telegraph of 31 May—[ Interruption. ] I am encouraged by support from the Government Benches for my clear reference. That newspaper expressed the concern that under the NEST scheme, which we introduced, fund managers could put money into unsuitable forms that would eat up much of the savings in fees. Because of coalition support for the proposal, which we agree with, automatic enrolment in pension schemes could expose people to unscrupulous schemes. Will the Minister assure me that the concerns expressed by Mr David Pitt-Watson of Hermes Fund Managers are unsubstantiated?

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

Unlike the right hon. Gentleman, I am not an avid reader of The Daily Telegraph. I appreciate that that may come as a disappointment, but I am not in a position to comment on suggestions made by Mr Pitt-Watson, who I believe at one stage was to become the general secretary of the Labour party. If the right hon. Gentleman will permit me, I shall read the article and write to him appropriately.

Clause 68 accordingly ordered to stand part of the Bill.

Clauses 69, 70 and 71 ordered to stand part of the Bill.