Viscount Younger of Leckie (Con)

My Lords, I thank the noble Lord, Lord Davies of Brixton, for securing this important and timely debate about a topic that encompasses and highlights the financial security of retirees, impacts the stability of the economy and involves the balance of responsibility and the relationship between employers, individuals, pension fund boards and trustees, and the Government. As always, it is a pleasure to precede the Minister, the noble Baroness, Lady Sherlock. As she might expect, most of my questions will be directed more towards her than to the noble Lord. We are not here to contest the order—the statutory annual levy rise in line with the growth of average weekly earnings, thereby increasing the PPF and the occupational pensions scheme levy ceiling by 4% for 2025-26. As the noble Lord, Lord Palmer, said, it is a formality. However, there are legitimate questions to ask and this is an opportunity for me to ask some questions from the Opposition about government strategy, if I may. First, I am sure your Lordships will agree that, as a safeguard, the Pension Protection Fund is a crucial backstop for protecting the retirement savings of millions of people in the UK. I very much agree with the compliments expressed by the noble Baroness, Lady Altmann, about the PPF and its management. It seems obvious to say this but, nevertheless, I will say it: we should not take for granted the importance of financial security in retirement, especially as people are living longer and relying more on the provision of private pension income.