Torsten Bell

The truth is that there is a range of opinion among ABI members about that. However, there is agreement across the industry about the need to deliver change. I turn to some of the comments made by the hon. Member for Torbay (Steve Darling) who, again, kindly did not refer to the Lib Dem manifesto, which called not just for reserve power, but for the direction of pension scheme assets into certain asset classes. I gently say that it is a shame to not see him engage with the substance, rather than taking the easy option of offering high-level, throwaway comments about a thing that he had in his own manifesto. On the plus side, however, he is right to say that the investment pipeline is important. The issue there is that that is different in different sectors. Within the infrastructure sector, it is obviously about having a country that is delivering actual infrastructure. Within venture capital, it is about making sure that there is easier intermediation for pension schemes into a market of which they have less experience. We are doing exactly that and that is what the Sterling 20 process is doing. I see very good engagement between pension schemes right across the board on that and every chief executive I speak to is engaging with exactly those questions that the hon. Member for Torbay raises. The Bill has received detailed scrutiny over the past year, and it is a better Bill for it. We have brought forward amendments that, subject to delivering the core pension reform programme of the elected Government, respond to the detailed points raised by peers in the other place. With those improvements, this is a Bill that industry worker representatives and charities wish to see passed into law. The TUC said: “It’s vital the Bill is passed so workers can start to benefit.” Age UK has said the measures in the Bill will help both the pensioners of today and the pensioners of tomorrow. It is important that these can be implemented as soon as possible. Aviva welcomed today’s amendments and said: “We hope this is enough to build the consensus needed for the Bill to be passed”. The ABI has said that it and its members are “clear that we want the Bill to pass”. They are right, and I commend the Government’s position to the House. Question put.