Member

So, as I have said, my amendment proposes a cap of £10,000. This would give ample room to uprate the pot size for inflation or wage growth over a long period of time. For example, if we used a rate of 5% per annum, after 40 years, £1,000 would have compounded to only around £7,000, so it would still be well within the £10,000 cap. To take another example, after about 30 years, it could be uprated for £5,000 and then doubled. You would still keep the concept of a small pot basically within that £10,000. This would not constrain the Government on small pots; it would be constraining only if they wanted to go beyond the concept of a small pot.