My Lords, I am grateful to the Minister. Being the eternal optimist, I see that he came half way towards me rather than half way in the wrong direction. I also thank the noble Lord, Lord Oakeshott of Seagrove Bay, who similarly moved half way towards me. All I would...

My Lords, I am grateful to the Minister. Being the eternal optimist, I see that he came half way towards me rather than half way in the wrong direction. I also thank the noble Lord, Lord Oakeshott of Seagrove Bay, who similarly moved half way towards me. All I would...

moved Amendment No. 2: 2: Clause 1, page 1, line 12, at end insert ““, and ( ) who is not an exempt jobholder for the purposes of that employment”” The noble Lord said: My Lords, I declare my interest as a partner in the national commercial law firm, Beachcroft...

moved Amendment No. 2: 2: Clause 1, page 1, line 12, at end insert ““, and ( ) who is not an exempt jobholder for the purposes of that employment”” The noble Lord said: My Lords, I declare my interest as a partner in the national commercial law firm, Beachcroft...

My Lords, the noble Baroness has a point. One has to look very carefully at the way in which such letters are written. The letter I received clearly showed a misinterpretation of my request to the administrator.

My Lords, the noble Baroness has a point. One has to look very carefully at the way in which such letters are written. The letter I received clearly showed a misinterpretation of my request to the administrator.

My Lords, I am grateful to the Minister for telling me that one of my fears is already covered by the Bill and, to an extent, by existing legislation. I am also grateful to hear that thinking on this matter has progressed during the summer. I hope that it will...

My Lords, I am grateful to the Minister for telling me that one of my fears is already covered by the Bill and, to an extent, by existing legislation. I am also grateful to hear that thinking on this matter has progressed during the summer. I hope that it will...

moved Amendment No. 12: 12: Clause 8, page 6, line 9, at end insert— ““( ) the amount of interest to be paid;”” The noble Lord said: My Lords, Amendment No. 12 presupposes that an employee decides to opt out in the second half of the period allowed. For the...

moved Amendment No. 12: 12: Clause 8, page 6, line 9, at end insert— ““( ) the amount of interest to be paid;”” The noble Lord said: My Lords, Amendment No. 12 presupposes that an employee decides to opt out in the second half of the period allowed. For the...

My Lords, it seems only fair; it is the members’ money.

My Lords, it seems only fair; it is the members’ money.

My Lords, a decision by a jobholder to opt out completely undoes membership of the pension scheme into which they were automatically enrolled. Our position is that jobholders should neither gain nor lose by opting out. In addition, we do not want employers or their schemes to bear unnecessary burdens...

My Lords, a decision by a jobholder to opt out completely undoes membership of the pension scheme into which they were automatically enrolled. Our position is that jobholders should neither gain nor lose by opting out. In addition, we do not want employers or their schemes to bear unnecessary burdens...

My Lords, you can do a lot better than that these days, even with reliable banks.

My Lords, you can do a lot better than that these days, even with reliable banks.

My Lords, it does not matter when the calculation is made; what matters is when the money gets back to the employer and the employee, which may take a considerably longer time. We simply do not know. The noble Lord talks about—

My Lords, it does not matter when the calculation is made; what matters is when the money gets back to the employer and the employee, which may take a considerably longer time. We simply do not know. The noble Lord talks about—

My Lords, I am glad that my amendment prompted the noble Lord to have some mathematics done behind the scenes, but the mathematics are accurate only if there is a comparatively short period before the repayment is made. The longer the repayment takes, the more interest will have accrued.

My Lords, I am glad that my amendment prompted the noble Lord to have some mathematics done behind the scenes, but the mathematics are accurate only if there is a comparatively short period before the repayment is made. The longer the repayment takes, the more interest will have accrued.

My Lords, if the noble Lord will permit me, I can go through the detail of the calculation. I have not done it myself, but I asked about the maximum amount of interest, assuming that opt-out is at the last minute and that the refund takes the maximum time to...

My Lords, if the noble Lord will permit me, I can go through the detail of the calculation. I have not done it myself, but I asked about the maximum amount of interest, assuming that opt-out is at the last minute and that the refund takes the maximum time to...

My Lords, the rate of interest was five per cent.

My Lords, the rate of interest was five per cent.

moved Amendment No. 5: 5: Clause 4, page 3, line 5, leave out from ““that”” to ““the”” in line 7 and insert ““in prescribed cases”” The noble Lord said: My Lords, I shall speak to Amendment No. 6 as well. Regulations under Clause 4 will enable an employer offering higher...

moved Amendment No. 5: 5: Clause 4, page 3, line 5, leave out from ““that”” to ““the”” in line 7 and insert ““in prescribed cases”” The noble Lord said: My Lords, I shall speak to Amendment No. 6 as well. Regulations under Clause 4 will enable an employer offering higher...

My Lords, this is the second case today—and I hope that there will be many more—of, as they say on the west coast of Scotland, thinking better later. The amendments have clarified the situation dramatically and I am very pleased to accept them. On Question, amendment agreed to.

My Lords, this is the second case today—and I hope that there will be many more—of, as they say on the west coast of Scotland, thinking better later. The amendments have clarified the situation dramatically and I am very pleased to accept them. On Question, amendment agreed to.

My Lords, I am delighted to hear what the Minister has said and I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 4 [Postponement of automatic enrolment]:

My Lords, I am delighted to hear what the Minister has said and I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 4 [Postponement of automatic enrolment]:

My Lords, again, this amendment is extremely helpful and clarifies things no end. On Question, amendment agreed to.

My Lords, again, this amendment is extremely helpful and clarifies things no end. On Question, amendment agreed to.

moved Amendments Nos. 8 and 9: 8: Clause 8, page 6, line 2, leave out from ““become”” to end of line 2 and insert ““an active member of the scheme on that occasion;”” 9: Clause 8, page 6, line 4, after ““jobholder,”” insert ““on the basis that the jobholder has...

moved Amendments Nos. 8 and 9: 8: Clause 8, page 6, line 2, leave out from ““become”” to end of line 2 and insert ““an active member of the scheme on that occasion;”” 9: Clause 8, page 6, line 4, after ““jobholder,”” insert ““on the basis that the jobholder has...

moved Amendment No. 6: 6: Clause 4, page 3, line 17, leave out subsection (4) and insert— ““( ) A scheme ceases to be a scheme of the relevant kind, in the case of any person, if it ceases to have a feature by reference to which regulations under this...

moved Amendment No. 6: 6: Clause 4, page 3, line 17, leave out subsection (4) and insert— ““( ) A scheme ceases to be a scheme of the relevant kind, in the case of any person, if it ceases to have a feature by reference to which regulations under this...

moved Amendment No. 7: 7: Clause 8, page 5, line 40, leave out from ““applies”” to ““(arrangements”” in line 41 and insert ““on any occasion when arrangements under section 3(2), 5(2) or 7(3) apply to a jobholder”” The noble Lord said: My Lords, I shall speak also to the other...

moved Amendment No. 7: 7: Clause 8, page 5, line 40, leave out from ““applies”” to ““(arrangements”” in line 41 and insert ““on any occasion when arrangements under section 3(2), 5(2) or 7(3) apply to a jobholder”” The noble Lord said: My Lords, I shall speak also to the other...

My Lords, I thank the noble Lord, Lord Skelmersdale, for this amendment and hope to satisfy him that it is not necessary. Specifically he asked about percentages on opt-outs. The research done to date—and this is an ongoing programme which we will also discuss later—including whether people would participate or...

My Lords, I thank the noble Lord, Lord Skelmersdale, for this amendment and hope to satisfy him that it is not necessary. Specifically he asked about percentages on opt-outs. The research done to date—and this is an ongoing programme which we will also discuss later—including whether people would participate or...