Pensions Reform

I agree absolutely with my right hon. Friend and I congratulate him and his Committee on a very good report. The point to which he has drawn our attention is fundamental. If we can get anywhere near the 30, 40 or 50 basis points that Lord Turner has suggested might be possible under the personal account scheme, that will improve the value of people’s savings by as much as 20 or 30 per cent., which will be a major boost to those on low and middle incomes in particular.