Pensions Bill

My Lords, I am grateful for the comments of the noble Lord, Lord Oakeshott, and the noble Baroness, Lady Turner. The reason that the words ““treated as made”” are in the amendment is so that it covers public sector pensions, where the money does not actually get transferred anywhere. It sits in a notional hole and gets paid out at the end of the employment. As for the Employment Rights Act 1996, by law the Minister is quite right. You have to have net and gross income put on the monthly, or even weekly, pay sheet. You have to put the deductions, first for tax and, secondly, for national insurance but, as far as I know, for none other purpose. If I am right, there is a very good reason for putting pension contributions on the pay sheet. I will not pursue the argument tonight. However, I would like to talk privately, perhaps to one of the Minister’s advisers, about this, as transparency on a weekly or monthly basis is very important. It will help to achieve what we are all trying to do, which is to set up a sensible pension scheme, especially for the lower paid.