Saving Gateway Accounts Bill

I also give qualified support to the amendment of the noble Baroness, Lady Hollis. I do not think that the amendment is required, as the Government have taken the power to add the credit if they believe that it is necessary. Probably the one thing that would worry me is the extent to which this would add to the cost of the scheme. Allowing the saving gateway accounts to be set up is not cheap, and I worry about the cost. Of course, there would be no pilots on pensioners, so we do not know what the effect would be and whether it would have some unintended consequences. Like the noble Lord, Lord Newby, however, my first instinct was that this does not help a savings habit because if you are of pensionable age it is too late to acquire it. However, I recognise that considerable numbers of older people, like younger people, have no reserve savings. Anything that assists them to acquire some is worthwhile. Many people cannot cope with even the smallest financial upsets, such as cookers blowing up and things like that. Anything that helps more people to cope with that themselves can only be regarded as a good thing, but I do have a concern about cost.