I do not disagree with any of that, apart from the fact that the chance to take the necessary steps has today been laid in front of the Government and the Minister. We must concede that auto-enrolment is already well under way, but at what stage will we see the action that is necessary? We will be in 2017 before we know it, when everyone will be auto-enrolled, and if the Minister has continued to consult rather than act we will be no further forward. The Minister has taken action on consultancy charges—he can do it—and I give him credit for that. He is undertaking a significant reform of the state pension, which we will discuss later, and he has many things to deal with, but the Government must act faster on these issues.
2.45 pm
Let me deal with the point made by the hon. Member for Warrington South (David Mowat). If the Government were to accept our amendment (a), there would be full disclosure of transaction charges. It would not have to be put out to consultation. The Minister says that one must weigh the costs to the fund management industry against the benefits to savers, but my view is that that balance means that we must have full disclosure. I think that message from the Opposition is clear.
Finally, let me put this in context. The Minister has proposed new clause 1 as the framework around which we will discuss private pensions today. He referred to the fact that he has for some time had the powers to cap charges, but has not used them. One suspects that new clause 1 is a way for the Minister—and I do not complain about this—to promote and publicise his desire to be seen to take decisive action on pension charges. It is worth pointing out, however, as the Minister has pointed out to me several times, that he already has powers to cap charges. I tell the hon. Member for Warrington South, whom I greatly respect on these issues, that those powers have been in place for some time—