Estimates of what the company requires in cash to modernise will vary from source to source. I would say only two things. Modernisation is not a once-off. Modernisation of a company or business has to be ongoing to meet the changing market needs and demands in which the company is...

Estimates of what the company requires in cash to modernise will vary from source to source. I would say only two things. Modernisation is not a once-off. Modernisation of a company or business has to be ongoing to meet the changing market needs and demands in which the company is...

That may well be, but that is not part of my experience, unlike that of the noble Lord. Surely to goodness, as time goes on we should all learn from our mistakes, whether we were in opposition and are now in government or the other way around. I hope that...

That may well be, but that is not part of my experience, unlike that of the noble Lord. Surely to goodness, as time goes on we should all learn from our mistakes, whether we were in opposition and are now in government or the other way around. I hope that...

The Royal Mail board does not support the privatisation of Royal Mail, which, among other reasons, is why the Government are not proposing to do so.

The Royal Mail board does not support the privatisation of Royal Mail, which, among other reasons, is why the Government are not proposing to do so.

To sum up, "may" does mean "shall". Good, at least we have got that clear. The Minister has indeed satisfied me, except in one major respect: he has not settled the argument between the noble Lord, Lord Clarke, and myself on whether we will end up with a privatised company....

To sum up, "may" does mean "shall". Good, at least we have got that clear. The Minister has indeed satisfied me, except in one major respect: he has not settled the argument between the noble Lord, Lord Clarke, and myself on whether we will end up with a privatised company....

This amendment is grouped with Amendments 60 and 62, which are all about retrospectivity. The amendments are clear enough; they seek to limit the retrospective nature of these powers to the date that the Government have indicated that they hope will become the basis for any transfer. Of course, the...

This amendment is grouped with Amendments 60 and 62, which are all about retrospectivity. The amendments are clear enough; they seek to limit the retrospective nature of these powers to the date that the Government have indicated that they hope will become the basis for any transfer. Of course, the...

My Amendment 51 is a probing amendment about the ongoing state of the RMPP. The noble Lord, Lord Clarke of Hampstead, who has Amendment 52 in the group, will probably be just as interested in the answer as I will be. Indeed, my amendment raises many of the same questions...

My Amendment 51 is a probing amendment about the ongoing state of the RMPP. The noble Lord, Lord Clarke of Hampstead, who has Amendment 52 in the group, will probably be just as interested in the answer as I will be. Indeed, my amendment raises many of the same questions...

Clause 17: Division of the RMPP into different sections Amendment 51 51: Clause 17, page 8, line 42, leave out subsection (1)

Clause 17: Division of the RMPP into different sections Amendment 51 51: Clause 17, page 8, line 42, leave out subsection (1)

I think that the best way I can sum up that response is that it is a stout defence which requires study. I beg leave to withdraw the amendment. Amendment 48 withdrawn. Amendment 49 not moved. House resumed.

I think that the best way I can sum up that response is that it is a stout defence which requires study. I beg leave to withdraw the amendment. Amendment 48 withdrawn. Amendment 49 not moved. House resumed.

These amendments relate to the provision for orders made under Clauses 16, 17, and 18 to have retrospective effect. The provision for retrospectivity in relation to orders made under those clauses is an important protection for scheme members. It is also necessary to ensure effective co-ordination of the proposals in...

These amendments relate to the provision for orders made under Clauses 16, 17, and 18 to have retrospective effect. The provision for retrospectivity in relation to orders made under those clauses is an important protection for scheme members. It is also necessary to ensure effective co-ordination of the proposals in...

I am grateful for the dinner break, which gave me a chance to sort out some of these papers. Amendment 50 proposes a guarantee, which would mean an obligation made by the state to underwrite the new public scheme if it is wound up. In the case of an ordinary...

I am grateful for the dinner break, which gave me a chance to sort out some of these papers. Amendment 50 proposes a guarantee, which would mean an obligation made by the state to underwrite the new public scheme if it is wound up. In the case of an ordinary...

Amendment 50 50: Clause 16, page 8, line 40, at end insert— "( ) If a new public scheme is wound up, its liabilities shall be guaranteed by the Treasury."

Amendment 50 50: Clause 16, page 8, line 40, at end insert— "( ) If a new public scheme is wound up, its liabilities shall be guaranteed by the Treasury."

Some interesting issues have been raised. Perhaps I can say first to my noble friend Lord Clarke that Amendment 55 is grouped with this amendment and extends the proposition in respect of the guarantee not just to look at the new public scheme, but that: ""If the RMPP or any...

Some interesting issues have been raised. Perhaps I can say first to my noble friend Lord Clarke that Amendment 55 is grouped with this amendment and extends the proposition in respect of the guarantee not just to look at the new public scheme, but that: ""If the RMPP or any...

I am afraid that we on this side, the very few, cannot agree with either of the amendments tabled by the noble Lord, Lord Clarke. We do not support the extension of a full government guarantee for any future failure of the ongoing RMPP. Instead, we hope that the reorganisation...

I am afraid that we on this side, the very few, cannot agree with either of the amendments tabled by the noble Lord, Lord Clarke. We do not support the extension of a full government guarantee for any future failure of the ongoing RMPP. Instead, we hope that the reorganisation...

Perhaps I may help my noble friend on two points. On the issue of the Secretary of State having a section of the RMPP fund, I stress that that is a contingency provision if it is not possible to set up in the time available a separate scheme, which is...

Perhaps I may help my noble friend on two points. On the issue of the Secretary of State having a section of the RMPP fund, I stress that that is a contingency provision if it is not possible to set up in the time available a separate scheme, which is...

I thank the noble Lord for his courtesy in referring to Amendment 55, which, because of my ineptitude or stupidity, I did not speak to in a meaningful way. I saw the links between the responsibility for any scheme that was wound up as being much the same and I...

I thank the noble Lord for his courtesy in referring to Amendment 55, which, because of my ineptitude or stupidity, I did not speak to in a meaningful way. I saw the links between the responsibility for any scheme that was wound up as being much the same and I...

That is very helpful. Another consequence of a segment going bust is the fact that the Pension Protection Fund, as I understand it, would limit any increases to 2.5 per cent. If that is wrong, perhaps my noble friend will tell me. I am grateful for the information about how...

That is very helpful. Another consequence of a segment going bust is the fact that the Pension Protection Fund, as I understand it, would limit any increases to 2.5 per cent. If that is wrong, perhaps my noble friend will tell me. I am grateful for the information about how...

I am grateful to the Minister. I think that I now have it, and I beg leave to withdraw the amendment. Amendment 53 withdrawn. Amendments 54 and 55 not moved.

I am grateful to the Minister. I think that I now have it, and I beg leave to withdraw the amendment. Amendment 53 withdrawn. Amendments 54 and 55 not moved.

This has been an interesting debate which has strayed beyond the specifics of the amendment. I shall just say this in relation to the pensions holiday: it was my understanding that the legislation of the previous Government put pension schemes in this position. That may have not been dealt with...

This has been an interesting debate which has strayed beyond the specifics of the amendment. I shall just say this in relation to the pensions holiday: it was my understanding that the legislation of the previous Government put pension schemes in this position. That may have not been dealt with...