[Mr Charles Walker in the Chair]

(Except clauses 5, 15 and 25 and certain new clauses and new schedules)

Mr Howarth made some preliminary announcements this morning regarding Committee proceedings, including permission for Members to remove their jackets if they wish to do so in this October heatwave. Before we come to clause 10, I understand that the Minister wishes to raise a point of order.

On a point of order, Mr Walker. I believe that in this morning’s sitting, in response to a question from the hon. Member for Bootle, I may have inadvertently suggested that the Bill’s changes to the money purchase annual allowance regime will result in a £70 million per annum cost to the Exchequer. I should have said that £70 million of revenue will be raised for the Exchequer in each year.

I thank the Minister for that clarification, as I am sure does the entire Committee.

Clause 10