Member

The trouble is that, unless our amendment is accepted, we will not see this kind of innovation in future. The 15 to 20 master trusts will rest on their laurels, without the risk of too much competition from smaller schemes. Indeed, we heard earlier that the Government are hoping to keep costs up, apparently in the interests of the health of the big schemes. This will be very bad for returns to savers and for our UK pension industry. If the Government do not keep innovation and competition in mind when they make regulations under this Act, we will have a less successful pension sector. I encourage the House to continue the good work and to vote for my noble friend Lady Noakes’s amendment, as it has done for other sensible amendments today.