B

Baroness Noakes (Con)

Speaking in the House of Lords on 19 March 2026

Debate

Pension Schemes Bill

Contribution

My Lords, the Minister, as usual, talks a good story on competition and innovation. Our concern is that the Bill as drafted makes it difficult to see that the virtues of innovation and competition are in fact reflected throughout it. In particular, there is no mention of innovation or competition in the regulations restricting the creation of new non-scale default arrangements in Clause 42. That would be addressed by my Amendment 115. Those who are exercising the extensive powers in the Bill to circumscribe the way in which the markets are allowed to develop need to have competition and innovation absolutely in their focus, but the Bill does not achieve that. The Minister could cite only the innovation pathway, but the Bill is much more than that. That is why I believe we need to make changes to the Bill. As I mentioned, I will seek to press both my amendments, but I will start by begging to move Amendment 105A.

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