B

Baroness Sherlock (Lab)

Speaking in the House of Lords on 19 March 2026

Debate

Pension Schemes Bill

Contribution

My Lords, I thank the noble Baroness, Lady Altmann, for introducing her amendments. I covered quite a bit of this ground in my response to the previous group, which was quite long, so I will not repeat that—I hope that the noble Baroness will not mind. As I set out in the previous group, Chapter 4 of the Bill relates to default arrangements and the fragmentation in schemes that are in the market. To reiterate, the measures in this chapter do not cap or limit the number of default arrangements, nor do they impact on the ability of a new entrant to enter the market. I previously mentioned innovation, which features in the new entrant pathway, but what we want to see is default arrangements being created to meet member needs. That is why we are introducing a range of measures for them to need regulatory approval before they begin to operate. On Amendment 112, I understand that the intent is to allow a scheme to have “several non-scale regular arrangements”. However, it is not clear what is meant by a “regular” arrangement in the description, as it is not defined.

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