Member

It is this balanced approach—the word “flexibility” was used by my noble friend Lady Altmann—that we hope the Government will adopt in the forthcoming Bill, to ensure that the role of trustees and pensioners is protected. I pick up the point raised by the noble Lord, Lord Davies. Can the Minister outline the Government’s approach to managing pension scheme reserves? In particular, do they support setting the bar high or low for surplus extraction? How does this policy align with ensuring the long-term stability of pension funds for their beneficiaries, a point that the noble Lord raised? I emphasise the importance of long-term stability and ask the Minister the age-old question: how do the Government define “long term”?