Member

The Minister has also introduced an amendment to limit the Government to only exercising the mandation power once, giving them just one opportunity to set the asset-allocation requirement. I recognise that that gives more certainty to industry, as there is less risk of moving goal posts. He has also updated from last week the amendment to constrain the scope of mandation to main default funds, rather than all defaults. That was a problem that I set out last Wednesday. I believe it was inadvertent, and as he acknowledged in his remarks earlier, he has amended it, so I appreciate that.