Member

I turn to Amendments 37B and 37C, tabled in lieu by the noble Viscount, Lord Younger. During earlier debates, we heard concerns being raised about existing, smaller schemes potentially not having the opportunity to get to scale where they otherwise might have expected their business to grow with more time in the market. I understand the reasons behind this amendment for exemptions from the scale requirement, but I think the House has broadly agreed that scale really matters. The Government have provided and published evidence of the benefits that larger schemes can bring: their ability to diversify their assets through a wider range of investment strategies, reduce costs and keep fees lower. This is all to ensure better outcomes for members.