Member

I am also curious about the apparent difference in the innovation needed for a master trust and a group personal pension plan. Subsection (3) of proposed new Section 28BA says that trustees will need to demonstrate that innovation leads to “good outcomes for members”, but the managers of a GPP would have to demonstrate only that it provides “specialist or innovative services”. Why should a GPP not also have to deliver good member outcomes? The Government’s position is clear: all schemes need to deliver good member outcomes, and the evidence tells us that scale is key to that. It would not be appropriate to hold trust-based schemes and contract-based schemes to different standards.