Member

Finally, Motion G1 contains a welcome amendment in lieu from my noble friend Lady Noakes that rightly raises the importance of competition. We are dealing with private markets, where one of the most fundamental principles is the benefit of competition. It is competition that drives choice, sharpens incentives and, ultimately, delivers better outcomes for members. That point also goes directly to the argument that we on these Benches have made on scale. As the Government bring forward significant changes to the structure of this market, competition and innovation must be treated as central considerations, not afterthoughts. The Government must not sacrifice these principles in pursuit of scale alone. Competition and innovation translate directly into better performance, better service and better value for those saving for retirement. We will support my noble friend if she seeks to test the opinion of the House.