Member

The noble Baroness mentioned those who are perhaps on lower salaries or have a different risk appetite. On this, I have to come back to the fact that diversification is key. It is perhaps worth reminding the Committee that, currently, the vast majority of mass market DC schemes have little or no private markets in their default funds, in contrast to many international peers. Clearly, in those cases, a small allocation to private assets—such as the 10% baseline that signatories to the Mansion House Accord have committed to—can potentially offer new opportunities for diversification. I fully accept that the noble Baroness, Lady Kramer, is not going to be persuaded by the arguments, but I see that the noble Baroness, Lady Bowles, would like to ask me some more questions.