Member

I also agree with the title of Clause 42, “Regulations restricting creation of new non-scale default arrangements”. Again, I find that very strange; the legislation should encourage the creation of new arrangements to widen choice. Throughout all this, I reiterate that any attempt to interfere with the absolute fiduciary duties of the trustees of pension funds is damaging and very hard to accept. I do not believe it is the right way to achieve the Government’s perfectly valid and admirable intention to increase the amount of pension funds invested in UK infrastructure, but it has to be entirely left to the decision of the trustees of the pension funds. I therefore support my noble friend in her amendment.