Member

That brings me to Amendment 174, which asks the Government to explain why the mandation powers apply only to automatic enrolment default funds and whether this narrow targeting risks unintended market distortion or a reduction in member choice. This was a key point made by my noble friend Lord Kirkhope of Harrogate. In our earlier debates on fiduciary duty in the Local Government Pension Scheme, the noble Lord, Lord Katz—I see that he is in his place—was clear that fiduciary duty is even more important when it comes to protecting those with the least means, who have paid in over many years and who, therefore, depend entirely on trustees and regulators to act in their best financial interests. As we have noted before, average pension outcomes in the LGPS are not high. I remind the Committee that these are not wealthy individuals; the justification for strong fiduciary safeguards rests precisely on that fact. Surely the same logic must apply to automatic enrolment default funds.