Member

We should encourage scale where it delivers value, resilience and efficiency, but we should not confuse that with size for its own sake. A pensions market that is less competitive, less dynamic and harder to enter—as we are examining pathways to entry—will not serve savers as well in the long term. My noble friend Lady Noakes used the expression “squashing new entrants”, which describes it so well, and my noble friend Lord Trenchard spoke to this as well. I am pleased that my noble friend Lady Neville-Rolfe raised our concerns about the £25 billion threshold being right—we touched on this earlier.