Member

These concerns sit squarely alongside the issues raised by mandation. If we are to intervene so directly in the structure and investment behaviour of pension schemes, we must do so with humility, transparency and a clear understanding of who bears the risk. There is a further question of responsibility: who bears the risk if government intervention has been to the detriment of performance, to put it rather bluntly? Those are the issues before the Committee, and I hope the Minister will address them directly—I am sure she will.