Member

Again, the context for these reserve powers is the Mansion House Accord and the commitments made by the industry. Under the accord, as I have said previously, signatories are making commitments in respect of their main default funds, which account for the vast majority of workplace DC savers. That is why we chose to mirror the Mansion House commitments. It is not intended to be an open-ended power; rather, it is carefully and narrowly designed, with various important safeguards, to perform its purpose as a backstop.