Member

On the question of a reduction in member choice, we just do not think that it is a significant risk at this point. The reality is that the vast majority of the market is already committed to making these investments and, if they follow through on those commitments, this power is unlikely ever to be used. However, I very much agree on the importance taking market conditions into account, and the compulsory report that the Government would need to produce before exercising these powers ensures that the economic and saver impacts of any requirements are properly considered in the conditions that apply at the time.