Member

Amendment 176 from the noble Viscount, Lord Younger, would remove the definition of default pension benefit solution from the clauses to probe its definition. This definition is integral to the clause: it sets out some of the key requirements for trustees or managers of occupational pension schemes. The expectation is that schemes provide an income in a way that individuals are used to receiving by way of a wage or salary. It also provides powers to specify additional conditions that default pension plans will need to meet. For example, it could be used to allow the Secretary of State to prescribe that a default pension plan must provide members with the ability to exit the default after payment has commenced. By taking an approach that is not overly prescriptive, our intention is that this will encourage innovation in the market to effectively meet the varied needs and interests of scheme members.