Member

In the event of such a market failure, the powers would enable the Government to ensure that the system operates as intended by introducing one or more schemes that are required to accept a transfer from any scheme; they could be master trusts or, perhaps, schemes that have been designated as default consolidators for the purpose of consolidating small pots. However, the Government intend to seek volunteers to operate as a scheme of last resort and to conduct a consultation on the concept; we would expect to test that assumption further as part of a formal consultation ahead of introducing any requirements in regulations.