Member

Finally, Amendment 180, also tabled by my noble friend Lady Noakes, probes the circumstances in which the Government might require transfers to be made free of charge. This is another important and legitimate question. I have noted the Minister’s answers on that and her focus, I believe she said, on the consultation. That was her main answer to that. This is another area of importance. Transfers may well form a necessary part of the guided retirement landscape and, particularly for schemes lacking scale or expertise, where clarity is needed on when costs may be removed, who bears these costs and how these interact with trustees’ duty to act in the member’s best financial interest. I am grateful to my noble friend for drawing attention to this point.