M

Member

Speaking in the House of Lords on 3 February 2026

Debate

Pension Schemes Bill

Contribution

I want to focus briefly on what is currently condition 2A in the gateway test. As drafted, this condition requires trustees to conclude that an insurance buyout cannot be arranged before a scheme may enter a superfund. In effect, this treats insurance buyout as the default or even morally superior destination, even where it represents poor value, drains employer resources or may never realistically be achieved.

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