Member

This lazy narrative that bigger is best suits the incumbents just fine. There are astonishing provisions here to lock out new, energetic and innovative newcomers. A few mergers here and competition will be reduced, and—hey presto—everybody pays more. Only this Government could prefer an oligopoly over competition and badge it as good for pension scheme members. It is crazy. Amplifying it into a default scheme, requiring the regulator to approve new entrants, is the old boys’ network keeping out a competitor. That is what this Government have come to. Fewer, larger funds will reduce competition, drive up costs, make the UK market less attractive to innovators and plug the tax gusher that is the City of London. We will all be poorer for it when everyone goes to Dubai.