Member

Amendment 104 invites the Government to explain how they intend to define a common investment strategy, including the level at which that assessment will be made and how it will apply across different scheme structures. Clause 40 relies on the concept of a common investment strategy, yet the Bill does not define what that term is intended to mean. Given the complexity of many master trusts and the variety of investment approaches that they may legitimately operate, the absence of clarity here risks creating uncertainty for trustees and providers alike. It would also be helpful to understand why this definition has not been set out in the Bill or at least made clear prior to Royal Assent, so that schemes can assess their position with confidence. This is an attempt not to frustrate the policy intent of the clause but to ensure that it operates clearly, fairly and predictably. I hope the Minister can provide some reassurance on this point.