Member

On Amendment 49 from the noble Lord, Lord Palmer, we understand the wish to extend VFM provisions to DB schemes. However, these operate under a fundamentally different model, with employers bearing investment and longevity risks, and with robust protections already in place. We think that to extend the VFM regime would add complexity without meaningful benefit. However, Clause 11 allows hybrid schemes to be included in relation to the DC benefits they provide, which is appropriate, given the focus on members who bear investment risk.