Member

This clause will give the Government a significant power to reshape the DC landscape in ways that could affect the commercial interests of DC providers. The power has no underlying purpose that could constrain its use, for example to ensure that costs to savers are minimised, so it can be exercised as the Government of the day choose. I am sure that the Minister will assure me that the current Government have no intention to use the power in a capricious way or in a way that might significantly alter the pensions landscape, but the issue is that a very unconstrained power will be sitting in the Bill.