Member

Amendments 100, 105 and 107 from the noble Viscount, Lord Younger, would create an “innovation exemption” for master trusts and GPPs. I share the desire expressed by the noble Viscount to keep the door open to innovation. The Bill already does so via the new entrant pathway for future market entrants with innovative schemes with strong potential to grow. Making innovation an alternative to scale would cut across the primary objective of fewer larger providers and risk maintaining market fragmentation while not delivering on the benefits of scale. The pathway provides appropriate space for specialist offerings without undermining consolidation. I am grateful to noble Lords for their championing of an innovative market, but the Government believe that the new entrant pathway is the appropriate route for innovation to continue.