Member

Amendment 135 from the noble Viscount, Lord Younger, would revert the new entrant pathway to its drafting at introduction in the other place; crucially, it would remove the requirement that a scheme approved on the pathway must have no current members. That would open this relief to existing schemes and blur the distinction between the new entrant and transition pathways. I know the noble Viscount said that, in the Bill, this test had become more prescriptive but, just to be clear, our policy has always been that new entrants should be genuinely new, with innovative product design and strong potential to grow, thereby joining the market at pace and, subsequently, meeting scale. Existing smaller schemes should instead pursue the transition pathway.