Member

I turn finally to Amendments 165 and 166 in the name of the noble Viscount, Lord Younger of Leckie, which would amend Clause 41. These amendments would shift regulations related to the new scale requirement criterion for master trust authorisation from a first affirmative to a standing affirmative procedure. We intend that the first set of regulations under new Section 12B will contain substantive technical and operational detail on how the Pensions Regulator will supervise the scale policy. Those first regulations will clearly warrant affirmative scrutiny; however, any subsequent changes are expected to be minor and not to require the same level of parliamentary time. There is also a precedent for this: the Pension Schemes Act 2017 employed “affirmative first use” for authorisation criteria, such as the fit and proper test and financial sustainability, and Parliament was content with that approach. Keeping Clause 41 aligned with existing authorisation procedures will ensure coherence.