Member

The noble Viscount, Lord Thurso, asked me question in order to test us on the word “innovative”—that is a fair point. As he will know, putting this in the proposed new purpose clause was designed to stimulate debate. What we do not mean by this is that it should be a riskier approach. The noble Viscount may know that many employers have already been using surpluses creatively—if I can use that word—particularly to improve DC contribution rates for current workers, and, separately, to support intergenerational fairness. Some precedent has been set, but I would probably direct the word “innovative” across to the Government, so as to challenge them in Committee about what should be best done with surpluses; I look forward to debates on that front.