Member

However, as the noble Lord, Lord Davies, said—I agree with him—this instrument marks a potentially significant structural shift in how our pension system may evolve. For that shift to succeed, it must be underpinned by firmer analytical foundations than those that are currently available. I am grateful to the Minister and her officials for the time that they spent with me and my team last week exploring these issues in detail. Their openness is genuinely appreciated. Nevertheless, as she will expect, important gaps remain and there are many unanswered questions. The gaps give us real pause. Were we in government, we would have gone further to ensure that the essential groundwork had been completed to guarantee that this SI truly enables the smooth and secure creation of CDC schemes and to avoid expanding an industry of which the parameters, risks and long-term implications are still too insufficiently understood.