Member

This brings me on to another concern, which was raised by the noble Lord, Lord Davies, and takes account of discussions that I have had with the Minister, who I think raised it. It is to do with member communications. CDCs are not well understood. They are scarcely understood outside specialist circles. Transitions into and out of CDCs are fundamentally different from familiar DB to DC transitions. Yet the communication requirements in the regulations remain surprisingly light touch. Members need clearer, more strident, more stringent and more tailored information about benefit variability, collective risk and the absence of an individual pot. If we expand CDCs without ensuring that members fully understand what they are entering, we risk undermining confidence in the very innovation that we hope to promote.