Member

We would also have liked to see a more meaningful impact assessment on the gilt market and government borrowing costs. Ministers rightly acknowledge the importance of this—the Minister spoke about it in our informal meeting last week—but acknowledgment is not analysis. We understand that take-up cannot be precisely modelled, but the absence of precision is not an argument against scenario testing. Whether the Government anticipate a handful of CDC schemes or a market of many is not a trivial distinction: it carries real implications for gilt demand, investment strategies and systematic risk across the pensions landscape.