Member

The noble Viscount asked about safeguards to protect members of the unconnected schemes. As I said in my opening speech, schemes must satisfy a stringent and comprehensive set of authorisation criteria to operate. This is designed to ensure that only well-designed, well-run schemes that members can have confidence in can operate. Also, schemes are subject to strict rules on the calculation of benefits to guard against excessive cross-subsidisation, and all authorised schemes are subject to continuous oversight by the regulator. The noble Viscount also asked about the Pensions Commission. I am sorry that I did not hear my very dear friend and honourable friend the Minister for Pensions on the radio programme that was mentioned. However, I confirm that the Pensions Commission has announced that it will publish an interim report in spring 2026. I am happy to clarify that its final recommendations are expected to follow in early 2027.