Member

I will make one final point on scale. The Bill entrenches the competitive position of large pension providers. It is significant that many of them have lined up to contend the mandation provisions, which we have just removed, but have remained silent on the scale requirements—of course they have. It is like Christmas coming early several times over—the ability to knock a large number of high-performing competitors out of the market without lifting a finger. We should not let that happen.