Member

I believe that the intention of Amendment 67, from the noble Viscount, Lord Younger, is to provide an innovation exemption to scale for small schemes. As drafted, the Bill already enables new and innovative providers to apply for the new entrant pathway, and for existing market participants to utilise the transition pathway, which provides a longer period to build to scale. It is important to recognise that scale will change the landscape. Schemes that have scale will have the tools to deliver on value and performance in a way that small schemes will not in that future landscape. For the record, I note that the amendment, as tabled, would apply only to master trusts and not to GPPs. In addition, it does not set out what the criteria for an innovation exemption would be and appears to include it as an extra criterion for scale rather than as an alternative to it.