Member

Amendment 56, from the noble Baroness, Lady Altmann, would allow a master trust with an innovative approach to member communication or administration to be exempt from the scale measures. Innovation in those areas is very welcome, and it may aid member engagement and service quality, but those are not appropriate proxies for the benefits that scale can bring. They will not drive more diversified investments, greater returns or lower fees, nor will they necessarily improve governance. Again, I note that this amendment, as tabled, would apply only to master trusts and not to GPPs.