Member

Finally, on exemptions, I turn to Amendments 77 and 107, from the noble Viscount, Lord Younger. These set out a power to create an exemption, presumably to be granted on application, for a regulator to treat a scheme as meeting scale if there is no reasonable evidence that consolidation of the scheme would improve member outcomes. While I understand the intent behind these amendments, I have the same concern as those I have set out already: the approach is simply unstable.