Member

A scheme that may be approved as having an exemption would presumably have to be subject to regular review and, if it were to lose the benefit of that exemption, it would expose members to risk and be a cost for employers in seeking alternative provision. That may in turn mean that schemes with an exemption such as this may struggle to attract business if there are concerns that they may not remain in the market over the long term compared to a scheme with scale. Taken together, this is a recipe for greater uncertainty and instability. This would serve no one well, least of all the members. This compares to the Government’s vision for a stable market of schemes with scale, as well as space for disruptors, with the tools and capability to deliver for members and the economy.