Baroness Noakes (Con)

I am going to disappoint the Minister. There is just a fundamental disagreement: the Government think that size is the most important thing and most of the rest of us think that the judgment on which schemes should be allowed to survive the initial cull that consolidation will require should be much more nuanced and based on what is good for savers. If schemes are delivering for savers and have the capacity to deliver for savers, they ought to be allowed to stay within the population of pension schemes that will continue. The Government seem not to trust their own value-for-money test, which should deliver over time. If schemes that are allowed through at the moment disappoint over time, the value-for-money test would deal with that. We think that taking scale out will, with the value-for-money test, in the long term produce exactly what the Minister requires, which should be good returns for pension savers. I said that I would not move my amendment because my noble friend on the Front Bench will be moving his Amendment 77. On that basis, I beg leave to withdraw.