I am grateful to the noble Lord, Lord German. That is in the letter and, as I said, we welcome its contents. It reinforces the points that we made about the second line of defence and the future adequacy of that provision. That is clearly welcome.
In conclusion, we will closely monitor the way that the policy and the implementation fall, to ensure that consumer rights are properly protected in the way that everyone in this House expects. With that, I beg to ask leave of the House to withdraw the amendment.
Amendment 3A withdrawn.
Moved by Lord Newby
4: Clause 48, page 20, line 30, leave out “create exceptions to subsection (1)” and insert—
“(a) create an exception to subsection (1) in the case of a member or survivor whose subsisting rights in respect of safeguarded benefits under the scheme, or safeguarded benefits under the scheme and any other schemes, are worth less than a specified amount;
(b) create other exceptions to subsection (1).
( ) Regulations under subsection (3)(a) may, in particular, make provision about—
(a) the valuation of the subsisting rights;
(b) the process for determining whether the exception applies.”