Pension Schemes Bill [HL] - Report (Continued)

Part of the debate – in the House of Lords at 5:15 pm on 19 December 2016.

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Photo of Lord Freud Lord Freud The Minister of State, Department for Work and Pensions 5:15, 19 December 2016

The noble Baroness has been so generous and I will take the opportunity to go over this because it is slightly back to front from normal. This is not like a defined benefit scheme worth billions of pounds which are at severe risk. This is about the costs of moving the money that is attached to individual people to another master trust. It is a completely different order of risk. I know that she is coloured by what she has seen in the defined benefit world, but this is quite different. It is a much smaller risk. As I have said, in any case the costs do not fall on the members and the mitigation issue is disproportionate.