Examination of Witnesses

Part of Pensions Bill – in a Public Bill Committee at 11:36 am on 27 June 2013.

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Dominic Lindley: There may be, but the bigger issue is that consumers who use those providers transfer around a lot, so the money could move out from one provider and then come back again. Each of those round trips incurs administrative and trading costs, which are ultimately paid by the customer. Overall, a lot of “pot follows member” will be implemented by secondary legislation, but it seems quite strange that we have decided on a policy but will develop the system later.