New Clause 5 - Duty to act in the best interests of members

Part of Pension Schemes Bill – in a Public Bill Committee at 2:45 pm on 4th November 2014.

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Photo of Gregg McClymont Gregg McClymont Shadow Minister (Work and Pensions) 2:45 pm, 4th November 2014

I do not quite understand the Minister’s response. There is a broad consensus of opinion among pensions professionals at the sharp end that scaling up is necessary; we have heard that in evidence given to a number of pensions Bill Committees. The Pensions Regulator told us when we were considering a previous pensions Bill that scale matters. Have the Government not thought about these things?