Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps he is taking to ensure the consultation entitled Discussion paper on key elements of the Scale Policy has regard to clause (a) 40, sub-section 28L and (b) 45 of the Pension Schemes Act.

The ‘Discussion Paper on the key elements of the Scale Policy’ was published in July and seeks industry views on how scale can be demonstrated, as well as greater detail on the current operation of default arrangements and investment strategies in multi-employer defined contribution (DC) schemes. These responses, along with further targeted stakeholder engagement, will support the development of detailed regulations for the scale policy, which we will consult on in 2027.

As part of the detailed policy design, the Government is committed to balance the desired outcomes across innovation, competition, scale, scheme governance and of course the vital objective of better member outcomes.