"My Lords, I thank the noble Baroness, Lady Kramer, for explaining her amendment, which would in essence introduce a requirement for the Government to establish a framework for compensating savers in the event that they lose out financially because they were invested in assets that they would not have been …..." Baroness Sherlock - View Speech
"The Bill as a whole is trying to pursue scale and is trying to mirror what the Mansion House Accord did. I have been through that argument many times. We are seeking solely a reserve power to act as a backstop to an industry-led decision. The industry itself has decided …..." Baroness Sherlock - View Speech
"My Lords, I thank the noble Baroness, Lady Noakes, who always throws out good challenges. I welcome the opportunity and hope that I can persuade her with the answers I am about to give.
"My Lords, as I was saying, as the noble Baroness, Lady Noakes, described so well, the aim of her Amendments 168 to 170 is to shift from measures aimed at restricting the creation of new non-scale defaults towards a wider remit to encourage competition and innovation; I will come back …..." Baroness Sherlock - View Speech
"My Lords, we want innovation. That is what I have just tried to describe. TPR has made innovation the central pillar of its corporate strategy. It launched an innovation service, and it has had the industry test innovative ideas and proposals such as new retirement products and the like. That …..." Baroness Sherlock - View Speech
"We may disagree on some of the approaches to the market, but we want innovation, so I do not disagree with the noble Lord on that. However, we want innovation that serves member outcomes, and that may mean different approaches to understanding what innovation does. We do not want innovation …..." Baroness Sherlock - View Speech
"I think because it has to happen. It has to follow VFM; the pensions road map has set out the connection and the order in which things will happen. My understanding is that it is because it follows that...." Baroness Sherlock - View Speech
"I am grateful to the noble Baroness, Lady Noakes, and others for their contributions. Clause 48 inserts new Part 7A, on
“Unilateral changes to pension schemes”,
referred to as “contractual override”, into the Financial Services and Markets Act 2000. As has been clear, that will enable providers of FCA-regulated …..." Baroness Sherlock - View Speech
"My Lords, I am grateful to the noble Baronesses, Lady Noakes and Lady Bowles, for introducing their amendments. I will start with Amendment 181, which would broaden the range of schemes able to apply for a transfer into a superfund by effectively including active schemes.