Amendment summary
Viscount Younger of Leckie moved amendment 77, in clause 40, page 45, line 31, at end to insert—
“28BA Exemption from scale requirement
(1) The Secretary of State may by regulations provide that the Regulator may determine that a relevant Master Trust or a group personal pension scheme is to be treated as meeting the scale requirement in section 28A or 28B if the Regulator is satisfied that the condition in subsection (2) is met.
(2) The Regulator must be satisfied that there is no reasonable evidence that consolidation of the scheme into another arrangement would be likely to improve outcomes for members.
(3) In determining whether the condition in subsection (2) is met, the Regulator must have regard to—
(a) net risk-adjusted investment performance;
(b) governance quality and operational capability;
(c) whether the scheme benefits from integrated, pooled or cross-scheme investment arrangements not reflected solely in the total value of assets counted under section 28A(4) or 28B(4);
(d) whether the scheme invests wholly or substantially in a default arrangement operated by another scheme or manager meeting the scale requirement;
(e) whether the scheme derives material investment benefit from participation in a wider asset management group of substantial scale.
(4) Regulations under this section may make provision about—
(a) the duration, renewal and withdrawal of a determination under subsection (1);
(b) reporting and disclosure requirements.”