Saving Gateway Accounts Bill

The amendment would give regulations additional power to make provisions regarding the rollover account that providers will put in place for saving gateway funds to move into, once they mature. We have very carefully considered whether to take powers in the Bill to make regulations regarding default rollover accounts. This would have advantages, as the noble Baroness has said. Default rollover accounts should be interest-bearing, cash-based rather than equity-based, and should give account holders access to their money. We have made this clear to potential account providers and will be discussing these characteristics with providers to ensure that account holders will be offered the most appropriate rollover accounts. However, we do not think that it would be appropriate to legislate in this area. We expect that providers will want to help their customers access the option most suitable to their needs. The representatives of potential providers, from whom the Public Bill Committee in the other place heard in its evidence sessions, stressed that providers will want to offer the most suitable rollover accounts. We want account holders to understand the implications of default rollover accounts and to have access to support and information in deciding what to do with their money at the end of their saving gateway account. The Government are engaging with a range of third sector and intermediary bodies to design and deliver support on the saving gateway. We are considering a range of options around informal guidelines for account providers on rollover accounts and are finding the industry very receptive to the discussions that we have initiated in that respect. On that basis, I hope that the noble Baroness will withdraw her amendment.