Found: Part of the Pension Schemes Bill, which I think was voted on last night or today, is reserving the right

Found: My experience of that is in the Pension Schemes Bill that Peter was asking about earlier, where there

Found: The Pension Schemes Bill is currently working its way through Parliament.

Found: These reforms will be delivered through the Pension Schemes Bill.

Found: Pension Reform will help but is not the prime solution: Private pension reforms (via the Pension Schemes Bill

Found: Liz Kendall: I know that very well, because I was the Secretary of State who introduced the Pension Schemes Bill

Found: These reforms will be delivered through the Pension Schemes Bill.

Found: Government Response to the Constitution Committee's Report on the Pension Schemes Bill (17th Report of

Found: Measures included in the Pension Schemes Bill to introduce Guided Retirement will help by ensuring that

Found: Through measures such as the Pension Schemes Bill, and a number of British Business Bank initiatives

Found: As part of the Pension Schemes Bill, we are seeking feedback by March 2026 on a value for money framework

Found: The Pensions Investment Review, and accompanying Pension Schemes Bill, will drive much needed consolidation

Found: The Pensions Investment Review, and accompanying Pension Schemes Bill, will drive much needed consolidation

Found: The measures in the Pension Schemes Bill will significantly accelerate the consolidation of Local Government

Found: We’ve had the Pension Investment Review, now the Pension Schemes Bill, the Pensions Commission, the

Found: We have the Pension Schemes Bill— there is an awful lot in that that is going to be really important

Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government what guidance they are providing to members of the local government pension scheme about non-financial considerations of responsible investments; and whether they plan to change the requirements for investment and divestment decisions relating to asset or country allocations and responsible investing.

Answered by Baroness Taylor of Stevenage - Baroness in Waiting (HM Household) (Whip)

The government intends to publish updated guidance on preparing and maintaining an investment strategy statement later this spring, subject to the passage of the Pension Schemes Bill and regulations containing the relevant guidance making powers coming into force. This guidance will not be subject to formal public consultation but was shared for comment with all Local Government Pension Scheme (LGPS) administering authorities, asset pools, and the LGPS scheme advisory board alongside statutory consultation on the regulations.

LGPS administering authorities will be required to set an approach to responsible investment in their investment strategy. The guidance is expected to restate the existing position that when setting their investment strategy administering authorities must consider all factors, including environmental, social and governance factors, that are financially material to the performance of investments, and that non-financial factors can also be taken into account provided they do not risk significant financial detriment to the scheme and administering authorities have good reason to believe scheme members would support the decision.

As with now, neither legislation nor guidance will dictate asset allocations or levels of investment in specific geographies. However, administering authorities remain legally required to comply with UK sanctions, including restrictions on dealings with designated individuals, entities, and countries.

Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government whether they have finalised the updated local government pension scheme guidance on preparing and maintaining investment strategy statements; and if so, when they plan to publish that updated guidance.

Answered by Baroness Taylor of Stevenage - Baroness in Waiting (HM Household) (Whip)

The government intends to publish updated guidance on preparing and maintaining an investment strategy statement later this spring, subject to the passage of the Pension Schemes Bill and regulations containing the relevant guidance making powers coming into force. This guidance will not be subject to formal public consultation but was shared for comment with all Local Government Pension Scheme (LGPS) administering authorities, asset pools, and the LGPS scheme advisory board alongside statutory consultation on the regulations.

LGPS administering authorities will be required to set an approach to responsible investment in their investment strategy. The guidance is expected to restate the existing position that when setting their investment strategy administering authorities must consider all factors, including environmental, social and governance factors, that are financially material to the performance of investments, and that non-financial factors can also be taken into account provided they do not risk significant financial detriment to the scheme and administering authorities have good reason to believe scheme members would support the decision.

As with now, neither legislation nor guidance will dictate asset allocations or levels of investment in specific geographies. However, administering authorities remain legally required to comply with UK sanctions, including restrictions on dealings with designated individuals, entities, and countries.

Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government whether they plan to hold a public consultation regarding changes to the local government pension scheme guidance on preparing and maintaining investment strategy statements.

Answered by Baroness Taylor of Stevenage - Baroness in Waiting (HM Household) (Whip)

The government intends to publish updated guidance on preparing and maintaining an investment strategy statement later this spring, subject to the passage of the Pension Schemes Bill and regulations containing the relevant guidance making powers coming into force. This guidance will not be subject to formal public consultation but was shared for comment with all Local Government Pension Scheme (LGPS) administering authorities, asset pools, and the LGPS scheme advisory board alongside statutory consultation on the regulations.

LGPS administering authorities will be required to set an approach to responsible investment in their investment strategy. The guidance is expected to restate the existing position that when setting their investment strategy administering authorities must consider all factors, including environmental, social and governance factors, that are financially material to the performance of investments, and that non-financial factors can also be taken into account provided they do not risk significant financial detriment to the scheme and administering authorities have good reason to believe scheme members would support the decision.

As with now, neither legislation nor guidance will dictate asset allocations or levels of investment in specific geographies. However, administering authorities remain legally required to comply with UK sanctions, including restrictions on dealings with designated individuals, entities, and countries.

Question to the Department for Work and Pensions:

To ask His Majesty's Government what assets will count towards the £25 billion requirement for a Main Scale Default Arrangement under the Pension Schemes Bill; and whether assets held in default funds only, or across all scheme investments, will be included.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

The Government set out its intended approach concerning the Main Scale Default Arrangements (MSDA) in the May 2025 consultation response and final report of the Pensions Investment Review. We have also recently published Pension Schemes Bill: Scale and Consolidation on Gov.UK to give an overview of the government’s direction of travel ahead of detailed consultation on regulations.

As outlined in the final report of the Review, key benefits of scale are realised at the level on which strategic decisions on investment are made. This is generally at an ‘arrangement’ level.

To meet the scale requirement, a provider must demonstrate that it holds assets of at least £25 billion in their MSDA.

These assets may be counted from a number of connected schemes offered by a single provider, but they must all be managed under a common investment strategy.

Further details will be set out in regulations following formal consultation.

Question to the Department for Work and Pensions:

To ask His Majesty's Government whether the £25 billion Main Scale Default Arrangement requirement will be assessed at the level of the scheme, individual default arrangements, or sections within a scheme.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

The Government set out its intended approach concerning the Main Scale Default Arrangements (MSDA) in the May 2025 consultation response and final report of the Pensions Investment Review. We have also recently published Pension Schemes Bill: Scale and Consolidation on Gov.UK to give an overview of the government’s direction of travel ahead of detailed consultation on regulations.

As outlined in the final report of the Review, key benefits of scale are realised at the level on which strategic decisions on investment are made. This is generally at an ‘arrangement’ level.

To meet the scale requirement, a provider must demonstrate that it holds assets of at least £25 billion in their MSDA.

These assets may be counted from a number of connected schemes offered by a single provider, but they must all be managed under a common investment strategy.

Further details will be set out in regulations following formal consultation.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of investment‑market volatility on retirees using income drawdown arrangements; and if she will conduct a review of (a) pension provider fee structures, particularly charging full management fees during periods of negative fund performance and (b) the adequacy of safeguards for retirees who are reliant on drawdown income.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Individuals do face both investment and longevity risk in today’s Defined Contribution pension landscape, That can include investment risk during retirement. The government is acting to help savers manage these risk, including via the introduction of default pensions through the Pension Schemes Bill. This will ensure that savers in workplace defined contribution schemes have a default solution in place for retirement, helping secure a sustainable income in later life. Trustees and providers will need to consider how the solution they put in place help protect individuals from investment and longevity risks.

FCA rules already require drawdown providers to provide annual statements to consumers which contain enough information for them to review their position. This ensures that consumers can make choices regarding their drawdown arrangements on an informed basis.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether his Department has assessed the potential merits of introducing measures outside of the Pension Schemes Bill to protect the real terms value of pre-1997 defined benefit pension schemes.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

We recognise that the absence of indexation on pension rights accrued before April 1997 can erode the value of pensions over time and affect members who rely on these benefits in retirement.

The reforms we have introduced through the Pension Schemes Bill will enable more trustees of well funded defined benefit schemes to share surplus with sponsoring employers, and allow them to negotiate additional benefits for members, including discretionary indexation. More broadly and outside the Pension Schemes Bill, the Pensions Regulator already expects trustees to consider whether members would benefit from a discretionary increase and to take account of any history of making such awards.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps his Department is taking to help ensure that pension scheme communications are made more transparent and understandable for the general public.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Pension schemes are under legal obligations to provide key information to members. Schemes should ensure that all communications are accurate, clear, concise, relevant and in plain English.

Simpler Annual Benefit Statements, introduced in 2022, make defined contribution automatic‑enrolment pension statements shorter and more consistent, helping members see what they’ve saved; what they might have at retirement; and what actions they can take.

When launched, pensions dashboards will allow people to view their pensions, including State Pension, securely and in one place online. Dashboards will include clear contextual information alongside the values shown, supported by user testing, to ensure the information is easy to understand.

Decision making about how to use pension assets to secure an income can be complex. The Guided Retirement provisions in the Pension Schemes Bill require trustees to provide information in plain and simple language to support informed member decision making. The Government intends to consult on the Guided Retirement communications journey, ensuring that communications are structured, accessible, and delivered at the right points to help savers understand both the default pension plan and the options available to them.

The Government ensures everyone has access to free, impartial pensions guidance through the Money and Pensions Service (MaPS).

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, when his Department plans to publish draft regulations relating to surplus extraction under the Pension Schemes Bill; and whether he plans to publish these before the Bill completes its passage through Parliament.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Pension Schemes Bill will enable more trustees of well-funded defined benefit pension schemes to share surplus with employers and deliver better outcomes for members. Trustees, working with the sponsoring employer, will be responsible for determining how members may benefit from any release of surplus.

The choice to release surplus is underpinned by strict safeguards, including the requirement for a prudent funding threshold, actuarial certification and member notification. Employers will not have direct access to surplus funds, with any surplus release having to be agreed by trustees.

The surplus release provisions, introduced by the Pension Schemes Bill, will rely on trustees exercising their powers appropriately and in accordance with their trust law duties. If trustees breach these requirements, the Pensions Regulator has powers to take action.

We will consult on the surplus release draft regulations once the Pension Schemes Bill has received Royal Assent. We look forward to receiving the responses on the proposals.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential implications for her policies of the role of (a) trustees and (b) sponsoring employers in decision‑making on surplus extraction in defined benefit pension schemes.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Pension Schemes Bill will enable more trustees of well-funded defined benefit pension schemes to share surplus with employers and deliver better outcomes for members. Trustees, working with the sponsoring employer, will be responsible for determining how members may benefit from any release of surplus.

The choice to release surplus is underpinned by strict safeguards, including the requirement for a prudent funding threshold, actuarial certification and member notification. Employers will not have direct access to surplus funds, with any surplus release having to be agreed by trustees.

The surplus release provisions, introduced by the Pension Schemes Bill, will rely on trustees exercising their powers appropriately and in accordance with their trust law duties. If trustees breach these requirements, the Pensions Regulator has powers to take action.

We will consult on the surplus release draft regulations once the Pension Schemes Bill has received Royal Assent. We look forward to receiving the responses on the proposals.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, if he will implement safeguards to ensure that release of surplus from defined benefit schemes does not adversely impact the security of accrued benefits.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Pension Schemes Bill will enable more trustees of well-funded defined benefit pension schemes to share surplus with employers and deliver better outcomes for members. Trustees, working with the sponsoring employer, will be responsible for determining how members may benefit from any release of surplus.

The choice to release surplus is underpinned by strict safeguards, including the requirement for a prudent funding threshold, actuarial certification and member notification. Employers will not have direct access to surplus funds, with any surplus release having to be agreed by trustees.

The surplus release provisions, introduced by the Pension Schemes Bill, will rely on trustees exercising their powers appropriately and in accordance with their trust law duties. If trustees breach these requirements, the Pensions Regulator has powers to take action.

We will consult on the surplus release draft regulations once the Pension Schemes Bill has received Royal Assent. We look forward to receiving the responses on the proposals.

Question to the HM Treasury:

To ask His Majesty's Government what analysis they have carried out to support the exclusion of UK listed investment funds as qualifying assets under the Pension Schemes Bill.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The scope of the qualifying assets provisions in the Bill’s asset allocation reserve powers are designed to reflect the scope of the Mansion House Accord, a voluntary expression of intent by seventeen major pension providers to invest 10% of their main defined contribution default funds in private markets, including 5% in UK private markets.

This reflects the Government’s intention that the reserve powers should not be open-ended but should be capable of serving as a limited backstop to the commitments made in the Mansion House Accord.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the Minister for Pensions' oral contribution during the Report Stage of the Pension Schemes Bill on 3 December 2025, Official Report, column 1043, whether the proposed statutory guidance on fiduciary duties and subsequent amendments to it will be subject to the negative or affirmative procedure for statutory instruments.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Government has set out its intention to develop statutory guidance for the trust-based private pensions sector. The proposed guidance intends to clarify how trustees can interpret and apply their existing duties, particularly when considering wider or longer-term factors in investment decision-making. Government is developing this guidance in partnership with the pensions sector and will consult on the draft guidance.

Further details including the legislation to underpin strategy guidance will be published in due course.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, in relation to the statutory guidance on fiduciary duties announced during Report stage of the Pension Schemes Bill on 3 December 2025, when he intends to table this amendment to the Bill; whether he will consult on the guidance; and when he plans for the guidance to take effect.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Government has set out its intention to develop statutory guidance for the trust-based private pensions sector. The proposed guidance intends to clarify how trustees can interpret and apply their existing duties, particularly when considering wider or longer-term factors in investment decision-making. Government is developing this guidance in partnership with the pensions sector and will consult on the draft guidance.

Further details including the legislation to underpin strategy guidance will be published in due course.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, in relation to the statutory guidance on fiduciary duties announced during Report stage of the Pension Schemes Bill on 3 December 2025, when he will consult on the guidance; and when the guidance will take effect.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government intends to consult formally on draft guidance later this year.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the oral contribution of the Parliamentary Under-Secretary of State for Work and Pensions in the Report Stage of the Pension Schemes Bill on 3 December 2025, whether the guidance on fiduciary duties will cover the (a) ability to consider system-level risks, (b) ability to consider the impacts of investments and the organisations in which schemes invest, including on members' standard of living, (c) ability to consider members' views and (d) duty to cover matters when they are financially material.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government is committed to ensuring that private pension trustees have a clear, range of guidance, with the objective of supporting consideration of wider factors within their existing legal obligations. This will include clarification and practical support on their ability to take account of system level risks, such as climate related risks, and the impacts of investments where these affect members’ long-term outcomes, including their standard of living.

The guidance will also explore how trustees may consider members’ views, provided this remains consistent with investing in members’ best interests, and will reaffirm that trustees should take account of all financially material matters, where appropriate in their investment decision making.

Our objective is for guidance to be delivered in partnership with the pension sector and other interested parties. Work will commence shortly beginning with an industry roundtable to gather views and technical expertise to ensure the guidance meets the identified need.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure delivery of pledged additional risk capital by signatories to the Mansion House Accord.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

In May 2025, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution default funds in private markets by 2030, with at least half of that invested in the UK.The organising bodies of the Accord have committed to working with government and regulators to ensure that data demonstrating progress against the Accord will be tracked.

The government has a broad programme of reform which will facilitate pensions investment across the UK. The British Business Bank has launched an investment vehicle, the British Growth Partnership (BGP), and the new Venture Link initiative, to help pension funds invest more in UK venture opportunities. The Sterling 20 partnership was also established last year. The investor-led partnership between 20 of the UK’s largest pension funds and insurers is working with the government and the City of London Corporation to help ensure pension schemes have visibility of the range of investment opportunities in productive assets.

The government is also legislating in the Pension Schemes Bill for a reserve investment power, to act as a backstop to the Accord.

Found: Pensions Commission: Terms of reference’, 21 July 2025. 9 • House of Lords Library, ‘Pension Schemes Bill

Found: Pension Schemes Bill 2024-26: Consideration of Lords amendments

Found: Northern Ireland Troubles Bill 14 October 202533 Northern Ireland Troubles Bill 2024–26 Pension Schemes Bill

Found: Pension Schemes Bill: Second Supplementary Delegated Powers Memorandum

Found: Government Response to the Constitution Committee on their Report on the Pension Schemes Bill (17th Report

Found: Pension Schemes Bill: Supplementary Delegated Powers Memorandum

Found: Pension Schemes Bill to receive Royal Assent, delivering major reform to the UK’s £2 trillion worth

Found: announced the Mansion House Accord, and why as Work and Pensions Secretary I introduced the Pension Schemes Bill

Found: _cell">Hargreaves Lansdown

Found: Pension Schemes Bill: Scale and Consolidation

Found: With further reforms on the horizon, including the forthcoming Pension Schemes Bill 2025 and the launch

Found: Pension Schemes Bill: Scale and Consolidation

Found: by GAD for Cabinet Office, and a summary of key defined contribution topics in the current Pension Schemes Bill

Found: market continues to evolve and innovate, including in response to the measures proposed in the Pension Schemes Bill

Found: the proposed workplace pensions Value for Money (VFM) framework and the Government’s wider Pension Schemes Bill

Found: Background The Government is progressing the Pension Schemes Bill 2025 to create new rules for certain

Found: Current provision in the Pension Schemes Bill 2.4 The Bill provides the Government with the power to

Found: dated 04/03/2026 from Baroness Sherlock to Peers who spoke at committee stage debates on the Pension Schemes Bill

Found: about the Local Government Pension Scheme (LGPS) during the Committee stage (first day) of the Pension Schemes Bill

Found: considered Consent decision Terminally Ill Adults (End of Life) Bill 9/12/2025 Consent provided Pension Schemes Bill

Found: to consider and report on the Supplementary Legislative Consent Memorandum (No.2) on the Pension Schemes Bill

Found: SUPPLEMENTARY LEGISLATIVE CONSENT MEMORANDUM (MEMORANDUM NO 2) The Pension Schemes Bill 1.