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

Found: The proposed reserve power to mandate pension investments under the Pension Schemes Bill undermines

Found: under their forthcoming “Guided Retirement” default duties, shortly to be set out in the Pension Schemes Bill

Found: for pre-1997 pensions. 1.2 Our previous written evidence to the Committee scrutinising the Pension Schemes Bill

Found: be shared with Fund members is likely to be thwarted by recalcitrant employers, unless the Pension Schemes Bill

Found: I believe that in the current framework the Pension Schemes Bill is going to turbocharge this because

Found: It is good to see the Value for Money framework included in this years’ Pension Schemes Bill, which

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to reform the pensions system to increase investment.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Pension Schemes Bill was introduced on 5 June, implementing the reforms outlined in the Pensions Investment Review.

The Bill sets out a vision for a pensions market with fewer, larger schemes which can use the benefits of scale to invest in a wider range of productive assets as well as deliver better outcomes for savers.

These reforms support the Mansion House Accord, an industry-led pledge to invest at least 10 per cent of defined contribution default funds into private markets by 2030, of which at least half is in the UK.

Furthermore, last year the British Business Bank announced the establishment of the British Growth Partnership, designed to crowd in investment from UK pension funds for our most innovative, fastest growing companies.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment his Department has made of the potential merits of providing pre-1997 indexation protections for individuals in Surrey Heath constituency.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government has no plans to change the way pre-1997 indexation is applied to defined benefit occupational pension schemes.

The minimum legal requirements for indexation must be appropriate across all defined benefit schemes. Changing these minimum requirements would increase the liabilities and costs for all schemes.

The reforms in our Pension Schemes Bill give trustees more flexibility to share surplus with sponsoring employers, and better negotiate benefits for members, including discretionary increases.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on channelling pensions capital into the UK to support IS-8 sectors.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Pension Schemes Bill was introduced on 5 June and will implement the reforms outlined in the first phase of the landmark Pensions Review,

The Bill sets out a vision for a pensions market with fewer, larger schemes which can use the benefits of scale to invest in productive assets – including investing in the eight sectors identified in the Industrial Strategy – as well as deliver better outcomes for savers.

These reforms support the Mansion House Accord, an industry-led pledge to invest at least 10 per cent of defined contribution default funds into private markets by 2030, of which at least half is in the UK.

Furthermore, last year the British Business Bank announced the establishment of the British Growth Partnership, designed to crowd in investment from UK pension funds for our most innovative, fastest-growing companies.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether he plans to table an amendment to the Pension Schemes Bill to allow him to amend the Pension Protection Fund through secondary legislation.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

We are committed to actively consider and reflect on what we have heard regarding the Pension Protection Fund and Financial Assistance Scheme rules on the indexation of pre-1997 pension accruals. We understand that it is an important issue for affected members.

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 progress of reform of the private pension system.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

We are committed to making reforms to the workplace pensions system to deliver better outcomes for UK savers and pensioners and to increase productive investment in the UK economy.

We have already completed our landmark Pensions Investment Review, which reported in May 2025. The Pension Schemes Bill, which was introduced in June, will legislate for the outcomes of the Review, in addition to other reforms to the pensions system. Our Bill Impact Assessment shows around 20 million savers could benefit and an average earner saving over their career could have around £29,000 more in their defined contribution pension pot at retirement as a result of the package of measures.

Additionally, the Bill will unlock some of the estimated £160 billion of surplus funds from well-funded Defined Benefit pension schemes to benefit sponsoring employers and members, with appropriate safeguards in place to protect members.

In July we launched the next phase of our reform agenda. The time is now right to finish the job started by the Turner Commission two decades ago and that is why we have revived the Commission, which is led by Baroness Jeannie Drake, Sir Ian Cheshire and Professor Nick Pearce. The Pensions Commission will make recommendations to ensure we have a pensions system that is strong, fair and sustainable.

Our reforms will also boost investment and growth in the UK. The Mansion House Accord will see leading workplace pension providers invest 10% of their workplace portfolio in productive assets such as infrastructure, property, and private equity. At least half of this will be in the UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of increasing pension fund investment in private markets and infrastructure on the economy.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

In May, 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 main default funds in private markets by 2030, with at least half of that invested in the UK.

This is expected to unlock £50 billion of additional private market investment by 2030, including £25 billion in the UK. As providers work towards meeting these commitments, they will be investing more in private assets such as infrastructure projects.

Additionally, the measures in the Pension Schemes Bill, introduced in July, will ensure pension schemes have the scale and expertise to access these types of investment.

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

To ask the Secretary of State for Housing, Communities and Local Government, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on reforming the Local Government Pension Scheme to consider local growth priorities in investment strategies.

Answered by Alison McGovern - Minister of State (Housing, Communities and Local Government)

The Pension Schemes Bill includes a new power to require Local Government Pension Scheme (LGPS) funds to include their approach to local investment in their investment strategies. The Pensions Schemes Bill and the English Devolution and Community Empowerment Bill also include new reciprocal duties on LGPS funds and strategic authorities to cooperate to identify and develop appropriate local investment opportunities. Wider reforms including consolidation of all LGPS assets in the LGPS asset pools and improved governance will also support LGPS investment in local and regional growth priorities.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to help increase the return on investment from pension savings.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

This house legislated to auto-enrol millions of employees into pension saving and the onus is on us to ensure they get the best possible returns.

The Pension Schemes Bill will do exactly that, via bigger, better pension schemes, a value for money framework and tackling small pots.

Average earner savings over their working life could have their pension pot boosted by £29,000.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what impact the Pension Commission will have for residents in (a) Dunstable and Leighton Buzzard constituency and (b) Bedfordshire.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

This government is committed to enabling tomorrow’s pensioners to have security in retirement. The Pensions Investment Review and the Pension Schemes Bill currently going through Parliament both focus on ensuring the pension pots of savers in Bedfordshire and throughout the UK are working as hard as they can – for average earners saving in a DC workplace pension over their career this could mean up to £29,000 more in retirement pots. The Pensions Commission has been revived to consider what is required in the long term to deliver financial security in retirement through a pensions framework that is stronger, fairer and more sustainable for people up and down the country.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment she has made of the potential impact of extending pensions automatic enrolment to jobholders under the age of 22 on those people.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

We are committed to ensuring people achieve financial security in later life.

That is why we prioritised the Pensions Investment Review and reforms in the Pension Schemes Bill – so that we can be confident savers automatically enrolled into workplace pension schemes can rightly enjoy the best possible outcomes.

Our assessment of the pensions system is that the job is only half finished. In August we published a detailed report with our analysis, including on Automatic Enrolment and those groups not benefitting from pensions or undersaving. Furthermore, we have revived the Pensions Commission to address these very matters of adequacy, fairness and sustainability, especially for lower earners.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment she has made of the adequacy of the Pensions (Extension of Automatic Enrolment) Act 2023.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

We are committed to ensuring people achieve financial security in later life.

That is why we prioritised the Pensions Investment Review and reforms in the Pension Schemes Bill – so that we can be confident savers automatically enrolled into workplace pension schemes can rightly enjoy the best possible outcomes.

Our assessment of the pensions system is that the job is only half finished. In August we published a detailed report with our analysis, including on Automatic Enrolment and those groups not benefitting from pensions or undersaving. Furthermore, we have revived the Pensions Commission to address these very matters of adequacy, fairness and sustainability, especially for lower earners.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether she plans to implement the Pensions (Extension of Automatic Enrolment) Act 2023.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

We are committed to ensuring people achieve financial security in later life.

That is why we prioritised the Pensions Investment Review and reforms in the Pension Schemes Bill – so that we can be confident savers automatically enrolled into workplace pension schemes can rightly enjoy the best possible outcomes.

Our assessment of the pensions system is that the job is only half finished. In August we published a detailed report with our analysis, including on Automatic Enrolment and those groups not benefitting from pensions or undersaving. Furthermore, we have revived the Pensions Commission to address these very matters of adequacy, fairness and sustainability, especially for lower earners.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether she plans to bring forward legislative proposals to ensure that more customers can access pension pot consolidation more quickly.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government is committed to the consolidation of small workplace pension pots, when in the best interests of savers. The Pension Schemes Bill 2025 was introduced into Parliament on the 5 June. This includes measures to address the growing issue of deferred small pots, which normally arises when individuals change jobs and accumulate multiple pots over their working lives.

This will ensure workplace pension pots, initially worth £1,000 or less are automatically consolidated, unless members choose to opt-out. This will address the 13m stock of deferred small pots, and any future small pots that are created. As announced in our recent publication, ‘Workplace pensions: a Roadmap’ The report can be found here: https://www.gov.uk/government/publications/workplace-pensions-a-roadmap/workplace-pensions-a-roadmap#roadmap.

However, savers do not need to wait for legislation to benefit from consolidation. Currently, individuals can transfer and consolidate their pension pots themselves through a member-initiated transfer.

This will also soon be aided by the introduction of pensions dashboards. Once launched, pensions dashboards will allow people to find and view their pensions, including State Pension, securely and in one place online. This will help people to reconnect with each of their pension pots and better plan for retirement.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether her Department has had discussions with private pension schemes on ensuring that people who have made contributions to defined benefit private pensions are able to benefit from a pension surplus.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Department for Work and Pensions consulted on surplus release from defined benefit pensions schemes last year. Throughout the consultation, and in developing the consultation response and the Pension Schemes Bill, the Department has engaged with pension schemes, representatives of their members, sponsoring employers and trustees. We recognise the valuable perspectives of stakeholder groups.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment she has made of the need to clarify trustee fiduciary duties regarding inflation protection.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

I understand the concerns that have been raised over the issue of inflation protection for defined benefit pensions (indexation). Discretionary indexation is over and above statutory and scheme requirements. Trustees can already award discretionary increases where scheme rules allow. Decisions on discretionary benefits are usually exercised by the trustees with the agreement of the sponsoring employer.

The Pension Schemes Bill makes changes so that more trustees of well-funded schemes have the flexibility to share their scheme surplus with employers, subject to strict funding safeguards for members. Scheme trustees are required to act in the interests of scheme beneficiaries, and can agree with employers how members can benefit from the release of any surplus which may include discretionary indexation.

The Pensions Regulator (TPR) has expressed that trustees should consider the situation of those members who would benefit from a discretionary increase and whether the scheme has a history of making such awards. TPR will be producing further guidance on surplus sharing once the legislation is in place.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether her Department plans to ensure that pension scheme trustees are able to use surplus funds to provide discretionary increases for pre-1997 pensioners whose pensions have not kept pace with inflation.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Discretionary indexation is over and above the statutory requirements. This discretion is usually exercised by the trustees with the agreement of the sponsoring employer.

The precise design of pension benefits is a matter for employers and trustees and is not covered in Department for Work and Pensions legislation. Pension scheme rules regarding pension entitlements are many and varied and must remain a matter for employers and scheme trustees to decide.

The Pension Schemes Bill 2025 makes changes so that more trustees of well-funded schemes have the flexibility to share their scheme surplus with employers, subject to strict funding safeguards for members.

Scheme trustees are required to act in the interest of scheme beneficiaries. Working with sponsoring employers, they will be responsible for decisions around surplus release. Together they will agree how members can benefit from any release of surplus, which could include discretionary benefit increases.

The Pensions Regulator already expects that trustees should be aware of members who would benefit from any decision to award a discretionary increase and whether the scheme has a history of making such awards.

Found: The government introduced the Pension Schemes Bill 2024–25 in the House of Commons on 5 June 2025.

Found: The government introduced the Pension Schemes Bill 2024–25 in the House of Commons on 5 June 2025.

Found: Committee Stage: Thursday 11 September 2025 Pension Schemes Bill (Committee Stage Decisions) This

Found: Committee Stage: Thursday 11 September 2025 Pension Schemes Bill (Amendment Paper) This document lists

Found: Committee Stage: Wednesday 10 September 2025 Pension Schemes Bill (Amendment Paper) This document

Found: 11 September 2025 PENSION SCHEMES BILL Chair’s provisional selection and grouping of amendments in

Found: Committee Stage: Tuesday 9 September 2025 Pension Schemes Bill (Committee Stage Decisions) This document

Found: Committee Stage: Tuesday 9 September 2025 Pension Schemes Bill (Amendment Paper) This document lists

Found: Written Evidence - Committee Stage (House of Commons) Pension Schemes Bill Introduction

Found: Pension Schemes Bill Additional written evidence submitted by Institute and Faculty of Actuaries (IFoA

Found: Pension Schemes Bill Written evidence submitted by Mr Con O’Neill, Pension Protection Fund ("PPF") Member

Found: 1 Carbon Tracker Initiative Pension Schemes Bill Submission on the LGPS 1.

Found: Pension Schemes Bill Written evidence submitted by Fossil Free West Yorkshire to the Public Bill Committee

Found: Public Policy Director James.heal@sjp.co.uk 03/09/2025 To whom it may concern, Pension Schemes Bill

Found: 9 September 2025 PENSION SCHEMES BILL Chair’s provisional selection and grouping of amendments

Found: 9 September 2025 PENSION SCHEMES BILL Chair’s provisional selection and grouping of amendments in

Found: Committee Stage: Friday 5 September 2025 Pension Schemes Bill (Amendment Paper) This document lists

Found: Pension Schemes Bill Written evidence submitted by Hymans Robertson to the Pension Schemes Public Bill

Found: Pension Schemes Bill Supplementary written evidence submitted by Roger Sainsbury to the Pension Schemes

Found: Pension Schemes Bill Supplementary written evidence submitted by William Wright, Managing Director,

Found: Pension Schemes Bill Written evidence submitted by City of London Corporation to the Pension Schemes

Found: Pension Schemes Bill Written evidence submitted by John Tissington to the Pension Schemes Public Bill

Found: Pension Schemes Bill Written evidence submitted by Keith Appleyard to the Pension Schemes Public Bill

Found: Committee Stage: Thursday 4 September 2025 Pension Schemes Bill (Committee Stage Decisions) This document

Found: Committee Stage: Thursday 4 September 2025 Pension Schemes Bill (Amendment Paper) This document lists

Found: Marsh McLennan Mercer’s response to the Public Bill Committee’s call for evidence on the Pension Schemes Bill

Found: Pension Schemes Bill – call for evidence Isio’s submission 29 August 2025 © Isio Group Limited/Isio

Found: it has considered making a discretionary increase, but has chosen not to do so. 5 Why the Pension Schemes Bill

Found: Pension Schemes Bill Written evidence submitted by Sandra Fogwill (PSB61) Unjust Treatment of Pre-97

Found: 4 September 2025 PENSION SCHEMES BILL Chair’s provisional selection and grouping of amendments

Found: Committee Stage: Wednesday 3 September 2025 Pension Schemes Bill (Amendment Paper) This document lists

Found: Committee Stage: Tuesday 2 September 2025 Pension Schemes Bill (Amendment Paper) This document lists

Found: Pension Schemes Bill Written evidence submitted by The Association of Investment Companies (AIC) to the

Found: The Pension Schemes Bill is a wide -ranging Bill with substantial proposals for scrutiny.

Found: Response from the Pensions Policy Institute 29.08.25 Page 1 of 13 Pension Schemes Bill – Public

Found: This is a response to the Call for Evidence relating to the Pension Schemes Bill 2025 (the "Bill") published

Found: Pension Schemes Bill Committee Call for Evidence: Phoenix Group August 2025 About Phoenix Group

Found: Concerns Regarding the Pension Schemes Bill 3.1 The Minister for Pensions, Torsten Bell, has stated

Found: Partnership Ltd is authorised and regulated by the Financial Conduct Authority (FRN 800511) Pension Schemes Bill

Found: Pension Schemes Bill Written evidence submitted by Origo to the Pension Schemes Public Bill Committee

Found: Written evidence submitted by Brian May (PSB47) Pension Schemes Bill: Call for Evidence Part

Found: Pension Schemes Bill Additional written evidence submitted by Aon to the Pension Schemes Public Bill

Found: Pension Schemes Bill Written evidence submitted by Aon to the Pension Schemes Public Bill Committee (

Found: anxious and dismayed about the lack of safeguards for pensioners in the government’s proposed Pension Schemes Bill

Found: Pension Schemes Bill Written evidence submitted by Mike Smith to the Pension Schemes Public Bill Committee

Found: Pension Schemes Bill Written evidence submitted by David Robertson to the Pension Schemes Public Bill

Found: Pension Schemes Bill Written evidence submitted by The Society of Pension Professionals to the Pension

Found: Committee Stage: Tuesday 2 September 2025 Pension Schemes Bill (Committee Stage Decisions) This document

Found: 1 | Page Pension Schemes Bill Call for Evidence submission.

Found: Pension Schemes Bill Written evidence submitted by The Institute and Faculty of Actuaries (IFoA) to the

Found: Written evidence submitted by Insight Investment (PSB11) Response to call for evidence on the Pension Schemes Bill

Found: BPPG would be glad to elaborate on any of the points above, should that be of help to the Pension Schemes Bill

Found: Pension Schemes Bill Written evidence submitted by the Deprived Pensioners Association (DPA) (PSB12)

Found: Pension Schemes Bill Written evidence submitted by Allan Roberts to the Pension Schemes Public Bill Committee

Found: Pension Schemes Bill Written evidence submitted by Mel Earp to the Pension Schemes Public Bill Committee

Found: Pension Schemes Bill Written evidence submitted by Ann Howarth to the Pension Schemes Public Bill Committee

Found: Pension Schemes Bill Written evidence submitted by John Ward to the Pension Schemes Public Bill Committee

Found: Pension Schemes Bill Written evidence submitted by Fidelity International to the Pension Schemes Public

Found: Pension Schemes Bill Written evidence submitted by The Investing and Saving Alliance (TISA) to the Pension

Found: Pension Schemes Bill Written evidence submitted by ShareAction to the Pension Schemes Public Bill Committee

Found: Written evidence submission Pension Schemes Bill 2025 – Small Pot Consolidation Page 1 of 7 Submitted

Found: Written Evidence Submission Pension Schemes Bill 2025 - Value for Money Framework Page 1 of 9 Submitted

Found: Page: 1 7 August 2025 Public Bill Committee call for evidence: Pension Schemes Bill Brightwell

Found: Pension Schemes Bill Written evidence submitted by SouthWest Action to the Pension Schemes Public Bill

Found: My Pension Expert: Pension Schemes Bill Call for Evidence Response Overview My Pension

Found: Pension Schemes Bill Written evidence submitted by Chris Drury to the Pension Schemes Public Bill Committee

Found: 1 Will the Government consider using this Pension Schemes Bill as a timely opportunity to restore

Found: online submission to the House of Commons Public Bill Committee 12 August 2025 1 of 5 PENSION SCHEMES BILL

Found: Pension Schemes Bill: Public Bill Committee - Call for Evidence Response from the Pension Protection

Found: Pension Schemes Bill Written evidence submitted by Andy Lewis and Stuart O’Brien to the Pension Schemes

Found: House Bancroft Road, Reigate Surrey RH2 7RP United Kingdom www.justgroupplc.co.uk Pension Schemes Bill

Found: 1 New Capital Consensus Submission to the Pension Schemes Bill Public Bill Committee

Found: PENSION SCHEMES BILL COMMITTEE Call for evidence, response from Hargreaves Lansdown, August 2025

Found: Pension Schemes Bill Written evidence submitted by American Express UK Pensioners Justice (Campaign Group

Found: © 2025 Pensions UK 1 PENSION SCHEMES BILL 225 59/1 Pensions UK submission of

Found: The government introduced the Pension Schemes Bill on 5 June 2025.

Found: The government introduced the Pension Schemes Bill on 5 June 2025.

Found: Subject to parliamentary process, Guided Retirement measures, introduced through the Pension Schemes Bill

Found: This includes the Pension Schemes Bill, which could boost a workers’ pension by £29,000, and the revival

Found: economy through investments or top up pension pots This was made possible by the Government’s Pension Schemes Bill

Found: We worked closely with government ofcials on the Pension Schemes Bill, contributing to provisions on

Found: Annex 3 LEGISLATIVE CONSENT MEMORANDUM The Pension Schemes Bill 1.

Found: The Pension Schemes Bill (“the Bill”) was introduced in the House of Commons on 5 June 2025.