Pension Schemes Bill

Baroness Stedman-Scott Excerpts

Thursday 26th March 2026 Lords Chamber

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[Baroness Stedman-Scott]

7: Clause 137, page 156, line 34, at end insert—
“(g) section 132 comes into force on the day on which this Act is passed.”Member’s explanatory statement
This amendment makes provision for the commencement of clause 132, which was inserted by an amendment in Baroness Stedman-Scott’s name at report stage.

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[Baroness Stedman-Scott (Con)]

My Lords, I warmly acknowledge the collegiate and genuinely cross-party approach that has characterised the passage of the Bill through your Lordships’ House. I know I also speak for my noble friend Lord Younger of Leckie in expressing our sincere thanks to colleagues across the House for their constructive engagement. It has been a pleasure to work alongside them, and our collective efforts have ensured that this important Bill has been subject to the careful and thorough scrutiny it deserves.

This is a fundamentally important Bill, and I am pleased that we have agreed several amendments to address some of the concerns that together we have identified. I had one amendment on the Marshalled List today, a technical amendment necessary to commence Amendment 169 passed by your Lordships’ House on Report. The Government accepted this amendment today.

I will not rehearse an exhaustive list, but the Government now have an obligation to return with clear answers to the concerns we have raised, including in particular: the Local Government Pension Scheme and whether it is truly fit for purpose for its members; whether the proposed consolidation timetable is workable in practice for ordinary working people; whether the scale requirements risk undermining innovative and high-performing schemes; and the scope, rationale and implications of the mandation power—there was a resounding view that it should be removed entirely.

Many noble Lords have made valuable contributions to our deliberations on this policy through amendments, speeches and constructive engagement both inside and outside the Chamber. It is not possible to thank everyone, but I place on record my particular gratitude to the noble Baronesses, Lady Altmann, Lady Neville-Rolfe, Lady Noakes and Lady Penn, and the noble Lords, Lord Fuller and Lord Lucas. I also extend my thanks to the noble Baroness, Lady Bowles of Berkhamsted, the noble Lords, Lord Palmer and Lord Sharkey, and the noble Viscount, Lord Thurso, from the Liberal Democrat Benches, with whom it has been a genuine pleasure to work. I am grateful to the noble Lord, Lord Vaux of Harrowden, for his thoughtful engagement on the Bill.

Finally, I thank the Minister for her work in steering the Bill through the House, and the noble Lord, Lord Katz, for his support. The Minister has responded to a great many questions, often highly technical and searching ones, and has given considerable time both in Committee and on Report to what is, in many respects, a dense and complex piece of legislation. I thank noble Lords for their engagement, particularly in Committee, which has been helpful and much appreciated.

This Bill contains a number of significant flaws and shortcomings. Your Lordships’ House has offered the Government a clear opportunity to make necessary and timely improvements. I very much hope that we will continue to work together with the Minister and her colleagues in the department to take that opportunity.