Oral Answers to Questions

Jim Shannon Excerpts

Monday 23rd June 2025 Commons Chamber

[Torsten Bell]

My hon. Friend has been a powerful campaigner on this issue for some years, and she will know that larger pension schemes are now required to publish annual reports with climate-related disclosures. The evidence shows that around two thirds of pension funds have a net zero commitment in place, and we will be reviewing those regulations over the course of this year.

[Jim Shannon (Strangford) (DUP)]

It is very important that those who have pensions get a return, so that their pensions are beneficial. It is also important to ensure that net zero is delivered, because many people who have pensions want to see that happen. It is about getting a balance, so how will the Minister get that balance?

[Torsten Bell]

On the first part of the hon. Member’s question, I do not want to get the balance, because we want to make sure that savers get the absolute best value they can for every buck they save. I completely endorse his sentiment on that part; that is the very purpose of the Pension Schemes Bill that is coming through. On the second part of his question, I also endorse the point that he makes. When we look at those disclosures, we see that they set out a balance of judgments about the requirements on schemes, but they also provide greater transparency so that both individuals and the schemes themselves can take a view about the investments.