Mansion House Accord

Lord Forsyth of Drumlean Excerpts

Wednesday 14th May 2025 Lords Chamber

[Lord Livermore (Lab)]

I am shocked that my noble friend uses the word “leak”—I have no idea what he is talking about. As I have said, it is important that this is a voluntary commitment and that it delivers the investment promised for the UK economy. As I say, funds are voluntarily—it is industry led—choosing to do this because evidence shows that high-growth assets can boost returns over time, and we are confident that the schemes are now moving in the right direction. But equally, as I say, the pension schemes Bill will have more details in it about how these developments will be monitored over time to make sure that that change is delivered, because in the end what we all want to see is higher levels of investment.

[Lord Forsyth of Drumlean (Con)]

My Lords, if the Minister is right that this is an entirely voluntary scheme, why is it necessary for the Government behind the scenes to threaten to make it mandatory?

[Lord Livermore (Lab)]

Because it is very important that this voluntary commitment delivers the investment that is promised for the UK economy.