Local Authorities: Fossil Fuel Holdings

Lord Lawson of Blaby Excerpts

Wednesday 24th February 2016 Lords Chamber

[Lord Lawson of Blaby (Con)]

My Lords, may I thank my noble friend for saying quite clearly that trustees of pension funds have a single duty, which is to do what is best for the pensioners for whom they are responsible? The political considerations paraded today are neither here nor there. This is a complicated issue and scene, and it is for the pension fund trustees to do what is best for their pensioners.

[Baroness Williams of Trafford]

My noble friend is absolutely right. I am glad that he said it is complicated because, as a humble junior Minister, I find it quite complicated. Maximising the returns for the investors is the prime responsibility of any pension fund.