City Regions: Pension Funds

Lord Tugendhat Excerpts

Tuesday 23rd February 2016 Lords Chamber

[Baroness Williams of Trafford]

I do not think the noble Lord is wrong there. In encouraging local authorities to pool their pension funds, the Chancellor is also encouraging them to make efficiencies in fund management, for example, to maximise what can be drawn from those pension funds.

[Lord Tugendhat (Con)]

My Lords, does my noble friend not agree that the first duty of pension funds is to pensioners, both present and future?

[Baroness Williams of Trafford]

My noble friend is absolutely right.