Women’s State Pension Age Communication: PHSO Report

Steve Darling Excerpts

Thursday 29th January 2026 Commons Chamber

[Madam Deputy Speaker (Judith Cummins)]

I call the Liberal Democrat spokesperson.

[Steve Darling (Torbay) (LD)]

I met the Secretary of State a few weeks ago, and we reflected on his being a fan of Celtic and Bruce Springsteen, but I was not aware that he is also a member of the Magic Circle. He is clearly trying to set up a number of illusions by saying that this is to do with particular issues and comments, but it is actually about whether these women were communicated with adequately.

I reflect on what other colleagues have said, and it is about injustice. Being elected as an MP—though, as a Liberal Democrat, I was somewhat disappointed not to be a member of the Government—is about seeking out and tackling injustice, yet the Secretary of State is putting this in the “too hard to do” file. The more than 3.6 million WASPI women across the UK will feel this as if it were a punch in the stomach. They will feel utterly betrayed, because false hope was given to them in the autumn. That hope has been dashed.

I thank the more than 100 MPs from across the United Kingdom who supported the letter I co-ordinated calling for justice for WASPI women, but sadly it fell on stony ground. What engagement did the Secretary of State have with the ombudsman before coming to his final conclusions, and will he please explain further why he has chosen to ignore the ombudsman’s recommendation to give justice to WASPI women and pay compensation?

Youth Unemployment

Steve Darling Excerpts

Wednesday 28th January 2026 Commons Chamber

[Sarah Olney]

The hon. Gentleman always makes constructive interventions. He is absolutely right that we need to look at what works. We need to focus on this issue not just for the health and benefit of our young people but for the economy as a whole.

Although we should continue to invest in technological breakthroughs, I am concerned that the Government do not have a strategy for our young people who could be pushed out of the job market by automation. I would be grateful if the Minister responded to that.

There is also a lack of alternatives for young people who wish to upskill, as the apprenticeship pathway is so limited. Businesses tell me that the apprenticeship levy does not work, despite the Government’s attempts at reform. The Liberal Democrats have long called for reform to replace it with a wider skills and training levy, which would give businesses real flexibility about how they spend the money to train their staff and, consequently, provide young people with a better avenue to enter the workforce. The decision taken to defund level 7 apprenticeships for over-22s risks limiting those opportunities. In 2024-25, 51% of all apprenticeship starts were for those aged 25 and over. That is a critical skills pipeline in areas that are key to economic growth, and while the economy is changing so rapidly, we need to provide opportunities for older workers to retrain so that they can continue to find meaningful work later in life.

The Liberal Democrats would fix the skills and recruitment crisis by investing in education and training, including the availability of apprenticeships and career advice for young people. The current system needs to be reformed. That would include boosting the take-off of apprenticeships by guaranteeing that they are paid at least the national minimum wage from the first year, creating new lifelong skills grants for adults to spend on education and training throughout their lives, and expanding vocational training. Although the Liberal Democrats welcomed discussions in the Budget regarding a wider youth guarantee and a growth and skills levy package, I have yet to understand the timeline for implementation. With youth unemployment rising, I encourage the Government to take quick and active steps to deliver that package.

[Steve Darling (Torbay) (LD)]

In Torbay, we have an incredible organisation called Sound Communities. Some young people are not in the position to take up an apprenticeship because, having suffered significant trauma in their lives, they need to build up their confidence. Sound Communities helps these youngsters get themselves in the right position to take up their place in this world. Does my hon. Friend agree that what we need is long-term funding to support these youngsters, so that they can have the opportunities and futures that they deserve?

[Sarah Olney]

My hon. Friend is absolutely right. There are groups of young people who are facing specific barriers to entering employment, and we need to do all we can to provide them with sustained support to get into and stay in the workplace.

Much of the UK’s current workforce challenges are due to the mistakes made by the current Government, with perhaps no bigger own goal than the surprise increase in employer national insurance contributions in the Chancellor’s first Budget. Almost every business that I, and I am sure many other Members, speak to tells me that the NICs rise blindsided it and has since seriously damaged its cash flow and ability to hire and retain staff. That policy alone has been so damaging to the business sector and has created an environment in which companies are discouraged from hiring young people.

Recent Government decisions include the devastating business rates hike in the Chancellor’s most recent Budget. This is causing huge damage to hospitality firms, with many now considering whether their business remains viable. Our hospitality businesses, which so frequently provide young people with their first jobs, are now on their knees. They need support from the Government. The Government’s statement yesterday on cutting business rates for pubs was a good first step, but we need wholesale reform of our business rates system. That is one more reason why the business community felt so betrayed by the previous Conservative Government, who promised reform but did nothing to help our struggling businesses.

Oral Answers to Questions

Steve Darling Excerpts

Monday 26th January 2026 Commons Chamber

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Steve Darling (Torbay) (LD)]

Prior to the Government’s decision not to grant compensation to WASPI women, there was a disturbing lack of engagement with the ombudsman. Since then, the ombudsman has been able to gain access to the paused action plan, but only after leaving their electronic device at the door. Is the Minister comfortable with the way that this trusted civil servant has been treated?

[Torsten Bell]

The ombudsman is an important part of the systems that we have in place to make sure that the administration of public services is done in the right way. The hon. Member will know that our permanent secretary met the ombudsman before Christmas. A draft of the action plan that he refers to was shared with her in order to provide her with reassurance that progress was being made on it. As he will be aware, the work on the action plan has been stopped because it was an intrinsic part of remedy set out in the case last year. As I have said, the Secretary of State is considering the evidence in the round, and we will report back to the House as soon as a decision is taken.

--- Later in debate ---

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Steve Darling (Torbay) (LD)]

The Sayce review investigated the carers’ allowance scandal and identified that almost 87,000 carers were affected. The Government are planning to write off the debts of 26,000 carers, but does that mean that the Minister believes that 60,000 carers are guilty of fraud?

[The Minister for Social Security and Disability (Sir Stephen Timms)]

I think the hon. Gentleman would agree that Liz Sayce did a superb job. We commissioned her review straight after the general election, and we have accepted all but two of the recommendations that she made in her report. We are working through the detail of how to implement those recommendations, and we will set out the proposals and the details as soon as we are able to do so. We are also working with carer organisations on communications with the carers affected to ensure that they are right. I look forward to giving the hon. Gentleman more details as soon as they are available.

National Insurance Contributions (Employer Pensions Contributions) Bill

Steve Darling Excerpts

Committee of the whole House
Wednesday 21st January 2026 Commons Chamber

[Torsten Bell]

I thank the hon. Member for Wyre Forest (Mark Garnier) for the reminder of the excellent debate we had before the Christmas break. I thank him and the hon. Member for Witney (Charlie Maynard) for their contributions. I will briefly reiterate the case for the three short and perfectly formed clauses of this Bill before focusing my remarks on the hon. Members’ amendments.

As hon. Members know, this reform was inevitable. We have had a detailed discussion of the last Government’s secret plan to implement a very similar proposal—the “secret plan” label came from the Conservative party, not Government Front Benchers—and the cost of pensions salary sacrifice was due to almost treble, from £2.8 billion in 2017 to £8 billion by 2030. That is the equivalent of the cost of the Royal Air Force. The status quo is also hard to defend when low earners and the 4.4 million self-employed people across the UK are entirely excluded, reinforcing the point made by my hon. Friend the Member for Harlow (Chris Vince).

[Steve Darling (Torbay) (LD)]

The Minister will recall our many happy hours together in Committee on the Pension Schemes Bill. One of the issues that the Liberal Democrats raised was the need for an MOT for people as they approach pension age, to see how their pension is going and test its adequacy. Does the Minister accept that putting these stark restrictions in place will significantly restrict the ability of somebody who realises that they are running out of time to make additional contributions to their pension to get to a better place? Would he consider extra flexibility, so that people could perhaps use 10-year allowances in three years?

[The Second Deputy Chairman]

Order. I remind Members that the scope of this Bill is very narrow indeed, and we really ought not to be bringing in new concepts.

National Insurance Contributions (Employer Pensions Contributions) Bill

Steve Darling Excerpts

2nd reading
Wednesday 17th December 2025 Commons Chamber

[Steve Darling (Torbay) (LD)]

What we see here is the tune remaining the same from the Budget, but perhaps the words changing a little. We see short-term gain for the taxman and long-term pain for the taxpayer, and particularly for those who wish to save for their pensions.

The Minister was right to highlight how we need to be driving more people to save for their pensions: in fact, we see about 12 million people falling short. Scottish Widows shared a report in the not-too-distant past showing that up to 40% of people are set not to have a comfortable retirement, and the figures have been going in reverse in the last couple of years. The Association of British Insurers highlighted that 40% of people would be less likely to invest in their pensions if these measures were taken forward, so there is a double whammy on those wishing to save. I ask the Government to reflect on the impacts that these measures will have.

The Federation of Small Businesses suggests that a number of small businesses use this mechanism as a way of enhancing their offer to employees in order to retain them. There is a suggestion that there will be higher national insurance costs for some of its members if and when the allowance is withdrawn.

One has to reflect on what businesses have had to suffer. The Ukraine war has led to higher energy bills, the national insurance hike that kicked in in April has put a cold hand around the heart of our businesses and, of course, business rates are set to go up significantly over the next few years. Our economy is in a parlous state. As Liberal Democrats, we really want to see a jump-start for our economy, and we have clear proposals—I will not go over them again for fear of getting in Madam Deputy Speaker’s bad books—for the way forward. We do not want to see our economy go into reverse gear, so we call on the Government to reflect again on these proposals.

Oral Answers to Questions

Steve Darling Excerpts

Monday 8th December 2025 Commons Chamber

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Steve Darling (Torbay) (LD)]

The Liberal Democrats welcome the fact that the Government have accepted the findings of the Sayce review into carer’s allowance overpayments, but what assurances can the Minister give that the Government will stop hounding carers about overpayments? Will the Government also apologise?

[Sir Stephen Timms]

I am very sorry about what happened to many carers. For example, only about half of the alerts that came into the Department from HMRC were checked, so overpayments that the Department had been notified of carried on for months and months. Of course, genuine overpayments do still need recovery and that work will continue. If people run into difficulties, it is always worth talking to the DWP debt management service.

--- Later in debate ---

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Steve Darling (Torbay) (LD)]

Disability News Service has stated that both the Treasury and the DWP have refused to clarify the £1.9 billion of cuts to disability benefits set to take place over the next five years that were quietly sneaked into the Budget the other week. Will the Minister now set the record straight and advise us on how those cuts, which amount to almost £2 billion, will occur and on what impacts they will have on people with disabilities?

[Sir Stephen Timms]

I do not know what the hon. Gentleman is referring to. I will happily look into the report he has spoken of. There will be no changes at all to eligibility for personal independence payments until the conclusion of my review, which will be in the autumn of next year.

Pension Schemes Bill

Steve Darling Excerpts

Report stage
Wednesday 3rd December 2025 Commons Chamber

Having discussed this matter with my right hon. Friend, I agree that more clarity about the ability of trustees to take into account such factors would help. But rather than hardwiring that into primary legislation, there are advantages to consulting more fully and retaining an ability to be responsive to future developments. I can therefore announce today that I intend to bring forward legislation that will allow the Government to develop statutory guidance for the trust-based private pensions sector. The guidance will encapsulate those wider factors set out in his new clause, with the goal being to provide practical support to trustees about how to comply with their existing duties in considering these factors, including what we mean by systemic risks and standards of living. There is good support in the industry for providing that clarity, giving added confidence to trustees that they can invest in the long-term interests of their members and our society. We will set out more details on our guidance plans in due course.

[Steve Darling (Torbay) (LD)]

Would the Minister be kind enough to share the timescale he is working to for these proposals?

[Torsten Bell]

I thank the hon. Member, who was one of the contributors to our debates on this matter in Committee. I hope to bring forward clarity on the next steps in a matter of months.

--- Later in debate ---

[Madam Deputy Speaker (Caroline Nokes)]

I call the Liberal Democrat spokesperson.

[Steve Darling]

For people who are lucky in the lottery of life, their pension can be one of their biggest assets, but, sadly, we know that 12 million people across the United Kingdom are not saving enough. That is around the population of Belgium. Talking more broadly, there is much about the legislation to be welcomed. I am sure the Minister had his best birthday ever by spending it in the Bill Committee. I am sure that as a 14-year-old, he dreamed of that day, on Committee corridor—sadly I am not joking.

[Torsten Bell]

indicated assent.

[Helen Whately (Faversham and Mid Kent) (Con)]

The Minister is nodding!

[Steve Darling]

Thank you for the audio description!

There is much to be welcomed in the Bill, and the way that we rattled through it in Committee demonstrated that there is lots of good within it. However, as a constructive Opposition and a critical friend, I will spend most of my time reflecting on where there could be improvement.

We Liberal Democrats still feel that there are chances to ensure a mid-life MOT on investment opportunities, including five years before retirement. We think that that could be strengthened significantly. I come from an area of sadness in respect of my father, who saw the poverty of his father, a lorry driver, and threw significant amounts of his income into his personal pension just before the 1998 stock market crash. He saw the value of his investment halved. Nobody would expect a lorry driver to understand the full ins and outs of investing in the appropriate manner. It is important to reflect the fact that people live their lives without really understanding financial markets, and further strengthening that part of the Bill would be welcome.

--- Later in debate ---

[Sir Julian Lewis]

I applaud what the hon. Gentleman has said about the AEAT pensioners’ difficulties. It is quite shocking that, despite the fact that a previous Conservative pensions Minister, Paul Maynard, said that he would instruct his civil servants to work on a redress scheme, changes of Minister and Government have meant that the machine has carried on as before, even though a parliamentary Committee did an investigation, found in favour of the pensioners and said that they should get redress.

[Steve Darling]

The right hon. Member makes a powerful point. I am sure that the Minister will take note and reflect on it further.

I would like to reflect on the proposals to enhance pre-1997 pensions by up to 2.5%, which the Chancellor announced last week. Amendments providing for those measures have now been tabled. We know that there is significant surplus in the Pension Protection Fund. We question whether it is right for the Government to balance their financial books on the backs of that pension pot. I understand that their argument is that, because those billions are taken into account as far as Government finances are concerned, it is not possible to release as much as could be released from that pot to support pensioners with the cost of living crisis, but I urge Ministers to reflect on that.

Colleagues have also highlighted new clause 22 and pensioners who worked at American Express, Esso and Hewlett Packard. Those companies—strangely enough, it seems to be overseas companies—have left pensioners out in the cold. I hope that that consultation is able to pick up on that and give clear guidance to trustees on how they ought to support those members.

Surplus funds is another area that the Bill addresses. It is about getting the balance right. In winding up, will the Minister reflect on how surplus funds could support members and oil the wheels of the economy? That is important. Pensions should be about driving the economy. They are a big beast that should be an engine for change. In fact, the last area that I will touch on is how pensions should be the engine for change. As colleagues have alluded to, mandation feels a bit like the cold hand of Big Brother on the economy. I trust the Minister implicitly in respect of mandation, when he says, “Honestly, guv, it’s not really something I want to do,” but who knows who will walk in his footsteps? We need only look to the other side of the Atlantic, and at the gentleman in the Oval Office, to see the extraordinary things happening there.

[Sarah Olney (Richmond Park) (LD)]

Does my hon. Friend agree that, although it is certainly advantageous to encourage pension funds to invest in the UK, mandation creates the risk of reducing returns on investments? Would it not be better to incentivise pension funds to invest more productively—in housing and social care—through the creation of appropriate investment vehicles, and to encourage investment in British start-ups to allow them to scale up and create an attractive environment for investment?

[Steve Darling]

It is almost as if my hon. Friend had just seen the next section of my speech. We see such investment as an opportunity to drive social rented housing, our high streets and other investment in our communities. We need to ensure that UK institutions are the first, second and third investors in opportunities in the UK so that overseas investors see that we are backing ourselves and then pile in after us. That is essential.

We will vote against mandation. There is much to welcome in the Bill, but the devil is in the detail.

[Cameron Thomas (Tewkesbury) (LD)]

My hon. Friend speaks well about what is good in the Bill, but there is room for improvement. A number of my Gloucestershire constituents were employees of Gulf Oil before its merger with Chevron. Following the merger, they were moved on to the Chevron pension scheme. Between them, they have hundreds of years of service, but they are not protected against inflation, and over years of inflation, the value of their pensions has been eroded significantly. Does my hon. Friend agree that his new clause 7 is a genuine opportunity for pension justice—one that we hope the Labour Government support?

[Steve Darling]

I wholeheartedly agree with my hon. Friend. I am sure that the Pensions Minister is listening. Politics is all about calling out injustice, and my hon. Friend does a good job of that for his constituents.

[Neil Duncan-Jordan (Poole) (Lab)]

I will speak to a number of amendments tabled in my name. I thank the Pensions Minister for discussing them with me yesterday. I look forward to his comments later in the debate.

I spent a number of years as a regional trade union official with responsibility for the local government pension scheme, and I think it is important that we see pensions as a force for social good. My amendments aim therefore to make our occupational pensions more progressive. We should remember that such funds represent the deferred wages of millions of workers, and directing pension funds toward socially beneficial projects is one way in which the Government can rewire our economic model, so that it delivers for ordinary people.

In my view, workers’ money should be invested in sectors such as green technology and social housing—stable, reliable sectors that build a better future for the very people whose contributions fund them. Whether this is done through an expanded National Wealth Fund, which could direct investment into socially useful projects, or some other mechanism, it would clearly boost much-needed growth and GDP. What could be more progressive than using workers’ pension funds to build the council houses we so desperately need? That would be a tremendous step forward which not only ensured a solid investment for the funds, but provided decent homes at affordable rents. I designed new clause 5 to address this issue, and I hope the Minister will do more to encourage schemes to redirect their investments in that way.

Likewise, amendment 3 recognises that the voluntary approach to disinvestment in fossil fuels has not worked. The LGPS currently invests over £16 billion in fossil fuels, while 85% of all pension schemes lack a credible climate action plan. The environmental crisis is the great challenge facing us all. Workers’ wages should not be fuelling the climate catastrophe. Fundamentally, there is no retirement without our environment, and I hope the Government will emphasise that position to trustees more forcefully. We need a commitment from all LGPS schemes and pools to having a five-year plan to end their relationship with these harmful investments.

The overwhelming majority of the public would also be horrified to learn that their savings were invested in illegal wars abroad, such as the genocide in Gaza. We know that over £12 billion of LGPS funds are invested in companies that support the illegal settlements in some way, or produce arms or fuel for fighter jets used in the war. We must ensure that pension funds are not complicit in war crimes and human rights violation, whether in Gaza or elsewhere in the world.

The Minister will have noticed the strong cross-party support for my amendment 2, and I urge him to give a statement in the strongest possible terms that the LGPS should not be involved in funding breaches of international law in any form. I understand that many of the pools have money in tracker funds that are connected to arms companies, but that needs to be challenged. If that means disinvesting from arms manufacturers implicated in these breaches, so be it.

That brings me to the important matter of worker representation. Having a seat at the table is one way in which we can influence how money is invested. That is why it is important that we ensure trade unions have a voice on all future pension boards and committees, as outlined in my amendment 1. There is currently no requirement for worker representation on the boards of LGPS pools; the Government reducing the number of pools to six gives us an ideal opportunity in law to guarantee proper worker representation. Fundamentally, it is vital that the workers who pay into the funds have a fair voice in decisions on how their money is invested. I hope the Minister will begin talks with local government trade unions to see how we can bring that about.

Last week’s budget announcement on the pre-1997 pension indexation was welcome, and many have already quoted that this afternoon, but only those whose schemes were eligible for indexation and are members of the Pension Protection Fund and financial assistance scheme will see the benefit. Hundreds of thousands of retired workers whose pension funds were taken over by other companies, such as Hewlett Packard in the case of some of my constituents, and are still in operation will not be protected as was intended in the Budget for that other group; and the money they put into their company pensions before 1997 will continue to be frozen. I know the Minister recognises that over this period their pensions have become virtually worthless. That is why the Government must put pressure on trustees of all schemes to pay some of their surplus funds and ensure that their former staff get the pensions they deserve.

The Pension Schemes Bill offers a once-in-a-lifetime opportunity to help the environment and society more generally by the way we invest. The £3 trillion in UK pension funds could be used to address the historical transfer of wealth away from ordinary working people toward the wealthiest individuals and corporations in our society. Given that pensions account for 40% of wealth in this country, change must include consideration of how this vast pool can be used to improve the lives of those whose payslips created it. The call to use our money and make pensions more progressive is therefore overwhelming. I look forward to hearing the Minister set out in the strongest possible terms the commitments the Government are making to bring that about.

Young People not in Education, Employment or Training

Steve Darling Excerpts

Wednesday 26th November 2025 Westminster Hall

[Steve Darling (Torbay) (LD)]

It is a pleasure to serve under your chairmanship, Mr Dowd.

I congratulate the hon. Member for Amber Valley (Linsey Farnsworth) on securing this debate on such an auspicious day: it gives the Minister a chance to truly unpack what the Chancellor has been able to share with us—and consequently amaze us. We are here aghast, waiting for that a little later on. I look forward to it because this debate is a real opportunity.

I am still a councillor on Torbay unitary authority and as a local authority we have the highest level of deprivation in the south-west, so I hear about the issues that we are discussing when I go out and visit some of the local schools. Not that long ago, for example, I visited a school in Torquay and engaged with eight and nine-year-olds. Their real concerns were about the cost of living crisis and their parents being unable to make ends meet. At a school in Paignton, elsewhere in Torbay, the headteacher told me that a number of her children regularly came into school cold, tired, hungry and unable to learn. Given the challenges facing youngsters in an arena where they should be learning, it is not surprising that they leave school facing real issues.

Covid has had a massive impact on the mental health of youngsters, and that cannot be overestimated. A couple of colleagues from around the Chamber have already talked about care-experienced youngsters. It is shocking that a care-experienced youngster is three to 10 times more likely to be a NEET. Youngsters who have had an adverse childhood experience could be left scarred with challenges for significant parts of their lives, unless there is significant wraparound support for them.

This is not just about the individual; the other side of the penny we need to reflect on is the change to our economy. Colleagues have alluded to how the world of work has changed significantly. Brexit has had a significant impact, with a 6% shrinkage of our projected GDP and a massive reduction in opportunities. In the Work and Pensions Committee this morning, we heard that opportunities in retail over the last 10 years have shrunk by 70%. We have also seen significant shrinkage in our hospitality industry. Whether or not one wishes to blame it on the national insurance hike, this summer saw an 85,000 reduction in the number of places in hospitality—often an area where youngsters begin their working lives. There is also the issue of automatisation, as supermarket self-checkouts and being able to order without a waiter are ways in which the job market is shrinking for youngsters. We really need to be alive to that.

I would welcome comment from the Minister on findings from the Resolution Foundation, which suggested that the significant increase in the minimum wage for younger workers, although welcome in principle, could result in fewer jobs. There are other areas I would welcome the Minister being alive to, in addition to the interesting announcements from the Chancellor this afternoon, which I hope he is able to unpack a bit more. In recent weeks, Ministers have had a particular focus on universal credit and health conditions, and the impact on youngsters. Could the Minister talk about how that will be explored? There is concern that some youngsters could be demonised. Furthermore, how can we give long-term sustainable support to youngsters, rather than here today, gone tomorrow schemes?

Finally, I want to talk about something close to home —the shared prosperity fund that we benefited from in Torbay. There is an outstanding organisation called Sound Communities that helps youngsters on the edge of our communities, who may have had adverse childhood experiences such as a parent dying, to access support in getting into work. They have helped dozens of youngsters across Torbay, but their funding is due to fall off a cliff in March. We do not have an elected mayor in our Devon community, while the shared prosperity funding is due to end in March. What hope can the Minister offer to Sound Communities for future funding?

Pension Investment in UK Equities

Steve Darling Excerpts

Tuesday 25th November 2025 Westminster Hall

[Steve Darling (Torbay) (LD)]

It is a pleasure to serve under your chairmanship, Mr Stringer. I congratulate the right hon. Member for Salisbury (John Glen) on obtaining the debate, which has been quite enlightening; his liberal views on the way forward for pensions are very welcome. The Liberal Democrats are keen to see investment in our British economy, and we are particularly exercised about the need for investment in social rented housing, our high streets and climate change. From my own patch, I reflect on the conversations I have had with our high-tech cluster in Torbay, which often faces challenges in getting investment and getting the right vehicles to support it.

Reflecting on key areas for us, one can understand the principles behind mandation, but there is also the law of unintended consequences, and we have grave concerns about it. A power of mandation might be seen as a reserve power. I am sure, or at least I hope, that all Ministers in power at the moment are reasonable people, but who knows what might happen in the future? Giving the power of mandation to a future Government who may not be run by reasonable people is a significant risk. One only has to look at the other side of the Atlantic and see who now dwells in the Oval Office to realise that some curious decisions have been made there. For many of us on this side of the Atlantic, if the power of mandation was given to similar people here, that would cause us grave concern.

[Kit Malthouse]

I agree with the hon. Gentleman’s views about mandation, as the Minister knows, but would he care to comment on its impact on the appetite for risk? We have learned from my right hon. Friend the Member for Salisbury (John Glen) that since the change in taxation, the general trend in pension funds has been for managers to de-risk and to go into passive funds. If they do so, no one can complain, they are not taking any risk, they do not have to outperform or underperform the market and they get what they want. If they can pass off yet more risk to the Government and effectively sit there and get paid to be told by the Government what to invest in, they will bite the Government’s hand off, will they not?

[Steve Darling]

The right hon. Gentleman makes a powerful point. One can go back to the significant crash of 2008. I suggest, and I am sure many people would agree, that that has left a scarring on the system and a fear of risk. For many of us who know about the system, risk is a good thing, because it can result in growth. If we do not embrace risk, we will not embrace growth. One minimises growth by failing to go for those risks. I agree that mandation potentially allows people to shy away from risk.

As Liberal Democrats, we are really keen to make sure that there are vehicles for investment, whether in social rented housing, in cleaner energy, in our high streets or in our high-tech industries. However, such vehicles should be designed so that people become aware of them and can make a choice themselves, rather than being dictated to by the state.

Pensions

Steve Darling Excerpts

Tuesday 11th November 2025 Commons Chamber

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Steve Darling (Torbay) (LD)]

I apologise for inadvertently using the word “you” the last time that I spoke, Mr Speaker.

Clearly, the clock is ticking for WASPI women. There are 3.6 million WASPI women across the United Kingdom, which is half a million more than the population of Wales. Sadly, a WASPI woman dies every 13 minutes.

I welcome the statement from the Secretary of State. When we have explored this subject in recent months, I have found it extremely disturbing how the ombudsman failed to engage with the previous Conservative Government because they knew that there would not be a deal to make around what the relevant approach would be on compensation for WASPI women. I plead with the Secretary of State to revisit that; after all, Government Members are on record as supporting WASPI women for many years. Will he look to meet with them and ensure that there is a fair deal? There is due to be a High Court hearing next month, and I implore him to engage positively and to get a fair deal for WASPI women.

[Pat McFadden]

The hon. Member is right; this issue has gone on for a long time. I took the view that, in the light of the evidence being cited, the right thing to do was to look again at it and at the decision in the round. I cannot speak for the previous Government’s failure to engage with the ombudsman—that is a matter for them—but I can tell the hon. Member that this Government are engaged with the ombudsman on the action plan discussed earlier, and we will continue to be engaged. As I said, I will come to a conclusion and report to the House as soon as possible.