Oral Answers to Questions

Debate between Torsten Bell and Sarah Edwards

Tuesday 20th May 2025 Commons Chamber

[Sarah Edwards (Tamworth) (Lab)]

15. What steps she is taking to help increase returns on investment from pension savings.

[The Parliamentary Secretary to the Treasury (Torsten Bell)]

That is absolutely the right question. We all understandably hear calls for higher rates of pension saving, but the prior question is this: how do we ensure that savers get the best bang for their buck for every penny they save? The forthcoming pension schemes Bill will help make that happen, with bigger pension schemes and fewer small pension pots, driving down costs and driving up saving rates for pensioners.

[Sarah Edwards]

Can the Minister share with me, as chair of the reconstituted all-party parliamentary group on pensions and growth, any plans for how counties that are outside mayoral authorities, such as Staffordshire, could benefit from pension reforms to encourage more investment in the UK, to support infrastructure, jobs and local regeneration?

[Torsten Bell]

I certainly can. Our reforms to the local government pension scheme will support local investment in every part of England and Wales. Our defence spending plans will be felt on the ground—total defence spending in the west midlands totals £1.6 billion a year. We are building reservoirs again, including one in the west midlands. We are also getting the country trading once again, including businesses in Tamworth, where PI-KEM, a specialist chemical supplier, recently won a major export order, with £100,000 in UK Export Finance support. Britain, and Tamworth, are open for business.