Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to reform the pensions system to increase investment.

The Pension Schemes Bill was introduced on 5 June, implementing the reforms outlined in the Pensions Investment Review.

The Bill sets out a vision for a pensions market with fewer, larger schemes which can use the benefits of scale to invest in a wider range of productive assets as well as deliver better outcomes for savers.

These reforms support the Mansion House Accord, an industry-led pledge to invest at least 10 per cent of defined contribution default funds into private markets by 2030, of which at least half is in the UK.

Furthermore, last year the British Business Bank announced the establishment of the British Growth Partnership, designed to crowd in investment from UK pension funds for our most innovative, fastest growing companies.