Question to the HM Treasury:

To ask His Majesty's Government what analysis they have carried out to support the exclusion of UK listed investment funds as qualifying assets under the Pension Schemes Bill.

The scope of the qualifying assets provisions in the Bill’s asset allocation reserve powers are designed to reflect the scope of the Mansion House Accord, a voluntary expression of intent by seventeen major pension providers to invest 10% of their main defined contribution default funds in private markets, including 5% in UK private markets.

This reflects the Government’s intention that the reserve powers should not be open-ended but should be capable of serving as a limited backstop to the commitments made in the Mansion House Accord.