Question to the HM Treasury:

To ask His Majesty's Government what plans they have, if any, to make pension tax relief conditional upon undertakings by the funds to invest at least 15 per cent of their equity portfolios in British public and private companies.

The Government's approach is underpinned by the Pension Schemes Act 2026, which introduced a package of reforms, including measures to support scheme consolidation, improve value for money and create the conditions for greater long-term investment in productive assets.

Under the Mansion House Accord, 17 of the UK's largest workplace pension providers have voluntarily committed to invest at least 10 per cent of their default funds in private markets by 2030, with at least half of that invested in the UK.

This voluntary industry-led commitment aims to unlock significant additional investment in productive assets across the UK economy, including in private companies, and the Government is encouraged by the progress made to date.