Lords report stage first day. Amendment 4 agreed to on division (276 to 165). Amendments 6 to 8 agreed to. Amendment 9 agreed to on division (201 to 177). Amendment 12 agreed to on division (198 to 171). (Part 1 of 2).

Lords report stage first day. Amendment 4 agreed to on division (276 to 165). Amendments 6 to 8 agreed to. Amendment 9 agreed to on division (201 to 177). Amendment 12 agreed to on division (198 to 171). (Part 1 of 2).

Moved by

Lord Fuller

1: Clause 1, page 2, line 31, at end insert—

“(ca) the Government Actuary’s Department;

(cb) the Pensions Regulator;”

Moved by

Lord Fuller

1: Clause 1, page 2, line 31, at end insert—

“(ca) the Government Actuary’s Department;

(cb) the Pensions Regulator;”

My Lords, it is a pleasure to open Report on the Pension Schemes Bill. As we start, we should be clear that the Bill’s success will be measured on the extent to which it makes it easier for people to take personal responsibility and save for their future, and make...

My Lords, it is a pleasure to open Report on the Pension Schemes Bill. As we start, we should be clear that the Bill’s success will be measured on the extent to which it makes it easier for people to take personal responsibility and save for their future, and make...

My Lords, I have Amendment 4 in this group. This concerns mandation, which we will debate more extensively later this week in connection with defined contribution schemes. Amendment 4 seeks to ensure that mandation cannot apply to the LGPS. This amendment should be easy for the Government to accept. This...

My Lords, I have Amendment 4 in this group. This concerns mandation, which we will debate more extensively later this week in connection with defined contribution schemes. Amendment 4 seeks to ensure that mandation cannot apply to the LGPS. This amendment should be easy for the Government to accept. This...

My Lords, I will speak to Amendments 2 and 5, which address the same underlying issue—whether pooling and expertise in the Local Government Pension Scheme is intended to support good investment decisions or to constrain them. I will speak in support of Amendment 4, to which I have added my...

My Lords, I will speak to Amendments 2 and 5, which address the same underlying issue—whether pooling and expertise in the Local Government Pension Scheme is intended to support good investment decisions or to constrain them. I will speak in support of Amendment 4, to which I have added my...

My Lords, I have added my name to Amendments 2, 4 and 5, so I will speak to those. I support the noble Lord, Lord Fuller, in his Amendment 1. The addition of the Pensions Regulator, alongside the FCA, is very important. I must declare my interest as a non-executive...

My Lords, I have added my name to Amendments 2, 4 and 5, so I will speak to those. I support the noble Lord, Lord Fuller, in his Amendment 1. The addition of the Pensions Regulator, alongside the FCA, is very important. I must declare my interest as a non-executive...

My Lords, first, I have to declare an interest because after 28 years as a councillor in the London Borough of Barnet, I am in receipt of a modest local government pension. I sometimes forget to declare that and I do so now. We have been lucky to have incisive...

My Lords, first, I have to declare an interest because after 28 years as a councillor in the London Borough of Barnet, I am in receipt of a modest local government pension. I sometimes forget to declare that and I do so now. We have been lucky to have incisive...

My Lords, I want to start by thanking my noble friend Lord Fuller for commencing our discussions on this important Bill, which is now on Report. We on these Benches look forward to an effective and constructive Report and hope that we can work with noble Lords across the House...

My Lords, I want to start by thanking my noble friend Lord Fuller for commencing our discussions on this important Bill, which is now on Report. We on these Benches look forward to an effective and constructive Report and hope that we can work with noble Lords across the House...

My Lords, I am grateful for our discussion on this first group. I am indebted to the noble Lord, Lord Palmer of Childs Hill, for reminding me too that I should declare my membership, as a former Camden councillor, of its members’ pension scheme—although I defer to him in terms...

My Lords, I am grateful for our discussion on this first group. I am indebted to the noble Lord, Lord Palmer of Childs Hill, for reminding me too that I should declare my membership, as a former Camden councillor, of its members’ pension scheme—although I defer to him in terms...

Before the Minister sits down, he said that Amendment 4 is unnecessary because the Bill does not do what the promoters of Amendment 4 argue that it does. He did not say that it would be malign, that it would frustrate the efforts of the Government, that it was wrong...

Before the Minister sits down, he said that Amendment 4 is unnecessary because the Bill does not do what the promoters of Amendment 4 argue that it does. He did not say that it would be malign, that it would frustrate the efforts of the Government, that it was wrong...

I say simply that if we took that approach to all legislation, we would end up with Bills hundreds or thousands of pages long, because we might pile on more amendments simply because they are well-intentioned. It is important that we are clear about the legislation that we are drafting,...

I say simply that if we took that approach to all legislation, we would end up with Bills hundreds or thousands of pages long, because we might pile on more amendments simply because they are well-intentioned. It is important that we are clear about the legislation that we are drafting,...

My Lords, I am afraid that that answer is completely inadequate.

My Lords, I am afraid that that answer is completely inadequate.

Order!

Order!

My Lords, it has been an interesting debate. The LGPS is special. It is the closest thing, as a number of noble Lords have said, to having a sovereign

wealth fund in our islands, and I am unconvinced by the points made by the noble Lord, Lord Katz. He has...

My Lords, it has been an interesting debate. The LGPS is special. It is the closest thing, as a number of noble Lords have said, to having a sovereign

wealth fund in our islands, and I am unconvinced by the points made by the noble Lord, Lord Katz. He has...

Moved by

Baroness Noakes

4: Clause 2, page 4, line 24, at end insert—

“(4A) The provision made by virtue of subsection (1) may not include any provision about investment in specific assets or asset classes or about the location of investments.”

Moved by

Baroness Noakes

4: Clause 2, page 4, line 24, at end insert—

“(4A) The provision made by virtue of subsection (1) may not include any provision about investment in specific assets or asset classes or about the location of investments.”

My Lords, I beg to move.

My Lords, I beg to move.

Moved by

Lord Katz

6: Clause 4, page 6, line 4, at end insert “acting in its capacity as a local government pension scheme manager”

Member's explanatory statement

This is a drafting amendment to clarify that only contracts made by a local government pension scheme manager acting in its capacity as such can be...

Moved by

Lord Katz

6: Clause 4, page 6, line 4, at end insert “acting in its capacity as a local government pension scheme manager”

Member's explanatory statement

This is a drafting amendment to clarify that only contracts made by a local government pension scheme manager acting in its capacity as such can be...

Moved by

Baroness Stedman-Scott

9: After Clause 7, insert the following new Clause—

“Benchmarking of Local Government Pension Scheme liabilities

(1) For each actuarial valuation relating to a scheme for local government workers which has pension funds, an administering authority must obtain and publish—

(a) the primary valuation used for funding purposes, and

(b) one or...

Moved by

Baroness Stedman-Scott

9: After Clause 7, insert the following new Clause—

“Benchmarking of Local Government Pension Scheme liabilities

(1) For each actuarial valuation relating to a scheme for local government workers which has pension funds, an administering authority must obtain and publish—

(a) the primary valuation used for funding purposes, and

(b) one or...

My Lords, I move Amendment 9 standing in the names of my noble friend Lord Younger of Leckie and myself. During the passage of this Bill, we on these Benches have had a great many discussions not only in this Chamber but with industry experts, scheme managers, employers and others...

My Lords, I move Amendment 9 standing in the names of my noble friend Lord Younger of Leckie and myself. During the passage of this Bill, we on these Benches have had a great many discussions not only in this Chamber but with industry experts, scheme managers, employers and others...

My Lords, I support Amendment 9 in the names of my noble friends on the Front Bench and place on record that there are some very good behaviours among the Local Government Pension Scheme administering authorities that already follow the path laid out in the amendment, which would then be...

My Lords, I support Amendment 9 in the names of my noble friends on the Front Bench and place on record that there are some very good behaviours among the Local Government Pension Scheme administering authorities that already follow the path laid out in the amendment, which would then be...