I must say that I am slightly surprised by the shadow Minister’s speech. I understand that Pensions UK agrees with the asset allocation, and has welcomed the change that has been announced, which is in line with the amounts prescribed in the Mansion House accord. The accusations about the Government...

I must say that I am slightly surprised by the shadow Minister’s speech. I understand that Pensions UK agrees with the asset allocation, and has welcomed the change that has been announced, which is in line with the amounts prescribed in the Mansion House accord. The accusations about the Government...

For many people, a pension is their second largest investment, after their home, but we must bear in mind that many others can only dream of having a private pension, as they face the challenges of the cost of living crisis. We Liberal Democrats want to make sure that pensions...

For many people, a pension is their second largest investment, after their home, but we must bear in mind that many others can only dream of having a private pension, as they face the challenges of the cost of living crisis. We Liberal Democrats want to make sure that pensions...

I would like to focus my remarks on Lords amendments 1 and 27, which I believe limit the Government’s ability to direct pension schemes away from what I regard as high-risk assets with an uncertain future. Ministers will recall that I put forward a series of proposals as the Bill...

I would like to focus my remarks on Lords amendments 1 and 27, which I believe limit the Government’s ability to direct pension schemes away from what I regard as high-risk assets with an uncertain future. Ministers will recall that I put forward a series of proposals as the Bill...

The hon. Gentleman is making an eloquent and serious speech. Does he agree that, in addition to fossil fuels, local government pension schemes are exposed to industries and assets that our constituents rightly consider deeply unethical? They include tobacco companies, arms producers that are complicit in genocide, and other companies...

The hon. Gentleman is making an eloquent and serious speech. Does he agree that, in addition to fossil fuels, local government pension schemes are exposed to industries and assets that our constituents rightly consider deeply unethical? They include tobacco companies, arms producers that are complicit in genocide, and other companies...

In fact, I raised something very similar when the Bill passed through this House.

The investments that we could make through our pension funds could go into green energy, which is the growth engine of the future, as well as into affordable and social housing, which is so needed in this...

In fact, I raised something very similar when the Bill passed through this House.

The investments that we could make through our pension funds could go into green energy, which is the growth engine of the future, as well as into affordable and social housing, which is so needed in this...

What about Rosebank and Jackdaw?

What about Rosebank and Jackdaw?

Would the hon. Gentleman like to make an intervention?

Would the hon. Gentleman like to make an intervention?

indicated dissent.

indicated dissent.

Okay.

We must accelerate the transition away from fossil fuels, even though some Members on the other side of the House seem to disagree with that. We must deliver long-term energy security and bring down bills through domestic green energy, but not only that. In this moment of deep crisis, the...

Okay.

We must accelerate the transition away from fossil fuels, even though some Members on the other side of the House seem to disagree with that. We must deliver long-term energy security and bring down bills through domestic green energy, but not only that. In this moment of deep crisis, the...

As my hon. Friend the Member for Faversham and Mid Kent (Helen Whately)—my constituency neighbour—has repeatedly and effectively highlighted, the mandation power in this Bill is a shocking power grab. She is also right to say that, regardless of the apparent guardrails that the Government have now introduced, it is...

As my hon. Friend the Member for Faversham and Mid Kent (Helen Whately)—my constituency neighbour—has repeatedly and effectively highlighted, the mandation power in this Bill is a shocking power grab. She is also right to say that, regardless of the apparent guardrails that the Government have now introduced, it is...

I thank the Minister and the shadow Secretary of State, the hon. Member for Faversham and Mid Kent (Helen Whately), for opening this debate. I was not expecting it to be quite so lively, so I will try to add a bit of animation to what was initially going to...

I thank the Minister and the shadow Secretary of State, the hon. Member for Faversham and Mid Kent (Helen Whately), for opening this debate. I was not expecting it to be quite so lively, so I will try to add a bit of animation to what was initially going to...

I am grateful to be called to speak in this debate. Sadly, it reflects the interests of Members that so few of us are here for a debate about one of the most important elements affecting the future of our constituents, friends, neighbours and, in fact, ourselves. Pensions are rather...

I am grateful to be called to speak in this debate. Sadly, it reflects the interests of Members that so few of us are here for a debate about one of the most important elements affecting the future of our constituents, friends, neighbours and, in fact, ourselves. Pensions are rather...

First, may I express my support for the words of the hon. Member for Oldham East and Saddleworth (Debbie Abrahams) with regard to pre-1997 pensions and that long-standing scandal? It is a great injustice and it feels like successive Governments—including this one, sadly—are just waiting for the problem to literally...

First, may I express my support for the words of the hon. Member for Oldham East and Saddleworth (Debbie Abrahams) with regard to pre-1997 pensions and that long-standing scandal? It is a great injustice and it feels like successive Governments—including this one, sadly—are just waiting for the problem to literally...

I wish to speak to Lords amendment 15 and, ultimately, what it still fails to address: the long-standing injustice faced by almost 1 million pensioners.

The Chancellor’s decision last year diverted attention, with her announcement of the restoration of indexation to a quarter of a million pensioners in some of the...

I wish to speak to Lords amendment 15 and, ultimately, what it still fails to address: the long-standing injustice faced by almost 1 million pensioners.

The Chancellor’s decision last year diverted attention, with her announcement of the restoration of indexation to a quarter of a million pensioners in some of the...

I appreciate that the hon. Member is very learned on this subject, as are many Members on both sides of the House. Is he saying that the Bill does not give sufficient protection for pensioners in terms of governance of trustees and equitable distribution of any surplus from defined benefit...

I appreciate that the hon. Member is very learned on this subject, as are many Members on both sides of the House. Is he saying that the Bill does not give sufficient protection for pensioners in terms of governance of trustees and equitable distribution of any surplus from defined benefit...

For the pre-1997 pensioners in companies such as Hewlett Packard and many others, the trustees are not able to act on behalf of the pensioners because a board, usually in the USA, says, “No, we are not going to give you a pension increase, even though the trustees say you...

For the pre-1997 pensioners in companies such as Hewlett Packard and many others, the trustees are not able to act on behalf of the pensioners because a board, usually in the USA, says, “No, we are not going to give you a pension increase, even though the trustees say you...

There is a simple question running through what we are debating today: who is ultimately in control of people’s pension savings? When I speak to residents in Bognor Regis and Littlehampton, they assume that the answer is straightforward. They assume that their pension exists to deliver the best possible outcome...

There is a simple question running through what we are debating today: who is ultimately in control of people’s pension savings? When I speak to residents in Bognor Regis and Littlehampton, they assume that the answer is straightforward. They assume that their pension exists to deliver the best possible outcome...

I am always ready to engage in exciting debates about pensions. The right hon. Member for Tonbridge (Tom Tugendhat) is right to say that far more Members should be enthused enough to come and talk for as long as possible about pensions. I hope not to speak for two hours,...

I am always ready to engage in exciting debates about pensions. The right hon. Member for Tonbridge (Tom Tugendhat) is right to say that far more Members should be enthused enough to come and talk for as long as possible about pensions. I hope not to speak for two hours,...

Going back to the asset aspect of the debate, I came across some new analysis from the New Financial that shows that over the last 10 years UK equities allocation by DC pensions has fallen from 25% to just 5%. It argues that this has helped create a self-fulfilling doom...

Going back to the asset aspect of the debate, I came across some new analysis from the New Financial that shows that over the last 10 years UK equities allocation by DC pensions has fallen from 25% to just 5%. It argues that this has helped create a self-fulfilling doom...

I thank the Select Committee Chair for her intervention. The organisation she mentions has been consistently making these cases. In fact, the hon. Member for Wyre Forest (Mark Garnier) has spoken from the Opposition Front Bench about the work of that organisation in these debates, including in a Westminster Hall...

I thank the Select Committee Chair for her intervention. The organisation she mentions has been consistently making these cases. In fact, the hon. Member for Wyre Forest (Mark Garnier) has spoken from the Opposition Front Bench about the work of that organisation in these debates, including in a Westminster Hall...