To ask the Secretary of State for Health and Social Care, what assessment his Department has made of the level of exposure of NHS dental service provision to private equity investors.

To ask the Secretary of State for Health and Social Care, what assessment his Department has made of the level of exposure of NHS dental service provision to private equity investors.

To ask the Secretary of State for Business, Innovation, Science and Trade, what assessment he has made of the potential impact of private equity ownership on long-term investment in UK high street businesses.

To ask the Secretary of State for Business, Innovation, Science and Trade, what assessment he has made of the potential impact of private equity ownership on long-term investment in UK high street businesses.

To ask the Secretary of State for Business and Trade, with reference to the Department for Business and Trade’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he made an assessment of the adequacy of the availability...

To ask the Secretary of State for Business and Trade, with reference to the Department for Business and Trade’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he made an assessment of the adequacy of the availability...

Lords committee stage sixth day. Clauses 40 to 96 agreed to.

Lords committee stage sixth day. Clauses 40 to 96 agreed to.

My Lords, these amendments, debated in the last session, concern trustees’ duties and protections, the design of the savers’ interest test, the risk of regulatory herding and the proportionality of the penalty regime.

I start with the operation of the savers’ interest test and exemptions for many future asset allocation requirements....

My Lords, these amendments, debated in the last session, concern trustees’ duties and protections, the design of the savers’ interest test, the risk of regulatory herding and the proportionality of the penalty regime.

I start with the operation of the savers’ interest test and exemptions for many future asset allocation requirements....

I do not think I was suggesting that it was an anti-competitive move by the pensions industry, but there are segments in it that are advantaged by it. The other concern is that the meetings that took place prior to the signing of the Mansion House agreement were very particular...

I do not think I was suggesting that it was an anti-competitive move by the pensions industry, but there are segments in it that are advantaged by it. The other concern is that the meetings that took place prior to the signing of the Mansion House agreement were very particular...

My Lords, I am not going to say any more than I have now. The noble Baroness has made a series of complaints about cartels, secrecy and lack of integrity—all kinds of things—none of which are merited. I simply felt that I needed to put something on the record to...

My Lords, I am not going to say any more than I have now. The noble Baroness has made a series of complaints about cartels, secrecy and lack of integrity—all kinds of things—none of which are merited. I simply felt that I needed to put something on the record to...

My Lords, I am grateful to the Minister for summing up, albeit that there has been a delay of some two working days. I thank everyone who has spoken. I offer a particular thank you to the noble Baronesses, Lady Altmann and Lady Bowles, for lending their support to Amendments...

My Lords, I am grateful to the Minister for summing up, albeit that there has been a delay of some two working days. I thank everyone who has spoken. I offer a particular thank you to the noble Baronesses, Lady Altmann and Lady Bowles, for lending their support to Amendments...

Moved by

Baroness Kramer

167: After Clause 41, insert the following new Clause—

“Pension value protection for default arrangements investing in qualifying assets

(1) This section applies to a Master Trust scheme or a group personal pension scheme where—

(a) an individual’s rights have been accrued wholly or partly through automatic enrolment, and

(b) all or...

Moved by

Baroness Kramer

167: After Clause 41, insert the following new Clause—

“Pension value protection for default arrangements investing in qualifying assets

(1) This section applies to a Master Trust scheme or a group personal pension scheme where—

(a) an individual’s rights have been accrued wholly or partly through automatic enrolment, and

(b) all or...

My Lords, my noble friend Lord Sharkey sends his apologies; he is at a funeral and will read Hansard with great attention. I thank the noble Lord, Lord Vaux, for supporting me on Amendment 167. I think it is the first time in 15 years that I have degrouped an...

My Lords, my noble friend Lord Sharkey sends his apologies; he is at a funeral and will read Hansard with great attention. I thank the noble Lord, Lord Vaux, for supporting me on Amendment 167. I think it is the first time in 15 years that I have degrouped an...

My Lords, I apologise for not being able to be here last week for Amendment 142. I am grateful that the Minister responded to it regardless of that. I have added my name to Amendment 167. I will try to be very brief because the noble Baroness, Lady Kramer, has...

My Lords, I apologise for not being able to be here last week for Amendment 142. I am grateful that the Minister responded to it regardless of that. I have added my name to Amendment 167. I will try to be very brief because the noble Baroness, Lady Kramer, has...

I possibly touched on this issue in the wrong group, but as the noble Baroness, Lady Kramer, has indicated, I raised, in essence, the same points in the previous debate.

I am in favour of mandation, but what worries me is that the Government do not seem to understand—and have never...

I possibly touched on this issue in the wrong group, but as the noble Baroness, Lady Kramer, has indicated, I raised, in essence, the same points in the previous debate.

I am in favour of mandation, but what worries me is that the Government do not seem to understand—and have never...

My Lords, I support this amendment in principle. I share the concerns just expressed by the noble Lord, Lord Davies, about the risk of mandating a substantial proportion of any pension fund to be invested in what is, in effect, the highest-risk end of the equity spectrum, which is meant...

My Lords, I support this amendment in principle. I share the concerns just expressed by the noble Lord, Lord Davies, about the risk of mandating a substantial proportion of any pension fund to be invested in what is, in effect, the highest-risk end of the equity spectrum, which is meant...

My Lords, I will not repeat the long list of government missteps on a global, international stage from those politicians who have interfered with people’s retirements. Safe to say, it represents moral hazard.

There is a mismatch between the long-term investment needs of people who are saving for retirement half a...

My Lords, I will not repeat the long list of government missteps on a global, international stage from those politicians who have interfered with people’s retirements. Safe to say, it represents moral hazard.

There is a mismatch between the long-term investment needs of people who are saving for retirement half a...

My Lords, I shall speak briefly to Amendment 167, which was tabled and spoken to eloquently by the noble Baroness, Lady Kramer, and supported by many noble Lords. This amendment touches on a set of concerns that we raised at Second Reading and to which we will return in considerably...

My Lords, I shall speak briefly to Amendment 167, which was tabled and spoken to eloquently by the noble Baroness, Lady Kramer, and supported by many noble Lords. This amendment touches on a set of concerns that we raised at Second Reading and to which we will return in considerably...

My Lords, I thank the noble Baroness, Lady Kramer, for explaining her amendment, which would in essence introduce a requirement for the Government to establish a framework for compensating savers in the event that they lose out financially because they were invested in assets that they would not have been...

My Lords, I thank the noble Baroness, Lady Kramer, for explaining her amendment, which would in essence introduce a requirement for the Government to establish a framework for compensating savers in the event that they lose out financially because they were invested in assets that they would not have been...

If this is such a good idea, why not just mandate it for all pension funds?

If this is such a good idea, why not just mandate it for all pension funds?

The Bill as a whole is trying to pursue scale and is trying to mirror what the Mansion House Accord did. I have been through that argument many times. We are seeking solely a reserve power to act as a backstop to an industry-led decision. The industry itself has decided...

The Bill as a whole is trying to pursue scale and is trying to mirror what the Mansion House Accord did. I have been through that argument many times. We are seeking solely a reserve power to act as a backstop to an industry-led decision. The industry itself has decided...

My Lords, it has been such an excellent debate that I will be extremely brief. I am troubled by two things. One is that the Minister does not seem to realise that this is not voluntary action by the pension industry. It is because it sees it as the only...

My Lords, it has been such an excellent debate that I will be extremely brief. I am troubled by two things. One is that the Minister does not seem to realise that this is not voluntary action by the pension industry. It is because it sees it as the only...

Moved by

Baroness Noakes

168: Clause 42, page 56 line 23, leave out “for the purposes of restricting” and insert “in connection with”

Member’s explanatory statement

This amendment would allow regulations to encourage new entrants to enter the pension scheme market.

Moved by

Baroness Noakes

168: Clause 42, page 56 line 23, leave out “for the purposes of restricting” and insert “in connection with”

Member’s explanatory statement

This amendment would allow regulations to encourage new entrants to enter the pension scheme market.