Found: Interim Report, June 2026, chapter 5, summary 189 House of Commons Library Research Briefing, Pension Schemes Bill

Found: Interim Report, June 2026, chapter 5, summary 189 House of Commons Library Research Briefing, Pension Schemes Bill

Found: The recent passage of the Pension Schemes Bill prompted significant debate in Parliament around the

Found: boost investment and improve returns for savers, 29 May 2025; Department for Work & Pensions, Pension Schemes Bill

Found: boost investment and improve returns for savers, 29 May 2025; Department for Work & Pensions, Pension Schemes Bill

Found: Resolved, That the Committee inquire into the Pension Schemes Bill.

Found: Resolved, That the Committee appoint Members to the Sustainable Aviation Fuel Committee and the Pension Schemes Bill

Found: Part of the Pension Schemes Bill, which I think was voted on last night or today, is reserving the right

Found: My experience of that is in the Pension Schemes Bill that Peter was asking about earlier, where there

Found: The Pension Schemes Bill is currently working its way through Parliament.

Found: These reforms will be delivered through the Pension Schemes Bill.

Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government what guidance they are providing to members of the local government pension scheme about non-financial considerations of responsible investments; and whether they plan to change the requirements for investment and divestment decisions relating to asset or country allocations and responsible investing.

Answered by Baroness Taylor of Stevenage - Parliamentary Under-Secretary (Housing, Communities and Local Government)

The government intends to publish updated guidance on preparing and maintaining an investment strategy statement later this spring, subject to the passage of the Pension Schemes Bill and regulations containing the relevant guidance making powers coming into force. This guidance will not be subject to formal public consultation but was shared for comment with all Local Government Pension Scheme (LGPS) administering authorities, asset pools, and the LGPS scheme advisory board alongside statutory consultation on the regulations.

LGPS administering authorities will be required to set an approach to responsible investment in their investment strategy. The guidance is expected to restate the existing position that when setting their investment strategy administering authorities must consider all factors, including environmental, social and governance factors, that are financially material to the performance of investments, and that non-financial factors can also be taken into account provided they do not risk significant financial detriment to the scheme and administering authorities have good reason to believe scheme members would support the decision.

As with now, neither legislation nor guidance will dictate asset allocations or levels of investment in specific geographies. However, administering authorities remain legally required to comply with UK sanctions, including restrictions on dealings with designated individuals, entities, and countries.

Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government whether they have finalised the updated local government pension scheme guidance on preparing and maintaining investment strategy statements; and if so, when they plan to publish that updated guidance.

Answered by Baroness Taylor of Stevenage - Parliamentary Under-Secretary (Housing, Communities and Local Government)

The government intends to publish updated guidance on preparing and maintaining an investment strategy statement later this spring, subject to the passage of the Pension Schemes Bill and regulations containing the relevant guidance making powers coming into force. This guidance will not be subject to formal public consultation but was shared for comment with all Local Government Pension Scheme (LGPS) administering authorities, asset pools, and the LGPS scheme advisory board alongside statutory consultation on the regulations.

LGPS administering authorities will be required to set an approach to responsible investment in their investment strategy. The guidance is expected to restate the existing position that when setting their investment strategy administering authorities must consider all factors, including environmental, social and governance factors, that are financially material to the performance of investments, and that non-financial factors can also be taken into account provided they do not risk significant financial detriment to the scheme and administering authorities have good reason to believe scheme members would support the decision.

As with now, neither legislation nor guidance will dictate asset allocations or levels of investment in specific geographies. However, administering authorities remain legally required to comply with UK sanctions, including restrictions on dealings with designated individuals, entities, and countries.

Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government whether they plan to hold a public consultation regarding changes to the local government pension scheme guidance on preparing and maintaining investment strategy statements.

Answered by Baroness Taylor of Stevenage - Parliamentary Under-Secretary (Housing, Communities and Local Government)

The government intends to publish updated guidance on preparing and maintaining an investment strategy statement later this spring, subject to the passage of the Pension Schemes Bill and regulations containing the relevant guidance making powers coming into force. This guidance will not be subject to formal public consultation but was shared for comment with all Local Government Pension Scheme (LGPS) administering authorities, asset pools, and the LGPS scheme advisory board alongside statutory consultation on the regulations.

LGPS administering authorities will be required to set an approach to responsible investment in their investment strategy. The guidance is expected to restate the existing position that when setting their investment strategy administering authorities must consider all factors, including environmental, social and governance factors, that are financially material to the performance of investments, and that non-financial factors can also be taken into account provided they do not risk significant financial detriment to the scheme and administering authorities have good reason to believe scheme members would support the decision.

As with now, neither legislation nor guidance will dictate asset allocations or levels of investment in specific geographies. However, administering authorities remain legally required to comply with UK sanctions, including restrictions on dealings with designated individuals, entities, and countries.

Question to the Department for Work and Pensions:

To ask His Majesty's Government what assets will count towards the £25 billion requirement for a Main Scale Default Arrangement under the Pension Schemes Bill; and whether assets held in default funds only, or across all scheme investments, will be included.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

The Government set out its intended approach concerning the Main Scale Default Arrangements (MSDA) in the May 2025 consultation response and final report of the Pensions Investment Review. We have also recently published Pension Schemes Bill: Scale and Consolidation on Gov.UK to give an overview of the government’s direction of travel ahead of detailed consultation on regulations.

As outlined in the final report of the Review, key benefits of scale are realised at the level on which strategic decisions on investment are made. This is generally at an ‘arrangement’ level.

To meet the scale requirement, a provider must demonstrate that it holds assets of at least £25 billion in their MSDA.

These assets may be counted from a number of connected schemes offered by a single provider, but they must all be managed under a common investment strategy.

Further details will be set out in regulations following formal consultation.

Question to the Department for Work and Pensions:

To ask His Majesty's Government whether the £25 billion Main Scale Default Arrangement requirement will be assessed at the level of the scheme, individual default arrangements, or sections within a scheme.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

The Government set out its intended approach concerning the Main Scale Default Arrangements (MSDA) in the May 2025 consultation response and final report of the Pensions Investment Review. We have also recently published Pension Schemes Bill: Scale and Consolidation on Gov.UK to give an overview of the government’s direction of travel ahead of detailed consultation on regulations.

As outlined in the final report of the Review, key benefits of scale are realised at the level on which strategic decisions on investment are made. This is generally at an ‘arrangement’ level.

To meet the scale requirement, a provider must demonstrate that it holds assets of at least £25 billion in their MSDA.

These assets may be counted from a number of connected schemes offered by a single provider, but they must all be managed under a common investment strategy.

Further details will be set out in regulations following formal consultation.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of investment‑market volatility on retirees using income drawdown arrangements; and if she will conduct a review of (a) pension provider fee structures, particularly charging full management fees during periods of negative fund performance and (b) the adequacy of safeguards for retirees who are reliant on drawdown income.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Individuals do face both investment and longevity risk in today’s Defined Contribution pension landscape, That can include investment risk during retirement. The government is acting to help savers manage these risk, including via the introduction of default pensions through the Pension Schemes Bill. This will ensure that savers in workplace defined contribution schemes have a default solution in place for retirement, helping secure a sustainable income in later life. Trustees and providers will need to consider how the solution they put in place help protect individuals from investment and longevity risks.

FCA rules already require drawdown providers to provide annual statements to consumers which contain enough information for them to review their position. This ensures that consumers can make choices regarding their drawdown arrangements on an informed basis.

Found: member consent.143 139 For further information see Commons Library research briefing, Pension Schemes Bill

Found: Pensions Commission: Terms of reference’, 21 July 2025. 9 • House of Lords Library, ‘Pension Schemes Bill

Found: Pension Schemes Bill 2024-26: Consideration of Lords amendments

Found: Northern Ireland Troubles Bill 14 October 202533 Northern Ireland Troubles Bill 2024–26 Pension Schemes Bill

Found: Pension Schemes Bill: Second Supplementary Delegated Powers Memorandum

Found: Subject to parliamentary process, Guided Retirement measures, introduced through the Pension Schemes Bill

Found: [An impact assessment in relation to the Pension Schemes Bill was updated and re-published on [8 July

Found: Lecture delivered by Chancellor Mansion House Speech Government exit from NatWest shareholding Pension Schemes Bill

Found: Lecture delivered by Chancellor Mansion House Speech Government exit from NatWest shareholding Pension Schemes Bill

Found: ="govuk-table__cell">Aviva

Found: The Board’s oversight of legislative changes in the Pension Schemes Bill received high ratings, as

Found: The Board’s oversight of legislative changes in the Pension Schemes Bill received high ratings, as

Found: The Board’s oversight of legislative changes in the Pension Schemes Bill received high ratings, as

Found: industry on the groundwork needed to facilitate these, following the launch of MoneyHelper. 27 Pension Schemes Bill

Found: industry on the groundwork needed to facilitate these, following the launch of MoneyHelper. 27 Pension Schemes Bill

Found: ensure savers have greater security in retirement and, as part of this, we are introducing a Pension Schemes Bill

Found: ensure savers have greater security in retirement and, as part of this, we are introducing a Pension Schemes Bill

Found: _cell">Hargreaves Lansdown

Found: • The Pension Schemes Bill: Introduces wide-ranging reforms to private pensions.

Found: The Pension Schemes Bill currently before Parliament is seeking to improve returns and value for money

Found: The Pension Schemes Bill currently before Parliament is seeking to improve returns and value for money

Found: We worked closely with government ofcials on the Pension Schemes Bill, contributing to provisions on

Found: Today we are introducing the Pension Schemes Bill to Parliament.

Found: Workplace pensions: a roadmap PDF, 331 KB, 20 pages Details The Pension Schemes Bill

Found: The Pension Schemes Bill contains the government’s package of legislative reforms to ensure Defined Contribution

Found: The government introduced the Pension Schemes Bill on 5 June 2025.

Found: The government introduced the Pension Schemes Bill on 5 June 2025.

Found: Taking forward recommendations from the Pension Investment Review’s final report, via the Pension Schemes Bill

Found: aking forward recommendations from the Pension Investment Review’s final report, via the Pension Schemes Bill

Found: Taking forward recommendations from the Pension Investment Review’s final report, via the Pension Schemes Bill

Found: Pension Schemes Bill to receive Royal Assent, delivering major reform to the UK’s £2 trillion worth

Found: Pension Schemes Bill: Scale and Consolidation

Found: Security and Resilience (Network and Information Systems) Bill • Northern Ireland Troubles Bill • Pension Schemes Bill

Found: The Board’s oversight of legislative changes in the Pension Schemes Bill received high ratings, as

Found: The Board’s oversight of legislative changes in the Pension Schemes Bill received high ratings, as

Found: The Board’s oversight of legislative changes in the Pension Schemes Bill received high ratings, as

Found: On 18 September 2025, the government published proposed amendments to the Pension Schemes Bill that

Found: The government has set out its intentions for value for money in DC schemes in the Pension Schemes Bill

Found: The government has set out its intentions for value for money in DC schemes in the Pension Schemes Bill

Found: The government has set out its intentions for value for money in DC schemes in the Pension Schemes Bill

Found: Taking forward recommendations from the Pension Investment Review’s final report, via the Pension Schemes Bill

Found: Taking forward recommendations from the Pension Investment Review’s final report, via the Pension Schemes Bill

Found: Pension Schemes Bill: Scale and Consolidation

Found: Pension Schemes Bill: Scale and Consolidation

Found: workplace-pensions-a-roadmap/workplace-pensions-a-roadmap https://www.gov.uk/government/publications/pension-schemes-bill-scale-and-consolidation

Found: market continues to evolve and innovate, including in response to the measures proposed in the Pension Schemes Bill

Found: the proposed workplace pensions Value for Money (VFM) framework and the Government’s wider Pension Schemes Bill

Found: 2025 Pension Schemes Bill Committee Hearing Outline proposal for public affairs support prepared

Found: transition to Capita, as discussed during Lords consideration of Commons amendments for the Pension Schemes Bill

Found: made by the provider, as discussed during Lords consideration of Commons amendments for the Pension Schemes Bill

Found: dated 04/03/2026 from Baroness Sherlock to Peers who spoke at committee stage debates on the Pension Schemes Bill

Found: considered Consent decision Terminally Ill Adults (End of Life) Bill 9/12/2025 Consent provided Pension Schemes Bill

Found: Biodiversity Beyond National Jurisdiction Bill 25 September 2025 Partial consent recommended Pension Schemes Bill

Found: Annex 3 LEGISLATIVE CONSENT MEMORANDUM The Pension Schemes Bill 1.

Found: The Pension Schemes Bill (“the Bill”) was introduced in the House of Commons on 5 June 2025.

Found: and Constitution Committee The Welsh Government’s Legislative Consent Memorandum on the Pension Schemes Bill

Found: to consider and report on the Supplementary Legislative Consent Memorandum (No.2) on the Pension Schemes Bill

Found: SUPPLEMENTARY LEGISLATIVE CONSENT MEMORANDUM (MEMORANDUM NO 2) The Pension Schemes Bill 1.

Question

What assessment has the Minister made of the potential of Welsh public sector pension schemes to invest in and fund infrastructure projects in Wales?

Answered by Minister for Finance and Trefnydd

The main public sector pensions scheme in Wales which is invested in funds is the Local Government Pension Scheme. The majority of civil service pensions are met by members’ current contributions.

Investment decisions are a matter for the relevant pension authorities under a legislative framework, which is a reserved matter. This imposes a fiduciary duty on pension trustees to choose investments, which are in the best financial interests of the scheme members. 

Fund managers must also take into account ethical considerations in their investment decisions and this requirement will soon be strengthened in respect of fossil fuel investments by provisions contained in the Pension Schemes Bill currently being considered by the UK Parliament. Provided that fund managers are meeting these duties they may invest to support local or national infrastructure. The Welsh Government has no powers to intervene in these decisions.

Question

What assessment has the Minister made of the latest divestment status of Welsh public sector pension funds and of the steps that are being taken as a result of a commitment to the divestment of Welsh public sector pension funds?

Answered by Minister for Finance and Trefnydd

I wrote to all local government pension fund managers in April 2019 to ask how they were developing their investment strategies to respond to climate change including their plans for disinvestment from the fossil fuel sector or active engagement with funds to achieve carbon positive investment plans.

The responses indicated that all schemes across Wales were aware of their obligations to consider environmental and social factors as part of their investment decision-making in the context of their fiduciary duty. As an example, Torfaen pension fund has made a major switch of funds into a low carbon index tracker fund designed to reduce the carbon exposure on that part of the fund by 80%.  

The Welsh Government does not have legislative competence in this area but the move to disinvestment from fossil fuels will be further strengthened by the UK Government’s Pension Schemes Bill, which completed its passage through the House of Lords on 15 July and will now be considered by House of Commons. 

The Bill will ensure occupational pension schemes take climate change into account as both a risk and an opportunity, and compel trustees to disclose how they have done so to their members and the public. It also contains a requirement for schemes to take the government’s net zero targets into account, as well as the Paris Agreement goals of limiting the rise of average global temperatures, for the purposes of managing their own climate risk.

Question

What assessment has the Welsh Government made of the expected costs to Wales of implementing the terms of the Pension Schemes Bill?

Answered by None