Information since 11 Jan 2025, 9:24 a.m.
Live Transcript |
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Note: Cited speaker in live transcript data may not always be accurate. Check video link to confirm. |
13 May 2025, 1:18 p.m. - House of Commons "on this in the months we come forward with a final report, and the Pension Schemes Bill. We know that some about local government pension schemes to have a track record of " Dave Doogan MP (Angus and Perthshire Glens, Scottish National Party) - View Video - View Transcript |
13 May 2025, 1:27 p.m. - House of Commons "the pension schemes bill. But we have also taught in the last few " - View Video - View Transcript |
13 May 2025, 1:28 p.m. - House of Commons "about doing that. He is right to say we need to make sure change happens. Coming forward with the Pension Schemes Bill about how this develops " Richard Tice MP (Boston and Skegness, Reform UK) - View Video - View Transcript |
14 May 2025, 3:58 p.m. - House of Lords "confident that schemes are now moving in the right direction. Equally, as I say, the pension schemes Bill will have more details " Lord Livermore, The Financial Secretary to the Treasury (Labour) - View Video - View Transcript |
14 May 2025, 4:05 p.m. - House of Lords "before. The Pension Schemes Bill will include more details about how these it will be monitored to make " Lord Livermore, The Financial Secretary to the Treasury (Labour) - View Video - View Transcript |
Calendar |
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Wednesday 14th May 2025 9 a.m. Work and Pensions Committee - Oral evidence Subject: Pension Schemes Bill At 9:30am: Oral evidence Jesse Griffiths - CEO at Financial Innovation Lab William Wright - Managing Director at New Financial Jackie Wells - Independent Pensions Researcher At 10:15am: Oral evidence Rachel Croft - Chair at Association of Professional Pension Trustees Chris Curry - Director at Pensions Policy Institute Yvonne Braun - Director of Policy, Long-Term Savings, Health and Protection at ABI Joe Dabrowski - Deputy Director at Pension and Lifetime Savings Association View calendar - Add to calendar |
Parliamentary Debates |
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Oral Answers to Questions
156 speeches (9,927 words) Tuesday 20th May 2025 - Commons Chamber HM Treasury Mentions: 1: Torsten Bell (Lab - Swansea West) The forthcoming pension schemes Bill will help make that happen, with bigger pension schemes and fewer - Link to Speech |
Mansion House Accord
17 speeches (1,558 words) Wednesday 14th May 2025 - Lords Chamber HM Treasury Mentions: 1: None implement the review’s reforms, and others to improve returns for savers, in the forthcoming pension schemes Bill - Link to Speech 2: Lord Livermore (Lab - Life peer) The pension schemes Bill will contain more details about how these developments will be monitored to - Link to Speech 3: Lord Livermore (Lab - Life peer) But equally, as I say, the pension schemes Bill will have more details in it about how these developments - Link to Speech 4: Lord Livermore (Lab - Life peer) As I have said, the pension schemes Bill will include more details about how these developments will - Link to Speech |
Mansion House Accord
59 speeches (6,589 words) Tuesday 13th May 2025 - Commons Chamber Department for Work and Pensions Mentions: 1: Torsten Bell (Lab - Swansea West) implement the review’s reforms, and others to improve returns for savers, in the forthcoming pension schemes Bill - Link to Speech 2: Torsten Bell (Lab - Swansea West) months ahead as we come forward with the final report of the pensions investment review and the pension schemes Bill - Link to Speech 3: Torsten Bell (Lab - Swansea West) look forward to the conversations that I am sure we will have in future, not least around the pension schemes Bill - Link to Speech 4: Torsten Bell (Lab - Swansea West) We will come forward in the pension schemes Bill with more details about how these developments will - Link to Speech |
Pension Protection Fund and Occupational Pension Schemes (Levy Ceiling) Order 2025
15 speeches (6,506 words) Wednesday 23rd April 2025 - Grand Committee Department for Work and Pensions Mentions: 1: None All I can say about a pension schemes Bill is that the Government have set time aside for such a Bill - Link to Speech 2: None noble friend Lord Davies said, we have at some point ahead the absolute treat of a debate on a pension schemes Bill - Link to Speech |
Support for Pensioners
71 speeches (14,135 words) Wednesday 12th February 2025 - Westminster Hall Department for Work and Pensions Mentions: 1: Torsten Bell (Lab - Swansea West) landscape, so that it drives up both economic growth and returns to savers, via the upcoming pension schemes Bill - Link to Speech |
Pension Fund Reliefs
23 speeches (1,612 words) Tuesday 4th February 2025 - Lords Chamber HM Treasury Mentions: 1: Lord Livermore (Lab - Life peer) The full report will be published in the spring ahead of legislation being introduced in the pension schemes Bill - Link to Speech |
Oral Answers to Questions
166 speeches (10,127 words) Monday 3rd February 2025 - Commons Chamber Department for Work and Pensions Mentions: 1: Torsten Bell (Lab - Swansea West) basis the Pensions Regulator has authorised one such fund, but we will take measures in the pension schemes Bill - Link to Speech |
Select Committee Documents |
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Tuesday 20th May 2025
Written Evidence - IP Group plc SUK0086 - Financing and Scaling UK Science and Technology: Innovation, Investment, Industry Financing and Scaling UK Science and Technology: Innovation, Investment, Industry - Science and Technology Committee Found: This means fast-tracking the Pension Schemes Bill to support pension funds investing in unlisted equities |
Wednesday 14th May 2025
Written Evidence - UK Sustainable Investment and Finance Association (UKSIF) PSB0001 - Pension Schemes Bill Work and Pensions Committee Found: PSB0001 - Pension Schemes Bill UK Sustainable Investment and Finance Association (UKSIF) Written Evidence |
Wednesday 14th May 2025
Written Evidence - ShareAction, and ClientEarth PSB0002 - Pension Schemes Bill Work and Pensions Committee Found: PSB0002 - Pension Schemes Bill ShareAction, and ClientEarth Written Evidence |
Wednesday 14th May 2025
Oral Evidence - Association of Professional Pension Trustees, Pensions Policy Institute, ABI, Pension and Lifetime Savings Association, Finance Innovation Lab, New Financial, and Jackie Wells Work and Pensions Committee Found: Work and Pensions Committee Oral evidence: Investment in the UK economy and Pension Schemes Bill, |
Tuesday 6th May 2025
Agendas and papers - Legislative standards of the Constitution Committee: 2017–2024 Constitution Committee Found: Bill (17th Report, Session 2017–19, HL Paper 279), para 6; Constitution Committee, Pension Schemes Bill |
Wednesday 30th April 2025
Special Report - 2nd Special Report - Defined Benefit Pensions Schemes: Government Response Work and Pensions Committee Found: our first months in government, we launched the landmark Pensions Review and announced the Pension Schemes Bill |
Thursday 10th April 2025
Written Evidence - British Private Equity and Venture Capital Association (BVCA) SCG0053 - FCA and PRA’s secondary competitiveness and growth objective FCA and PRA’s secondary competitiveness and growth objective - Financial Services Regulation Committee Found: consulted on, and we urge the Government to take forward the necessary legislation in the Pension Schemes Bill |
Wednesday 12th February 2025
Written Evidence - techUK IGR0066 - Innovation, growth and the regions Innovation, growth and the regions - Science, Innovation and Technology Committee Found: The UK can learn from this, and the recent Pension Schemes Bill mark steps in the right direction. 4.9 |
Wednesday 5th February 2025
Written Evidence - Department for Work & Pensions PPCM0048 - Pensioner Poverty: challenges and mitigations Pensioner poverty – challenges and mitigations - Work and Pensions Committee Found: Pension Schemes Bill 22. |
Written Answers |
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Pensions Investment Review
Asked by: Mark Garnier (Conservative - Wyre Forest) Wednesday 14th May 2025 Question to the HM Treasury: To ask the Chancellor of the Exchequer, whether she is making an assessment through the Pensions Investment Review of the potential merits of mandating pension fund providers to invest in British stocks and shares. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) The Interim Report of the Pensions Investment Review was published in November 2024 and included a number of proposals to reform the UK pension system, delivering fewer, larger pension schemes or ‘megafunds’ better able to deliver for savers and better positioned to invest productively.
Throughout the review process, we have taken the approach of working with the pensions industry to improve saver outcomes and increase investment in UK markets. The final report of the Pensions Investment Review will be published in the coming weeks, ahead of the introduction of the Pension Schemes Bill during this parliamentary session. |
Workplace Pensions: Insurance
Asked by: Peter Bedford (Conservative - Mid Leicestershire) Wednesday 7th May 2025 Question to the Department for Work and Pensions: To ask the Secretary of State for Work and Pensions, what assessment she has made of the potential impact of the forthcoming Pensions Schemes Bill on the ability of Pension Scheme Administrators to support the the transfer of defined benefit pension schemes to insurance providers. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) An Impact Assessment will be published alongside the Pension Schemes Bill. |
Pension Funds: Reform
Asked by: Kanishka Narayan (Labour - Vale of Glamorgan) Wednesday 9th April 2025 Question to the HM Treasury: To ask the Chancellor of the Exchequer, what steps she is taking to support the allocation of a greater share of defined contribution pension capital into UK productive assets, in the context of the Mansion House reforms. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) The government published the Interim Report of its Pensions Investment Review at the Mansion House event on 14 November. This Report puts forward ambitious proposals to reform the UK pension system which could unlock productive investment while boosting savers’ pension pots.
The government is currently considering whether further interventions may be needed by the government to ensure that these reforms are benefiting UK growth.
The final report of the Pensions Investment Review will be published in the Spring, ahead of the introduction of the Pension Schemes Bill. |
Pensions Investment Review
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry) Monday 7th April 2025 Question to the HM Treasury: To ask the Chancellor of the Exchequer, when she plans to bring forward any legislative proposals from the first phase of the Pensions Investment Review. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) The final report of the Pensions Investment Review, including the policy proposals to be legislated for, will be published in the Spring ahead of the introduction of the Pension Schemes Bill.
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Pension Protection Fund
Asked by: Peter Bedford (Conservative - Mid Leicestershire) Tuesday 25th March 2025 Question to the Department for Work and Pensions: To ask the Secretary of State for Work and Pensions, whether her Department plans to reform the Pension Protection Fund through the Pension Schemes Bill. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) The Pension Protection Fund provides a safety net to members of eligible private sector defined benefit schemes in the event of their employer’s insolvency.
The Government plans to introduce measures in the Pension Schemes Bill that amend the Special Rules for End of Life in the Pension Protection Fund and Financial Assistance Scheme. These measures will extend the definition of terminal illness within both schemes, allowing eligible members to access payments sooner in their illness. We will continue to consider whether there are further opportunities for change in the pensions compensation system. |
Workplace Pensions
Asked by: Pippa Heylings (Liberal Democrat - South Cambridgeshire) Monday 17th March 2025 Question to the HM Treasury: To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of occupational pension scheme investment supporting economic growth. Answered by Emma Reynolds - Economic Secretary (HM Treasury) I refer the member to the answer given to PQ UIN 34987 on 6 March 2025.
The Government published the Interim Report of the Pensions Investment Review at Mansion House, which sets out proposals to reform the UK Pensions system. These reforms could unlock up to £80 billion in new productive investment including in businesses and infrastructure, including sustainable infrastructure to help reach the Government’s net zero targets, and help improve returns for savers.
The proposed reforms to the defined contribution workplace pension market will accelerate consolidation, creating fewer, larger schemes, with a minimum scale requirement. This will allow schemes to deliver better value, governance, and investment opportunities, through larger ‘mega-funds’ more able to undertake productive investment.
The Review also proposes reforms to the Local Government Pension Scheme (England and Wales) to tackle fragmentation and inefficiency. The LGPS manages £392 billion worth of assets, and the Interim Report proposes to require all 86 administering authorities to delegate investment management to pools. This will create large pools of professionally managed capital, in line with international best practice, and enhance the capacity and capability of the scheme to continue to drive national, local and regional investment and will help to ensure investments are able to reach all corners of the nation.
The final Pensions Investment Review report, including the final proposals to be legislated for, will be published in the Spring ahead of the introduction of the Pension Schemes Bill.
In addition to these reforms, the Government announced in January that it will pave the way for more well-funded DB pension schemes to share surplus funds with sponsoring employers and members, helping to drive growth by freeing up these funds for the benefit of the economy. |
Workplace Pensions: Investment
Asked by: Pippa Heylings (Liberal Democrat - South Cambridgeshire) Thursday 6th March 2025 Question to the HM Treasury: To ask the Chancellor of the Exchequer, with reference to paragraph 3.11 of the Autumn Budget 2024, published on 30 October 2024, what assessment she has made of the potential impact of investments by occupational pension schemes on the (a) place, (b) people and (c) net zero pillars of the growth mission. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) The Government published the Interim Report of the Pensions Investment Review at Mansion House, which sets out proposals to reform the UK Pensions system. These reforms could unlock up to £80 billion in new productive investment including in businesses and infrastructure. Amongst other things this would help improve returns for savers and support the net-zero transition.
The proposed reforms to the defined contribution workplace pension market will accelerate consolidation, creating fewer, larger schemes. This will allow schemes to deliver better value, governance, and investment opportunities, through larger ‘mega-funds’ more able to undertake productive investment.
The Review also proposes reforms to the Local Government Pension Scheme (England and Wales) to tackle fragmentation and inefficiency. The LGPS manages £392 billion worth of assets, and the Interim Report proposes to require all 86 administering authorities to delegate investment management to pools. This will create large pools of professionally managed capital, in line with international best practice, and enhance the capacity and capability of the scheme to continue to drive national, regional and local investment.
The final Pensions Investment Review report, including the final proposals to be legislated for, will be published in the Spring ahead of the introduction of the Pension Schemes Bill.
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Pensions
Asked by: James McMurdock (Reform UK - South Basildon and East Thurrock) Thursday 6th February 2025 Question to the Department for Work and Pensions: To ask the Secretary of State for Work and Pensions, what steps she is taking to help ensure that workers contribute sufficiently into their pensions to achieve an adequate standard of living in retirement. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) Ensuring current and future pensioners have an adequate retirement income is a key priority for this Government and a focus of our landmark pensions review. Automatic enrolment has already succeeded in transforming retirement saving with over 11 million employees having been automatically enrolled into a workplace pension since 2012. Over 22m employees in Great Britain are benefiting from participating in a workplace pension, with over £131bn saved for eligible individuals in 2023. The first phase of our pensions review – focused on investment and growth – published its interim report in November 2024. Two consultations on unlocking the UK pensions market for growth and reforming the Local Government Pension Scheme closed in January and we expect to provide our response in Spring 2025. The second phase of our review will follow in due course – focussing on pension outcomes and retirement adequacy. Alongside this, the Pension Schemes Bill, announced in the King’s Speech includes measures which could boost pension pots by over £11, 000 for average earners saving over their lifetime in a defined contribution scheme. |
Pensions
Asked by: James McMurdock (Reform UK - South Basildon and East Thurrock) Thursday 6th February 2025 Question to the Department for Work and Pensions: To ask the Secretary of State for Work and Pensions, what plans she has to help raise awareness of the risks of under-saving in pensions for retirement. Answered by Torsten Bell - Parliamentary Secretary (HM Treasury) Ensuring current and future pensioners have an adequate retirement income is a key priority for this Government and a focus of our landmark pensions review. Automatic enrolment has already succeeded in transforming retirement saving with over 11 million employees having been automatically enrolled into a workplace pension since 2012. Over 22m employees in Great Britain are benefiting from participating in a workplace pension, with over £131bn saved for eligible individuals in 2023. The first phase of our pensions review – focused on investment and growth – published its interim report in November 2024. Two consultations on unlocking the UK pensions market for growth and reforming the Local Government Pension Scheme closed in January and we expect to provide our response in Spring 2025. The second phase of our review will follow in due course – focussing on pension outcomes and retirement adequacy. Alongside this, the Pension Schemes Bill, announced in the King’s Speech includes measures which could boost pension pots by over £11, 000 for average earners saving over their lifetime in a defined contribution scheme. |
Bill Documents |
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Mar. 11 2025
Written evidence submitted by the ABI (DUAB34) Data (Use and Access) Bill [HL] 2024-26 Written evidence Found: DWP too are aware of the issue but have not yet committed to resolving it as part of their Pension Schemes Bill |
Jan. 28 2025
Written evidence submitted by the Association of British Insurers (ABI) (FB04) Finance Act 2025 Written evidence Found: Any future pensions policy, including the Review and the Pension Schemes Bill, should put savers first |
Department Publications - News and Communications |
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Thursday 29th May 2025
HM Treasury Source Page: Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers Document: Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers (webpage) Found: pots at retirement from consolidation alone – with further increases expected through the Pension Schemes Bill |
Wednesday 21st May 2025
Department for Work and Pensions Source Page: Record pension scheme funding means up to £160 billion ready to boost growth Document: Record pension scheme funding means up to £160 billion ready to boost growth (webpage) Found: Thanks to the forthcoming Pension Schemes Bill – trustees and employers will soon be able to safely release |
Tuesday 13th May 2025
HM Treasury Source Page: Pension schemes back British growth Document: Pension schemes back British growth (webpage) Found: Investment Review are expected imminently and further fundamental changes are expected in the Pension Schemes Bill |
Tuesday 29th April 2025
Department for Work and Pensions Source Page: Innovative 'collective' pension funds to deliver higher incomes and lower risks for future pensioners Document: Innovative 'collective' pension funds to deliver higher incomes and lower risks for future pensioners (webpage) Found: will provide clarity to the industry ahead of the upcoming Pensions Investment Review and Pension Schemes Bill |
Tuesday 29th April 2025
HM Treasury Source Page: Chancellor speech at Global Innovate Summit 2025 Document: Chancellor speech at Global Innovate Summit 2025 (webpage) Found: we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill |
Thursday 24th April 2025
Department for Work and Pensions Source Page: £1,000 retirement savings boost from plans to bring together small pension pots Document: £1,000 retirement savings boost from plans to bring together small pension pots (webpage) Found: £1000 and save businesses £225 million a year in unnecessary admin costs Comes as part of Pension Schemes Bill |
Department Publications - Policy paper |
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Thursday 29th May 2025
Department for Work and Pensions Source Page: Pensions Investment Review: Final Report Document: (PDF) Found: The implementation of these proposals, via the Pension Schemes Bill, will realise the commitments made |
Thursday 29th May 2025
Department for Work and Pensions Source Page: Pensions Investment Review: Final Report Document: Pensions Investment Review: Final Report (webpage) Found: Legislation to implement the reforms will form part of the forthcoming Pension Schemes Bill. |
Welsh Written Answers |
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WQ81032
Asked by: Adam Price (Plaid Cymru - Carmarthen East and Dinefwr) Friday 11th September 2020 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. |
WQ81031
Asked by: Adam Price (Plaid Cymru - Carmarthen East and Dinefwr) Thursday 10th September 2020 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. |
WQ95473
Asked by: Heledd Fychan (Plaid Cymru - South Wales Central) 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 |