Found: We were discussing the Pension Schemes Bill in the House—it had its Second Reading last Monday, I think

Found: The Pension Schemes Bill is going through the House at the moment, and we had the Mansion House speech

Found: We are engaged with them on a range of things in the pension space, including the Pension Schemes Bill

Found: Debbie Abrahams MP Chair, Work and Pensions Select Committee 6 June 2025 Dear Debbie, PENSION SCHEMES BILL

Found: This means fast-tracking the Pension Schemes Bill to support pension funds investing in unlisted equities

Found: PSB0001 - Pension Schemes Bill UK Sustainable Investment and Finance Association (UKSIF) Written Evidence

Found: PSB0002 - Pension Schemes Bill ShareAction, and ClientEarth Written Evidence

Found: Work and Pensions Committee Oral evidence: Investment in the UK economy and Pension Schemes Bill,

Found: Bill (17th Report, Session 2017–19, HL Paper 279), para 6; Constitution Committee, Pension Schemes Bill

Found: our first months in government, we launched the landmark Pensions Review and announced the Pension Schemes Bill

Found: consulted on, and we urge the Government to take forward the necessary legislation in the Pension Schemes Bill

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what recent discussions she has had with Hewlett Packard on the change in value of pre-1997 pension scheme members’ pensions; and what steps she is taking to support affected pensioners.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Department for Work and Pensions has had no discussions with Hewlett Packard on this issue. Discretionary increases in benefits above the statutory minimum and those required by scheme rules are a matter for the scheme sponsor and trustees.

Most schemes do pay some pre-1997 indexation, because of scheme rules or as a discretionary benefit. Analysis published last year by the Pensions Regulator shows that as of March 2023, only 17 per cent of members of private sector defined benefit pension schemes did not receive any pre-1997 indexation on benefits. This information can be found at: https://www.thepensionsregulator.gov.uk/en/document-library/research-and-analysis/data-requests#f3a5fe60511a445f91112bd7dd8a64ae

The Government’s pension reforms on the use of surpluses in defined benefit schemes will make it easier for individual schemes to make decisions that improve outcomes for both sponsoring employers and members, which could include discretionary benefit increases. These changes are being taken forward through the Pension Schemes Bill which had its second reading on Monday 7^th July.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment her Department has made of the potential impact the Pension Schemes Bill on the savings of people in (a) Dunstable and Leighton Buzzard constituency and (b) East of England.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Pension Schemes Bill could mean nationally an average earner saving over their career may have around £29,000 more in their Defined Contribution pension pot at retirement. In total, around 20 million savers could benefit from the Bill and around 2 million are estimated to be in the East of England. Breakdowns by constituency are not available. See page 52-53 of the Pension Schemes Bill Impact Assessment for further details.

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

To ask His Majesty's Government what guidance they will issue to Local Government Pension Scheme administering authorities and pools on identifying, evaluating and prioritising local investment opportunities under the provisions in the Pension Schemes Bill.

Answered by Baroness Taylor of Stevenage - Baroness in Waiting (HM Household) (Whip)

LGPS funds and strategic authorities will be required to co-operate with each other to identify and develop appropriate investment opportunities, but there is no plan to require local authorities or mayors to submit business cases. LGPS funds and strategic authorities should agree how best to work together within their region.

The decision to make local investments will be the responsibility of the pool who must implement the strategy set by partner funds. This delegation to the pools will help funds to manage potential conflicts of interest such as political pressures. While funds will be required to have regard to local growth plans and priorities, they have a legal fiduciary duty to pay benefits in the first instance. The pools will be FCA-regulated investment managers with the capacity to set their own assessment criteria for making local investments and will be required to conduct due diligence on local investments.

The Government will issue supporting guidance on these issues in due course.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps his Department is taking to ensure that pension schemes are encouraged to address long-term climate and biodiversity risks in their investment strategies.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

While the Department does not hold data on the proportion of UK pension fund assets allocated to climate solutions, we do require pension schemes to evaluate Environmental, Social, and Governance (ESG) factors, including climate change, in their investment strategies. Specifically, trustees of larger schemes are required to assess and report on climate-related risks and opportunities, including investments in climate solutions. This reporting is done in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

We will be considering whether to update sustainability reporting, following our review of the TCFD Regulations this year, and the outcomes to the two Government’s consultations currently underway on UK Sustainability Reporting Standards and our Transition Plans manifesto commitment. Measures outlined in these aims on improving transparency and accountability across the economy, helping investors—including pension schemes—understand how climate and nature-related issues affect their investment choices.

Measures outlined in The Pension Schemes Bill, concerning productive investment and consolidation of UK occupational workplace pension schemes, can significantly benefit social and environmental objectives by enabling larger, more efficient schemes to engage more effectively with companies on ESG issues, and to invest in a wider range of assets, including those focused on sustainability and long-term impact, such as, infrastructure, renewable energy, and other socially responsible projects.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether her Department plans to integrate climate and nature-related financial risk into legislative and regulatory reforms arising from the Pension Schemes Bill.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

While the Department does not hold data on the proportion of UK pension fund assets allocated to climate solutions, we do require pension schemes to evaluate Environmental, Social, and Governance (ESG) factors, including climate change, in their investment strategies. Specifically, trustees of larger schemes are required to assess and report on climate-related risks and opportunities, including investments in climate solutions. This reporting is done in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

We will be considering whether to update sustainability reporting, following our review of the TCFD Regulations this year, and the outcomes to the two Government’s consultations currently underway on UK Sustainability Reporting Standards and our Transition Plans manifesto commitment. Measures outlined in these aims on improving transparency and accountability across the economy, helping investors—including pension schemes—understand how climate and nature-related issues affect their investment choices.

Measures outlined in The Pension Schemes Bill, concerning productive investment and consolidation of UK occupational workplace pension schemes, can significantly benefit social and environmental objectives by enabling larger, more efficient schemes to engage more effectively with companies on ESG issues, and to invest in a wider range of assets, including those focused on sustainability and long-term impact, such as, infrastructure, renewable energy, and other socially responsible projects.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether the Pension Schemes Bill will include provisions to (a) support and (b) incentivise investment by pension funds in climate transition-related assets.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

While the Department does not hold data on the proportion of UK pension fund assets allocated to climate solutions, we do require pension schemes to evaluate Environmental, Social, and Governance (ESG) factors, including climate change, in their investment strategies. Specifically, trustees of larger schemes are required to assess and report on climate-related risks and opportunities, including investments in climate solutions. This reporting is done in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

We will be considering whether to update sustainability reporting, following our review of the TCFD Regulations this year, and the outcomes to the two Government’s consultations currently underway on UK Sustainability Reporting Standards and our Transition Plans manifesto commitment. Measures outlined in these aims on improving transparency and accountability across the economy, helping investors—including pension schemes—understand how climate and nature-related issues affect their investment choices.

Measures outlined in The Pension Schemes Bill, concerning productive investment and consolidation of UK occupational workplace pension schemes, can significantly benefit social and environmental objectives by enabling larger, more efficient schemes to engage more effectively with companies on ESG issues, and to invest in a wider range of assets, including those focused on sustainability and long-term impact, such as, infrastructure, renewable energy, and other socially responsible projects.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether her Department has made an estimate of the proportion of UK pension fund assets currently allocated to climate solutions.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

While the Department does not hold data on the proportion of UK pension fund assets allocated to climate solutions, we do require pension schemes to evaluate Environmental, Social, and Governance (ESG) factors, including climate change, in their investment strategies. Specifically, trustees of larger schemes are required to assess and report on climate-related risks and opportunities, including investments in climate solutions. This reporting is done in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

We will be considering whether to update sustainability reporting, following our review of the TCFD Regulations this year, and the outcomes to the two Government’s consultations currently underway on UK Sustainability Reporting Standards and our Transition Plans manifesto commitment. Measures outlined in these aims on improving transparency and accountability across the economy, helping investors—including pension schemes—understand how climate and nature-related issues affect their investment choices.

Measures outlined in The Pension Schemes Bill, concerning productive investment and consolidation of UK occupational workplace pension schemes, can significantly benefit social and environmental objectives by enabling larger, more efficient schemes to engage more effectively with companies on ESG issues, and to invest in a wider range of assets, including those focused on sustainability and long-term impact, such as, infrastructure, renewable energy, and other socially responsible projects.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to mandate investment in British assets; the timing of any proposed mandate; and when an impact assessment will be published.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

On 13 May 2025, 17 of the UK’s largest pension providers signed the Mansion House Accord.

The Accord is an industry-led voluntary commitment by signatories to invest 10% of their main defined contribution default funds in private markets, half of which will be in the UK, by 2030. This will mean £50bn of investment in private markets from these providers, including over £25bn in the UK.

As announced in the Final Report of the Pensions Investment Review, the Pension Schemes Bill includes powers that will enable the government, in future, to apply binding asset allocation requirements on workplace DC default funds.

The government does not anticipate it will use the reserve powers, which are designed to serve as a backstop for use if the defined contribution pensions industry fails to make sufficient progress following the voluntary commitment.

The legislation contains a range of safeguards, including a requirement that, prior to introducing any requirements, the government publish a report regarding the impact of the proposed measures on savers and economic growth. Additionally, the powers are time-limited and will expire in 2035 if they have not been exercised.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, if she will consider making provision for mandatory index-linked payments in pre-1997 defined benefit pension schemes.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Members of these pension schemes are understandably concerned at seeing inflation erode the value of their retirement income.

Most schemes do pay some pre-1997 indexation, because of scheme rules or as a discretionary benefit. Analysis published last year by the Pensions Regulator shows that as of March 2023, only 17 per cent of members of private sector defined benefit pension schemes do not receive any pre-1997 indexation on benefits. This information can be found at: https://www.thepensionsregulator.gov.uk/en/document-library/research-and-analysis/data-requests#f3a5fe60511a445f91112bd7dd8a64ae

It would be unreasonable to retrospectively legislate to increase the cost to schemes for benefits already earned, as these costs could not have been taken into account in the funding assumptions used to set contribution rates at the time.

The Government’s pension reforms on the use of surpluses in defined benefit schemes will make it easier for individual schemes to make decisions that improve outcomes for both sponsoring employers and members, which could include discretionary benefit increases. These changes are being taken forward through the Pension Schemes Bill which had its second reading on Monday 7^th July.

The Pensions Regulator (TPR) has expressed that trustees should consider the situation of those members who would benefit from a discretionary increase and whether the scheme has a history of making such awards. TPR will be producing further guidance on surplus sharing once the legislation is in place.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether her Department has made an estimate of the proportion of UK pension scheme assets invested in fossil fuel-related holdings; and what plans she has to (a) encourage phased divestment from fossil fuels and (b) promote greater investment in climate solutions through the Pension Schemes Bill.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

While the Department does not hold data on the proportion of UK pension scheme assets invested in fossil fuels, our largest pension schemes are mandated to conduct climate scenario analysis and report on their climate-related financial risks, including those related to fossil fuels. This is done under the framework of the Task Force on Climate-related Financial Disclosures (TCFD). The Pensions Regulator (TPR) has published guidance on climate-related reporting, reviewed how schemes are addressing climate risks, and provided feedback to the industry on areas for improvement. TPR reports that the UK pension sector is increasingly playing a role in tackling climate change, with many schemes setting net-zero targets and actively engaging with companies to reduce emissions.

This government is however not complacent and is determined to make the UK a clean energy superpower and meet our net zero goals. The government is currently consulting on the development of UK Sustainability Reporting Standards and our Transition Plans manifesto commitment. These measures aim to improve transparency and accountability across the economy, helping investors—including pension schemes—understand how climate and nature-related issues affect their portfolios. To support this, the Department for Work and Pensions is to undertake a review of the effectiveness of the climate reporting requirements this year considering feedback from stakeholders.

The reforms outlined in the Pensions Scheme Bill do not include a general requirement for pension schemes to divest from certain assets or industries. The larger, more consolidated system, for which we will legislate, will however be better equipped to manage systemic risks, as well as invest more in projects and businesses that support the shift towards a more sustainable and lower-carbon future.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps her Department is taking to safeguard members' benefits when a sponsoring employer seeks to extract pension scheme surpluses.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Currently, some Defined Benefit schemes can already consider releasing their surplus under existing rules. The Pension Schemes Bill will provide more flexibility for trustees of these and other well-funded schemes to safely share some surplus with employers and members. This is underpinned with strict funding safeguards to ensure members’ pensions are protected.

Scheme trustees are required to act in the interest of scheme beneficiaries and will be responsible for agreeing to any decisions on surplus release. Schemes will also need to meet a minimum funding level and require actuarial certification before the release of any surplus. Further, our scheme funding regulations, overseen by the Pensions Regulator, require that trustees maintain a strong funding position so they can pay members’ future pensions when they fall due, including planning for future volatility.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, if he will bring forward legislative proposals to give pension scheme trustees the authority to award discretionary increases to those already claiming a pension.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Discretionary indexation is over and above the statutory requirements. This discretion is usually exercised by the trustees with the agreement of the sponsoring employer. Some schemes have previously paid discretionary increases on a regular basis. However, these increases are not part of the pension package promised.

The precise design of pension benefits is a matter for employers and trustees and is not covered in the Department for Work and Pensions legislation. Pension scheme rules are many and varied and must remain a matter for employers and scheme trustees to decide.

The Pension Schemes Bill makes changes so that more trustees of well-funded schemes have the flexibility to share their scheme surplus with employers, subject to strict funding safeguards for members. Scheme trustees are required to act in the interest of scheme beneficiaries, and working with sponsoring employers, will be responsible for decisions on the release of surplus. Together they will agree how members can benefit from any release of surplus, which could include discretionary benefit increases.

The Pensions Regulator already expects that trustees be aware of members who would benefit from any decision to award a discretionary increase and whether the scheme has a history of making such awards.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to help increase returns on investments from pension schemes for people in (a) Beckenham and Penge constituency and (b) other areas.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The first part of the landmark Pensions Review has concluded with the publication of the Final Report of the Pensions Investment Review on 29 May 2025.

The ambitious reforms outlined in the Final Report will drive scale and consolidation in both the multi-employer defined contribution pensions market and the Local Government Pension Scheme in England and Wales. They will unlock billions of pounds in investment for productive assets, improve efficiency, and deliver better returns for savers. Estimates suggest the measures could increase a Defined Contribution pot at retirement by £5,900 for an average earner who saves over their career.

To deliver these reforms, the Government has introduced the Pension Schemes Bill, providing the necessary legislative framework to implement these reforms, alongside wider pension reforms that are focused on improving returns for pension savers. The Bill received its first reading on 5 June 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 increase transparency in the private pension sector.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government is developing pensions dashboards which will allow people to view their pensions picture, including State Pension, securely and in one place online.

Relevant occupational, personal and stakeholder pension schemes are legally required to connect to pensions dashboards and provide pensions information upon request. This will help people to reconnect with their pension pots and better plan for retirement.

The Value for Money measures in the Pension Schemes Bill will also drive transparency across the Defined Contributions pensions sector by requiring schemes to provide standardised metrics across three core pillars of value: costs and charges; investments; and quality of service. DWP are working closely with the Financial Conduct Authority and The Pensions Regulator to ensure we design a framework and regulatory regime that increases comparability, transparency and competition across DC pension schemes, delivering better outcomes for pension savers.

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

To ask the Secretary of State for Housing, Communities and Local Government, under what circumstances she would direct Local Government Pension Funds to a specific asset pool.

Answered by Jim McMahon - Minister of State (Housing, Communities and Local Government)

The government’s firm preference is for pool membership to be determined on a voluntary basis at a local level. In the Pension Schemes Bill, the government has made provision for a power to protect the Local Government Pension Scheme over the long term. The power could be used to direct an administering authority to participate in a specific pool in the event that an authority is left without a pool to participate in or that a pool’s governance intractably breaks down. The government would intend only to use this power as a backstop in these circumstances.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether she plans to introduce safeguards for pensions against future (a) sale and (b) transfer of pension funds to (i) insurance companies and (ii) other entities.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Insurance buyout is a long-established way of ensuring members get the full value of their promised defined benefit (DB) pensions from an insurer, backed by a 100 per cent compensation from the Financial Services Compensation Scheme. This is widely regarded as a positive outcome for scheme beneficiaries.

The Pension Schemes Bill 2025 introduces a regulatory framework for “superfunds”, which can consolidate closed DB schemes where buyout is unaffordable. Member security is at the heart of the new regime, which has rigorous safeguards and robust funding requirements. Superfunds will also continue to be overseen by the Pensions Regulator and underpinned by the Pensions Protection Fund.

Trustees must be satisfied that transferring the liabilities of the scheme to an insurer, or to a superfund, is in the best interests of the members before any transfer can take place.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps she is taking to improve the safety of pensions.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

On State Pensions, we have made a commitment to the Triple Lock for the entirety of this Parliament which will mean the annual spend on people’s State Pensions is forecast to rise by around £31 billion. These rises are only possible because of the tough decisions made in the autumn statement 2024 to keep the public finances on a sustainable footing .

Over 12 million pensioners will benefit (over the course of this parliament) with the full yearly rate of the new State Pension is forecast to increase by around £1,900.

The Pension Schemes Bill, introduced in Parliament on 5 June, will legislate to transform the £2 trillion workplace pensions landscape – with a smaller number of bigger, better governed, better value pension providers investing in a wider range of productive assets, ultimately improving outcomes for savers and our economy. The Bill will also legislate for wider changes, from putting in place a value for money regime for Defined Contribution pensions to the introduction of flexibilities for trustees of well-funded Defined Benefit pension schemes to release surplus back to employers where it is safe to do so, enabling benefits for scheme members.

A bedrock of our reforms is the security of members’ benefits and protection of their best interests. The reforms to the existing regime will continue to maintain member protection, with appropriate and adequate safeguards in place underpinned by the role of regulators.

This government will work closely with the Pension Protection Fund as the administrator of the Fraud Compensation Fund to ensure that the fraud compensation system is effective and that schemes which have experienced of pension fraud receive fair and timely compensation.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to help increase the return on investment from pension savings.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The first part of the landmark Pensions Review has concluded with the publication of the Final Report of the Pensions Investment Review on 29 May 2025.

The ambitious reforms outlined in the Final Report will drive scale and consolidation in both the multi-employer defined contribution pensions market and the Local Government Pension Scheme in England and Wales. They will unlock billions of pounds in investment for productive assets, improve efficiency, and deliver better returns for savers. Estimates suggest the measures could increase a Defined Contribution pot at retirement by £5,900 for an average earner who saves over their career.

To deliver these reforms, the Government has introduced the Pension Schemes Bill, providing the necessary legislative framework to implement these reforms, alongside wider pension reforms. The Bill received its first reading on 5 June 2025.

These measures will support the new more ambitious industry-led voluntary Mansion House Accord, announced on 13 May 2025. The Accord is a commitment from 17 of the UK’s largest defined contribution pension schemes to invest 10% of their default funds in private assets, with half of that earmarked for the UK, by 2030. This will unlock more productive investment and help support the diversification of savers’ pensions assets.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether the Pension Schemes Bill will be introduced before the summer recess 2025.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Pension Schemes Bill was introduced on Thursday 5 June 2025.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether she has made an assessment of the potential merits of introducing a mandatory Code of Ethical Practice for pre-1997 members of pension schemes, that promotes (a) transparency, (b) fairness and (c) accountability in managing discretionary pension increases.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

It is important that trustees make transparent and fast decisions about discretionary indexation. Defined Benefit Schemes are regulated by The Pensions Regulator (TPR) which has set out that trustees should consider the situation of those members who would benefit from a discretionary increase and whether the scheme has a history of making such awards.

Most schemes do pay some pre-1997 indexation, because of scheme rules or as a discretionary benefit. Analysis published last year by the Pensions Regulator shows that as of March 2023, only 17 per cent of members of private sector defined benefit pension schemes do not receive any pre-1997 indexation on benefits. This information can be found at: https://www.thepensionsregulator.gov.uk/en/document-library/research-and-analysis/data-requests#f3a5fe60511a445f91112bd7dd8a64ae

The Government’s upcoming pension reforms on the use of surpluses in defined benefit schemes will make it easier for individual schemes to make decisions that improve outcomes for both sponsoring employers and members, which could include discretionary benefit increases.

These changes will be taken forward through the Pension Schemes Bill. TPR will be producing further guidance on surplus sharing once the legislation is in place.

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.

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.

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.

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.

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.

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.

Found: Pension Schemes Bill 2024-25

Found: requirement will be placed on the local government pension scheme funds and pools via the Pension Schemes Bill

Found: requirement will be placed on the local government pension scheme funds and pools via the Pension Schemes Bill

Found: DWP too are aware of the issue but have not yet committed to resolving it as part of their Pension Schemes Bill

Women and Work APPG
Wednesday 11th June 2025

Found: He stated that the Pension Schemes Bill allows this dashboard to be established, which will help people

Investment Fraud and Fairer Financial Services APPG
Wednesday 11th June 2025

Found: They were included in the October 2019 Pension Schemes Bill and so might now see the light of day.

Found: These reforms have been set out in the Pension Schemes Bill.

Found: pathways for accessing Defined Contribution pension The government is legislating in the Pension Schemes Bill

Found: pathways for accessing Defined Contribution pensions The government is legislating in the Pension Schemes Bill

Found: For example, the findings have fed into Impact Assessments for the Pension Schemes Bill and will be of

Found: report was commissioned to inform a broad programme of analysis and policy work following the Pension Schemes Bill

Found: The Pension Schemes Bill and the creation of pension megafunds mean an average earner could get a £29,000

Found: Last year at Mansion House, I set out an overhaul of our pensions system… …and the Pension Schemes Bill

Found: Pension Schemes Bill could boost returns to pension saving by thousands of pounds Changes will also

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

Found: Ms Evans’s appointment comes as the Government’s Pension Schemes Bill continues its passage through Parliament

Found: 20 million workers set to benefit from new Pension Schemes Bill

Found: pots at retirement from consolidation alone – with further increases expected through the Pension Schemes Bill

Found: Thanks to the forthcoming Pension Schemes Bill – trustees and employers will soon be able to safely release

Found: Investment Review are expected imminently and further fundamental changes are expected in the Pension Schemes Bill

Found: will provide clarity to the industry ahead of the upcoming Pensions Investment Review and Pension Schemes Bill

Found: we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill

Found: £1000 and save businesses £225 million a year in unnecessary admin costs Comes as part of Pension Schemes Bill

Found: These reforms are being implemented through the Pension Schemes Bill.5 Position ourselves for the future

Found: The Government has introduced the Pension Schemes Bill to unlock institutional investment and consolidate

Found: aking forward recommendations from the Pension Investment Review’s final report, via the 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: 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 implementation of these proposals, via the Pension Schemes Bill, will realise the commitments made

Found: Legislation to implement the reforms will form part of the forthcoming Pension Schemes Bill.

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

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

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

Found: ensure better outcomes for savers and support the sustainability of the LGPS, as set out in the Pension Schemes Bill

Found: consultation on options for Defined Benefit (DB) schemes and the subsequent publication of the Pension Schemes Bill

Found: Pension Schemes Bill IA: RPC Opinion (green-rated)

Found: Pension Schemes Bill IA: RPC Opinion (green-rated)

Found: Specific milestones will also be delivered through the Pension Schemes Bill and wider reforms.