Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government, further to the letter from Viscount Younger of Leckie to Baroness Hayman dated 6 July 2023, when officials will hold a briefing for peers on their work on pension fund trustees and fiduciary duty.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
The pension industry stakeholder roundtables planned this spring will explore interpretations of fiduciary duty in relation to climate change and responsible investments. Following these the Department will ensure a briefing session is held in which interested Parliamentarians will have the opportunity to provide insight and discuss the conclusions drawn from these events.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government, following the publication of the Financial Markets and Law Committee paper on Pension fund trustees and fiduciary duties on 6 February, when they propose to hold the roundtables with stakeholders promised in the 2023 Green Finance Strategy.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
The Government welcomes the work of the Financial Markets Law Committee’s working group. Working with the Pensions Regulator, we will look closely at what insights we can draw from their report as we gather further evidence on how trustees are considering ESG factors in their approach to investment in the interests of their members.
This report is a useful resource for trustees, but we are keen to hear views from across the pension sector and wider stakeholders as to what further clarification, or guidance, if any, is needed. We plan to do this starting with a series of roundtable events this spring.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what plans they have to discuss with the Pensions Regulator how to incorporate into regulator guidance the conclusions of the Financial Markets and Law Committee’s paper, Pension fund trustees and fiduciary duties, published on 6 February.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
The Government welcomes the work of the Financial Markets Law Committee’s working group. Working with the Pensions Regulator, we will look closely at what insights we can draw from their report as we gather further evidence on how trustees are considering ESG factors in their approach to investment in the interests of their members.
This report is a useful resource for trustees, but we are keen to hear views from across the pension sector and wider stakeholders as to what further clarification, or guidance, if any, is needed. We plan to do this starting with a series of roundtable events this spring.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government under what statutory provisions they have powers to legislate (1) to require occupational pension schemes to report on their impacts on water, circular economy, pollution and biodiversity, and (2) to clarify occupational pension schemes’ fiduciary duties.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
The Government already requires occupational pension schemes over a certain size to report in line with the Taskforce on Climate-related Financial Disclosures recommendations.
With regards to fiduciary duties, The Pension Regulator already provides guidance setting out that climate-related risks should be managed alongside other risks that trustees consider as part of their fiduciary duties.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government, further to commitments made in the consultation outcome, Climate and investment reporting: setting expectations and empowering savers, published on 21 October 2021, to review mandatory disclosures by occupational pension schemes and requirements on stewardship activities; (1) when the review will begin, (2) whether they will publish a call for evidence, (3) how they will decide which stakeholders to engage with, and (4) when they expect to publish the results of the review.
Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)
I would like to assure the Baroness that, as set out in the consultation response Climate and investment reporting: setting expectation and empowering savers, we will review requirements on disclosures and stewardship activities in the second half of 2023. The exact form and publication timeline of the review are being determined in conjunction with wider and ongoing stewardship review activities.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Work and Pensions:
To ask Her Majesty's Government, further to the High Court judgment in R (Jackson and Simpson) v Secretary of State for Work and Pensions [2020] EWHC 183 on 7 February 2020, when they intend to lay the Remedial Order to remove the incompatibilities from the legislation governing Bereavement Support Payment by extending that benefit to cohabitees with children.
Answered by Baroness Stedman-Scott
We intend to take forward a Remedial Order to extend eligibility for Bereavement Support Payment to cohabitees with children.
We are currently considering the detail and implementation of the policy and will update the House once we have a confirmed laying date.