Pension Schemes Bill

Debate between Baroness Hayman and Baroness Stedman-Scott

Report stage
Monday 23rd March 2026 Lords Chamber

[Baroness Hayman (CB)]

My Lords, I have added my name to this amendment. Given the quality of the speeches that have explained exactly what it would do and its very limited but important purpose—simply to allow the Government to have a proper handle on the data and a proper understanding of the exposure that pension schemes have to thermal coal investment—I think it would be a valuable step forward, one that I hope will get support from all around the House. In Committee, the Minister rightly acknowledged the high financial and climate risks associated with thermal coal investment and indicated that it was the Government’s expectation that industry will do more to reduce levels of coal investment, but we need to understand exactly what those levels are and to monitor them. For that reason, I support the amendment.

[Baroness Stedman-Scott (Con)]

My Lords, I am grateful to the noble Lord, Lord Sharkey, and the noble Baronesses, Lady Hayman, Lady Griffin and Lady Bennett, for this amendment, and I fully recognise the principle that underpins it. However, we have some reservations about the approach taken here. In particular, we are concerned that it would impose an additional compliance burden on schemes, including the Local Government Pension Scheme. The LGPS should be focused on delivering the best possible outcomes for its members, and where there is surplus within the system, that should be directed towards supporting members’ interests, rather than being absorbed by additional reporting requirements.

More broadly, while this amendment is framed around thermal coal, it raises a wider question: introducing a requirement for annual reporting on specific categories of investment risks setting a precedent which could, over time, expand into a much broader set of ESG-related reporting obligations that, in our view, risk creating a cumulative regulatory burden which may not ultimately serve members as well as it intends. So, while we understand and respect the intent behind this amendment, we are not persuaded that this is the right way to proceed.

Gender Pensions Gap

Debate between Baroness Hayman and Baroness Stedman-Scott

Monday 27th June 2022 Lords Chamber

[Baroness Stedman-Scott (Con)]

I am afraid that it is. We honestly believe that, by 2040—if I am correct—it will be equal.

[Baroness Hayman (CB)]

Will the Minister join me in recording sadness that, on this Question today, we did not hear the voice of Baroness Greengross, who was such an extraordinary campaigner on these issues?

[Baroness Stedman-Scott (Con)]

I was very sad to hear of the death of Baroness Greengross but I am very happy to agree with the noble Baroness, Lady Hayman, and endorse her work, which was outstanding. She was particularly kind to me in my role.

State Pension Age

Debate between Baroness Hayman and Baroness Stedman-Scott

Tuesday 18th January 2022 Lords Chamber

[Baroness Hayman (CB)]

I am grateful to the noble Lord and declare my interests as set out in the register. Referring to the points made by the noble Lord, Lord Lilley, does the Minister agree that the interaction between health and climate change really warrants a more sophisticated analysis of all the factors involved, rather than the assertions made by the noble Lord in his intervention?

[Baroness Stedman-Scott (Con)]

I can assure the House that my noble friend Lady Neville-Rolfe will pay due attention to the seriousness of the interaction between the points the noble Baroness has raised. I have no doubt that will happen.

Pension Schemes Bill [HL]

Debate between Baroness Hayman and Baroness Stedman-Scott

Committee stage & Committee: 2nd sitting (Hansard) & Committee: 2nd sitting (Hansard): House of Lords
Wednesday 26th February 2020 Grand Committee

[Baroness Stedman-Scott]

Of course we will be happy to write to answer the questions that my noble friend has raised.

[Baroness Hayman]

There is a lot of detail in what the Minister has said and I am very grateful to her for saying that she will look at it. I think she said that the Financial Conduct Authority is considering the requirements to be put on personal pension schemes; that is, those not covered by the government amendment and the regulations. The Minister was very helpful about the timetable of the consultation on the Government’s proposal on occupational schemes. Is there any timetable for personal pension scheme requirements? Is it the Government’s ambition that they should parallel the requirements in the Bill?

[Baroness Stedman-Scott]

I am advised that we need to get that information from the FCA; when we do, we will give it to all members of the Committee. I hope that that is acceptable.

Cyclone Idai

Debate between Baroness Hayman and Baroness Stedman-Scott

Tuesday 19th March 2019 Lords Chamber

[Baroness Hayman (CB)]

My Lords, I remind the House of my interests as laid out in the register. As well as the very welcome efforts being made by DfID, will the Minister confirm that UK agencies are already active in the field—including Christian Aid in Zimbabwe, which I know of—in those countries and doing what they can? Will the Government look very carefully at what assistance and support they can give to those organisations already working in the countries concerned?

[Baroness Stedman-Scott]

I can confirm that aid agencies are on the ground, working in partnership to maximise the impact of their work. There is no doubt about that. I have no reason to suspect that the Government will not support them, but on a very serious subject the noble Baroness would not want me to get into trouble by writing a cheque at the Dispatch Box—that would be foolish. I will, however, make sure that the officials go away and find out exactly who is working where. I shall also try to find out what the number might be.