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 Levelling Up, Housing & Communities:
To ask His Majesty's Government, further to the remarks by Baroness Scott of Bybrook on 27 June 2023 (HL Deb col 589) that they would “consult on standards for improving energy efficiency in the sector within six months of the [Social Housing (Regulation)] Bill receiving Royal Assent”, when they will publish that consultation.
Answered by Baroness Scott of Bybrook - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
This Government is working to improve quality and standards in social housing. Last month the Government launched a consultation on Awaab’s law, which includes timescales for repair work in social housing. That consultation is available here Awaab’s Law: Consultation on timescales for repairs in the social rented sector. We will shortly launch a consultation on improving energy efficiency standards in social housing.
We are pleased that many social housing providers are working towards improving the energy efficiency of their homes, and we continue to support the improvement of energy efficiency in the sector through the Social Housing Decarbonisation Fund (SHDF).
We want to see more social homes that are safer, more decent, with cheaper energy bills and more energy efficiency.
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 Energy Security & Net Zero:
To ask His Majesty's Government, further to the remarks by Lord Callanan on 28 November 2023 when he stated that "we are reviewing our membership ... I am sure that we will want to act as quickly as possible" (HL Deb col 1018), when they intend to reach a decision about withdrawing from the Energy Charter Treaty.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Government is considering the views of stakeholders in business, civil society, and Parliament and will inform Parliament of the outcome in due course.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the Department for Energy Security & Net Zero:
To ask His Majesty's Government what plans they have to bring forward the remaining funding for the Social Housing Decarbonisation Fund to give the social housing sector certainty to plan for decarbonising their housing stock beyond 2025.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Social Housing Decarbonisation Fund (SHDF) is a 10-year, £3.8bn 2019 manifesto commitment. £6 billion of new Government funding will be made available from 2025 to 2028 in addition to the £6.6 billion allocated in this Parliament to energy efficiency and clean heat in buildings. Conversations are continuing with HM Treasury to assess SHDF’s share of the £6bn to be made available from 2025 to 2028, and provide long-term funding certainty, support the growth of supply chains and ensure we can scale up our delivery over time.
Asked by: Baroness Hayman (Crossbench - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government when they plan to bring section 27 (Regulatory principles) of the Financial Services and Markets Act 2023 into force; and when they will lay regulations before parliament naming this date.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
Section 27 of the Financial Services and Markets Act 2023 adds the UK's net zero target and environmental targets into the regulatory principles for the Prudential Regulation Authority and the Financial Conduct Authority.
The requirement for the regulators to have regard to the need to contribute to achieving the net zero target will come into force two months after Royal Assent, on 29 August. The commencement regulations that did this, the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023, were made on 10 July.
The requirement to have regard to the need to contribute to achieving the environmental targets will come into force at a later date. This requirement was added by amendment late in the passage of the Act, and the regulators will need time to consider how to operationalise this requirement. The government is working with the regulators to explore the earliest date that this requirement can come into force.
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 Business, Energy and Industrial Strategy:
To ask His Majesty's Government (1) when, and (2) how, heat network customers will receive payments from the Energy Bills Support Scheme Alternative Fund.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Eligibility, timescales and method of delivery for the Energy Bills Support Scheme Alternative Funding will be announced in the coming weeks.