Pension Protection Fund

Debate between Lord Young of Cookham and Baroness Jones of Moulsecoomb

Tuesday 13th September 2016 Lords Chamber

[Lord Young of Cookham]

I think anybody who has read the Select Committee report on BHS, particularly an employee of BHS, will feel anger at the history of mismanagement of that company. As the noble Lord will know, there are a number of inquiries going on into that collapse: the Pensions Regulator is conducting an inquiry, the Serious Fraud Office is conducting an inquiry, and so is the Insolvency Service. So I think it makes sense to await the outcomes of those inquiries to see whether any fresh legislation is necessary to deal with any gaps there may be at the moment.

[Baroness Jones of Moulsecoomb (GP)]

My Lords, can the Minister explain what the Government are doing about the potential for stranded assets, particularly investments in fossil fuels? Greenpeace produced a report yesterday which pointed out that, when you look at the growing interest in climate action, the lack of infrastructure for the development of fossil fuels actually means that a lot of pension funds could find that their assets have simply gone.

[Lord Young of Cookham]

The noble Baroness raises a very important issue, which goes way beyond what I thought was the fairly extensive briefing I have in my pack. I hope she will excuse me if I say that I would like to make some inquiries and then write to her.