Pension Schemes Bill

Debate between Elaine Stewart and Susan Murray

Report stage
Wednesday 3rd December 2025 Commons Chamber

[Elaine Stewart (Ayr, Carrick and Cumnock) (Lab)]

I rise to speak to new clause 22. Let me begin by recognising the work of the Hewlett Packard Pension Association, particularly the work of Patricia Kennedy from Ayrshire—she hoped to be in the Gallery today, but she was too ill to travel. Patricia has been a driving force to keep this issue alive, but of course this is not about only one individual; it is about all pre-1997 pensioners.

Earlier this year, I was proud to host Patricia and many of her fellow campaigners in Parliament. That meeting made clear the human cost of inaction—pensioners seeing their incomes erode for decades, and families struggling because the system has failed them. That is why new clause 22 matters. At its heart, the new clause sets a simple principle: pensions earned before 1997 should not be left to wither away. It also follows a principle that the Government have already adopted.

I welcome the Minister’s commitment in his opening remarks to work with trustees to ensure that schemes in surplus, such as Hewlett Packard Enterprise, work to benefit pensioners. If good co-operation is not forthcoming, will the Government look to other legislative means to correct this course? Many of these schemes are backed by profitable multinationals, yet discretion has failed. It has failed with Wood Group, Hewlett Packard Enterprise, STMicroelectronics, Atos/Sema, American Express, AIG, Pfizer, 3M, Chevron, NCR Scotland, Lloyd’s Register, and Johnson & Johnson.

Some pensioners have gone for 10, 15 or 23 years without a single increase. That is not fairness. NC22 would correct that. I am sure all Labour Members agree that pensioners should not depend on the whims of employers, and we should be wary of accidentally creating an entrenched situation in which pensioners in failed schemes receive protection while those in solvent schemes remain unprotected—to me, that seems inconsistent. New clause 22 would address that inconsistency, ensuring that every pensioner has the security and dignity they deserve, regardless of when their service was accrued. I thank the Minister for meeting me to talk over my worries about this Bill.

[Susan Murray (Mid Dunbartonshire) (LD)]

I start by thanking my hon. Friends the Members for Torbay (Steve Darling) and for Mid Dorset and North Poole (Vikki Slade), who have clearly devoted a lot of time and care to scrutinising the Bill—along with others, of course—and tabling constructive amendments.

As we have heard, the UK pensions market is currently worth around £3 trillion—a staggering sum. The right hon. Member for Birmingham Hodge Hill and Solihull North (Liam Byrne) has already highlighted the opportunity for national investing, as well as to improve the quality of life for pension holders. For too many people, though, the rules and regulations that determine what they will receive in retirement are opaque—as anyone who has worked through the Bill will know—and often deeply confusing. That is why I welcome the Liberal Democrat proposals to introduce a simple traffic light system, which will help people to understand their scheme and how well their pension is performing.

However, understanding is only one part of the picture; people must also be confident that their pension is being managed legally and ethically. I therefore welcome the amendment tabled by the hon. Member for Poole (Neil Duncan-Jordan), which would ensure that British pension funds are compliant with the UK’s duty not to aid or assist serious breaches of international law. After the horror we have witnessed in Gaza over the past two years, and judging by the strength of feeling expressed both by my constituents and by Members across this House, I believe that safeguard would be warmly welcomed.

Like other Members, I cannot speak in this debate without raising the topic of pre-1997 pensions.