Pension Investment in UK Equities

Jim Shannon Excerpts

Tuesday 25th November 2025 Westminster Hall

[John Glen]

Perhaps unsurprisingly, my right hon. Friend anticipates an argument that I am going to move on to about the wider culture of awareness of where investments are happening in our pensions, how important that is, and how we need to be cognisant of the gap that exists.

[Jim Shannon (Strangford) (DUP)]

I thank the right hon. Gentleman for securing this debate. The right hon. Member for North West Hampshire (Kit Malthouse) referred to the impact on Britain, but there is an impact regionally as well. Many workers in Northern Ireland are enrolled in UK-wide pension schemes and equity systems, and their long-term financial security depends on those schemes being able to generate strong, sustainable returns. When the right hon. Gentleman presents his proposals and asks to the Minister, can he try to obtain an assurance that whenever legislation comes through, similar things will happen in Northern Ireland, including for my constituents, thereby giving us all the equality we should have in this system?

[John Glen]

The hon. Gentleman makes a reasonable point. In a moment, I will speak about what needs to change and where we need to get to.

Returning to my argument, the Pension Schemes Bill, which will have its Report stage next week, has made some welcome progress—I have to acknowledge that to the Minister. It has received significant cross-party support in many areas. The consolidation of DC schemes to provide greater scale and move away from a fragmented system has long been a journey that most people would see as desirable, but we must think about the scale of capital that our growing companies need. I am concerned about how quickly some of those changes will take place. Having been in intense dialogue with the Prudential Regulation Authority and the Financial Conduct Authority when I was in the Treasury, I know that these things do not happen quickly enough. I urge the Minister—though I know he does not need much urging—to be robust in ensuring accountability on the delivery of some of these things.

To advance our understanding of the shift away from equities and towards bonds, let me note that in 1997, UK pension funds held 73% of their portfolios in equities and 15% in bonds. Those figures now stand at 34% and 43% respectively. I have talked about the particular aversion to UK equities, with UK pension funds investing 4.4% of their funds in domestic equities, compared with an international average of 10.1%. However, at the same time, the UK provides pension tax advantages worth more than £48 billion. That is £48 billion of taxpayers’ money that is essentially there to enrich our contributions and lay down a marker for the future. At the moment, though, there is no expectation that any of that is invested in the UK—this relates to mandation, which I will discuss now.

Around half of DC funds are in global allocations. My concern is that outflows from UK equities will continue as that global allocation continues and relative growth is seen in other markets, such as the US. As other economies grow, the UK part of the pie will automatically shrink, which means less money going into UK firms from these sorts of investment funds. As that passive fund practice becomes more prevalent, businesses such as the ones in Northern Ireland mentioned by the hon. Member for Strangford (Jim Shannon) are simply off the radar. They do not receive any analysis, and mid-cap and small-cap firms lose out, with pools of capital never being available to them. As such, that 4% investment in equities is likely to continue to fall.

The big point I want to make is about what people think of their pension schemes. New Financial, a well-known and respected think-tank connected with the City, did a survey of 1,000 working adults in the UK with a pension. That survey graphically highlighted what a “low level” of understanding people have of their pensions and the

“disconnect between their expectations and the industry.”

It said:

“On average, people thought 41% of their pension was invested in UK companies or the UK stock market (out by a factor of five to 10 times)”,

and, staggeringly, that

“two-thirds of people said pensions should invest more in UK equities even if the returns might be lower than investing in other markets.”

There is clearly a gap in knowledge and understanding. I advocated against the Department for Education’s backstop; I did not make much progress when I was in Government, but I am glad that this Government have made progress on financial education in the Department for Education and that it has now become part of the curriculum. This is a key chapter that is needed in that textbook.

I am anxious that the answer should not be for the City and pension fund managers to say, “We know best, we have a fiduciary duty—don’t worry about it.” Auto-enrolment has helped provide them with enormous funds to invest, but the disconnect between public expectation and what they are doing with those funds must and should be addressed. The vast majority of consumers investing in DC schemes do not change from their default allocation, although they are of course able to do so. Those defaults require approval, so alongside a campaign to get people to understand what is happening with their pensions and where their money is being put, it is worth asking people to verify what proportion of their pension savings are being invested where. They have that discretion; if they do not exercise it, that investment will default to whatever the scheme is going to do, and the scheme will likely continue in a similar way.

The London Stock Exchange Group tells me that by 2030, overall investment in UK equities by DC pensions would increase by around £76 billion—potentially as much as £95 billion—if this option were used. That is not mandation; I think that would be overreach, but I am sympathetic to the disconnect that exists. We must find a way to open up a proper discussion and increase awareness of the gaps where money is currently not being invested. I recognise that the Government have maintained a reserve power to mandate, although I doubt they will ever use it. However, I believe that individuals should be more empowered to take decisions, and I think they would be more empowered as active members of a DC fund. At the moment, they are not exercising that right. Consumers do and must have a choice about how their pensions are invested, and proposals to amend how default funds are allocated do not, and should not, prevent people from choosing exactly how they want to invest their pension pots.

There are so many opportunities in this country, such as in life sciences—my right hon. Friend the Member for North West Hampshire (Kit Malthouse) has a great understanding of that sector. When we are looking for that scale-up capital, the lack of funds in the UK to provide options for series B and sometimes series C funding is manifest. I just feel that we are missing an opportunity. I will understand if we do not go for mandation—I am sympathetic to that decision—but we should do something in between.

I know we are on the eve of the Budget, and as the Minister said to me as we entered the Chamber, there is little opportunity for him to adjust anything. I do not know what changes will be made tomorrow to pensions. There is obviously a lot of speculation about a reduction in ISAs, but let us get that in perspective as well. Only about 7% of those who have ISAs use the £20,000 limit. I do not believe that if there is any sort of mandation of the use of equities, people will go out and invest in them overnight, because the vast majority of people who have an ISA are at a later stage of life, and their ISA is in cash, so they will not do that anyway.

Let us get it in perspective. Last year, around £750 billion was invested in ISAs: £461 billion in stocks; £289 billion in cash. Last year, the Pensions Policy Institute estimated that there is a total of £3 trillion in UK pension assets across annuities, DC funds and DB funds. That is where the pools of capital can be opened up for investment in the UK economy. We need a greater focus on the public markets, and a vibrant, active, engaged and informed investor base to change the way that we move forward.

I have a couple more points to make. It is salutary to reflect on what happened with Arm Holdings: a British success story founded and built in Cambridge. As we know, it is a producer of semiconductors and software originally listed in London. The company was taken private because it felt that the public markets in this country could not support it; there was not enough liquidity in the markets. Arm was subsequently re-listed in New York, and since being taken off the London Stock Exchange, its valuation has grown by £112 billion. Of that growth, only £825 million has gone to UK investors. Had it stayed listed in the UK, that number would have been £43 billion. That would have meant higher pension valuations for a lot of people in this country, and more revenue for the Treasury from capital gains. It exemplifies the problem that we have: the lack of active, open markets where investors take risk and adopt a profile similar to those seen in the US. The FCA is disempowered and discouraged from trying to offer consumer redress. Through better financial education, we could get people to engage with the significant obligation that they have to save for the future, to take decisions that are in the interests of the UK economy and to pump more money into UK companies.

In conclusion, I welcome many provisions in the Pension Schemes Bill. Poorly performing pensions need to be challenged. I welcome the consolidation and scale-up of the pots, which will take too long and should be encouraged to move forward swiftly. But I have an anxiety that in a legitimate effort to hold back from mandation, there is a gap in thinking about how we open up the public’s understanding and imagination regarding where they can invest. I urge the Minister to move forward with some tougher rules around how people verify the choices that they are making so that the powerful voices who run the pensions industry do not default to saying, “We know best; we have fiduciary duty, and we will do it better than you could dream of doing.” The evidence is that that is not what people want. A golden thread of careful and delicate interventions is needed so that we can transform public behaviour and outcomes for our pensions industry.

Level 7 Apprenticeships

Jim Shannon Excerpts

Tuesday 25th November 2025 Westminster Hall

[Sarah Gibson]

I absolutely share my hon. Friend’s congratulations to Yeovil college.

The option to study while earning is crucial to reduce barriers, particularly for those from disadvantaged backgrounds. That is distinctly the case for architecture—an industry that historically has been run by a narrow, predominantly male, section of the middle class, and where the apprenticeship route has begun to make a real difference. Benchmarking by the Royal Institute of British Architects shows that apprenticeships have achieved a far better gender balance than the wider profession has ever seen, with level 7 entrants last year almost at parity.

[Jim Shannon (Strangford) (DUP)]

I congratulate the hon. Lady on securing this debate, and I reiterate her point from my experience with level 7 apprenticeship funding at Queen’s University in Belfast. It was disappointing to hear that, from January 2026, public funding for many level 7 apprenticeships will be removed for those aged 22 and over—a blow to the industry. Does she agree that further financial constraints on universities only hinder opportunities for our constituents, and that more must instead be done to support them in advancing their educational skills?

Public Authorities (Fraud, Error and Recovery) Bill

Jim Shannon Excerpts

Consideration of Lords amendments
Wednesday 5th November 2025 Commons Chamber

[Andrew Western]

The Public Authorities (Fraud, Error and Recovery) Bill delivers on this Government’s manifesto commitment to safeguard public money and ensure that every single pound is wisely spent. Fraud against the public sector is not a victimless crime. It takes money away from vital public services, eroding trust and harming innocent people. The Bill introduces new powers to enable the Public Sector Fraud Authority to investigate and deal with public sector fraud outside of the tax and social security system, using its expertise to act on behalf of other parts of Government.

The Bill also contains new powers for the Department for Work and Pensions to tackle fraud and error within the social security system, providing much-needed modernisation for our defences. At the same time, it includes significant safeguards, including new independent oversight to ensure the proportionate and effective use of the powers. As we now reach the final stages of the Bill, I am sure colleagues across the House will agree that it needs to receive Royal Assent as quickly as possible, so that we can realise the delivery of the estimated £1.5 billion of benefits by 2029-30.

[Jim Shannon (Strangford) (DUP)]

I thank the Minister for bringing the Bill forward and for all the hard work that the Government have done in relation to this. There is one thing that always concerns me. In my office, nearly every week I have people come to me who have inadvertently made mistakes. They perhaps do not understand how the online system works or how the paperwork has to be filled in, and sometimes they have ticked the wrong box and found themselves in a difficult position. This does not take away from those who deliberately defraud and try to get money that they should not be receiving. How can we be absolutely sure that those who make inadvertent mistakes will not find themselves in a difficult position alongside those who have done wrong? How can we ensure that they get the sympathy they need? I know that the Minister will be of the same opinion as me that we must make sure this is done right.

[Andrew Western]

The hon. Gentleman will be aware that it is enshrined elsewhere in legislation that claimant error is recoverable as part of universal credit. I can also assure him that, as part of this Bill, the eligibility verification measure will enable us to identify errors that are legitimate as well as illegitimate—deliberate, shall we say—in order to minimise the level of debt for individuals who have, I accept, done this accidentally and ensure that they are caught earlier. Any overpayments will be smaller as a direct consequence. One advantage of the Bill is that it can minimise suffering for people who have inadvertently made a mistake.

Before I turn to the Lords amendments, I thank my noble Friends Baroness Anderson and Baroness Sherlock who expertly guided the Bill through the other place. I share their appreciation for all the peers who contributed to its detailed scrutiny and their invaluable insights that have helped the Government to strengthen the Bill.

The Government made important changes to the Bill in the other place, and I now ask this House to endorse those Government amendments. They were made to ensure that the Bill delivers its aims and to clarify the operation of the powers, as well as to ensure that the safeguards this Government have introduced are strong and effective. More procedural yet still important amendments have been made to part 2 to reflect the Scottish Government’s position on how the powers should be applied to devolved benefits. Across the Bill, we have made amendments that are more technical in nature, including to reflect the recent Data (Use and Access) Act 2025 and to ensure flexibility in the commencement of certain provisions of the Bill across the different nations of the United Kingdom.

In the interests of time, I will focus my update to the House on the most substantial and pertinent areas, on which there has been extensive engagement with external stakeholders and points have been made by peers in the other place. First, the Government tabled a group of amendments to part 1 to enable the Public Sector Fraud Authority to be merged with another statutory body, rather than necessarily being set up as a stand-alone statutory body, although the power to do so remains. That builds flexibility into the legislation, enabling the PSFA to achieve the aim of separation between investigators and Ministers in future, while avoiding the need to set up an entirely new statutory body if it is not considered proportionate to do so.

Linked to that, I would like to speak to a minor and technical amendment that I propose to make to Lords amendment 75 to schedule 2. Amendment (a) simply ensures that authorised investigators are captured within the regulation-making power set out in schedule 2 if or when the powers conferred under part 1 of the Bill are transferred to another public authority, or if the PSFA is set up as its own statutory body. It does not change the use of any powers laid out in the Bill.

The Government also amended parts 1 and 2 to ensure that the Government must disclose relevant information to the PSFA independent reviewer and the eligibility verification notice independent reviewer. Effective oversight is a critical aspect of this Government’s approach. These amendments do not represent a change in that approach; indeed, they further strengthen the commitments this Government have made to support open and transparent use of the powers. I will return to the point about oversight later in relation to Lords amendment 43.

The Government made several amendments to the debt provisions across parts 1 and 2. Those are a consequence of the extensive engagement by the PSFA and the Department for Work and Pensions with the financial sector, and they clarify important aspects of the operation of the powers, including in situations where a liable person might have a legal deputy managing their affairs. They also strengthen the rights of debtors by ensuring that a deduction order cannot be in suspension indefinitely, and that after a two-year period in suspension, it will not be resurrected. The Government have also responded to the continued confusion that seems to have arisen on the DWP debt recovery provisions in part 2 and who those powers apply to.

The Government have made amendments explicitly stating that a direct deduction order, as outlined in schedule 5, and a disqualification from driving order, as outlined in schedule 6, cannot be made where the person is entitled to and in receipt of a benefit from the DWP. That clarifies the existing intent that these powers are only for use with those who are not on benefits where the money cannot be recovered from a payslip and where the person can afford to pay and is refusing to do so. I remind the House that this power addresses an important point of fairness. It cannot be right that those who can pay money back can avoid doing so, and the amendments underline that point.

The Government also acted to strengthen the legislative safeguards around the use of the eligibility verification measure. I remind the House that that measure simply enables the DWP to ask financial institutions for limited data that will help the Department to identify incorrect payments and verify eligibility for specific benefits. The amendments made by the Government in the other place will introduce an explicit, necessary and proportionate test before an eligibility notice can be issued, and clarify the purpose for which an eligibility notice can be issued to only assisting in identifying incorrect payments. That puts the existing policy intent in the Bill. Again, I will return to the eligibility verification measure when I address Lords amendment 84.

I turn to the other amendments made in the other place. We welcome the challenge and scrutiny provided by peers’ contributions, but we cannot accept changes that risk undermining the powers. The Government’s position will continue to reflect that, including in our amendments in lieu. First, Lords amendment 1 would give the Minister for the Cabinet Office the power to initiate an investigation when they consider it necessary in the public interest. [Interruption.] Just so that he is sure of that power, the Parliamentary Secretary, Cabinet Office, my hon. Friend the Member for Makerfield (Josh Simons), has joined me on the Front Bench.

We are proposing technical changes to Lords amendment 1 through amendments (a) and (b) in lieu. Those changes will give the Minister for the Cabinet Office the power to initiate an investigation when they consider it necessary in the public interest. The other place asked us to go further than the original drafting of the Bill allowed, and our amendments show that we have listened. The Government believe that it will almost never be necessary for the Minister to exercise that new power because of the collaborative approach in the normal working of government, but it will be available if there is a genuine need.

Our amendments in lieu also make consequential changes to clause 2 to preserve the intention that the PSFA should not take on matters assigned to the Secretary of State with responsibility for social security or His Majesty’s Revenue and Customs. The reason for that is that the DWP and HMRC already have well-established functions and frameworks to tackle social security and tax fraud. Of course, it goes without saying that both Departments may still collaborate with the PSFA if a fraud crosses many departmental boundaries.

I turn now to Lords amendments 30 and 31. The Government wholeheartedly agree that the measures in part 1 of the Bill are powerful and must be used with care. We agree that staff must be appropriately trained before they are able to use these powers, and that robust oversight—both internal and external—is essential. Our amendments (a), (b) and (c) in lieu mandate statutory guidance and a new reporting requirement, and set internal record requirements. The amendments in lieu ensure strong ministerial and parliamentary oversight of the powers, as was called for by the other House, without involving Ministers unnecessarily in operational decisions.

The statutory guidance will detail how the Minister will exercise the function of investigating suspected fraud against public authorities. It will outline structures of internal oversight, the delegation of powers, standards for the training and appointment of all authorised officers and investigators, and the PSFA’s collaboration with an independent reviewer. New reports will be prepared following the end of each financial year and laid in Parliament by the Minister, stating how many times the investigation and enforcement powers in part 1 have been used. There is now a requirement in the Bill for the PSFA to keep internal records of the use of those powers, available for scrutiny by an independent reviewer. Together, those measures ensure that Ministers are accountable for the use of the powers, and show how they are delegated. In places, they build on processes that would already have been in place, but we have put them in the Bill.

Let me move on to part 2 of the Bill, focusing first on Lords amendment 84 on the treatment of information obtained under an eligibility verification notice. Although I understand the intent of the other place, I cannot accept the amendment as drafted, and I urge Members instead to back Government amendments (a) and (b) in lieu.

Lords amendment 84 risks compromising the weight that the DWP may be able to attribute to information obtained through an eligibility verification notice. The Government have been clear that EVM information on its own has no tag of suspicion attached, and that the DWP must look within its own systems first and check for any inconsistency before taking further action. However, depending on the information held, EVM information may form an important part of any further action. We must not compromise that. The amendment also risks legislating for a person’s state of mind—in this case, that of a DWP-authorised officer. That is something that we should avoid where we can. It is far better to focus legislation on the actions that must or must not take place following receipt of EVM information.

The second part of the amendment, relating to the seniority of staff who must review EVM information, risks undermining the existing public law principle that staff at DWP take decisions on the Secretary of State’s behalf. There is also uncertainty about what would constitute a suitably senior person. In any case, the Secretary of State must be satisfied that officials are suitably trained and experienced to take decisions on their behalf.

Government amendments (a) and (b) in lieu of Lords amendment 84 seek to address those risks and build on the amendments that the Government tabled on Report in the Lords. They more accurately reflect the policy intent and focus on the actions that DWP staff must take following receipt of EVM information. The amendments in lieu clarify that where the DWP has received EVM information, it must also have regard to all other relevant information that it holds before taking further actions.

First, the amendments in lieu require an authorised officer to consider all information held that is relevant to the question of whether to issue an information notice, as well as the relevant EVM information, before issuing the notice under the Department’s investigatory powers. Secondly, they require a DWP agent to consider all information held that is relevant to the question of whether to suspend a payment, as well as the relevant EVM information, before suspending that payment. Finally, they require a DWP agent to consider all information held that is relevant to the question of whether to change an earlier benefit decision, as well as the relevant EVM information, before making that change.

I believe that our amendments succeed in offering the necessary reassurances about the way individuals within the DWP will take decisions once EVM information is received by the DWP—namely that no decisions will be made using EVM information in isolation—and I therefore urge hon. Members to back them.

Welfare Spending

Jim Shannon Excerpts

Tuesday 4th November 2025 Commons Chamber

[Sir Stephen Timms]

My hon. Friend is absolutely right. The disability employment gap fell steadily under the previous Labour Government, but it has been stuck at about 30% ever since 2010. There was one moment in those 14 long years of Tory rule when it looked as though they planned to do something about it. In the middle of the 2015 general election campaign, David Cameron announced a target of halving the disability employment gap. It was like they suddenly woke up at that moment, but as soon as that election had been safely won, they scrapped the target. They just went back to passive benefit processing again.

[Jim Shannon (Strangford) (DUP)]

The Minister is a good man, and I mean that sincerely. I think he understands and shares the faith that I have when it comes to looking after those who are less well off. Every day in my office I meet constituents who have disabilities or complex health needs, anxiety and depression or severe mobility issues and people whose health problems are impacting their families. They are burdened with financial pressures. Those who cannot cope with life must not be penalised. Can the Minister reassure us that the vulnerable will not become a target for the Government or indeed anyone in this Chamber?

[Sir Stephen Timms]

Yes, I can. I will come on to talk about that in a couple of minutes.

In contrast to the passive approach of the last Government, we will be active. We are investing in and joining up work, health and skills support. We have brought adult skills and apprenticeships, further education, training and careers into the DWP so that we are better able to give people the skills to thrive in today’s economy and to enable them to move into good secure jobs.

Oral Answers to Questions

Jim Shannon Excerpts

Monday 27th October 2025 Commons Chamber

[Pat McFadden]

My hon. Friend is absolutely right to draw attention to the importance of the energy transition. As I said, the Scottish Government are receiving the largest spending review settlement in real terms since devolution was established. We know that young people in Scotland have the talent, but are their Government backing them by giving them the opportunity? We believe that a proportion of those funds should be devoted to that. I am pleased to say that, for example, BAE Systems will be a major beneficiary of the £10 billion deal to build Type 26 frigates for Norway—a critical investment in European security, and one that I hope the Scottish Government have got around to supporting.

[Jim Shannon (Strangford) (DUP)]

I welcome the Secretary of State to his place and wish him well in his new role. I am quite confident that he will give us all the answers we wish to have. Northern Ireland continues to have a higher proportion of young people not in employment, education or training—some 11% to 13%—compared with the UK average, so what discussions has he had with the relevant Minister in Northern Ireland to ensure that the necessary support and opportunities are provided to young people in Northern Ireland?

[Pat McFadden]

There should be no part of the United Kingdom in which we do not give young people the maximum opportunity. I had a good working relationship with the Northern Ireland Executive in my previous post, and I hope to have a good working relationship with them in this post, with the shared agenda of giving our young people the best possible chance in life.

Statutory Maternity and Paternity Pay

Jim Shannon Excerpts

Monday 27th October 2025 Westminster Hall

[Jim Shannon (Strangford) (DUP)]

You are very kind, Mrs Hobhouse; thank you very much. It is a pleasure to serve under your chairship. I congratulate the hon. Member for Burton and Uttoxeter (Jacob Collier) on setting the scene. This issue affects every single constituency in the United Kingdom.

When babies are born, it is a time of beauty. Learning to navigate a wee family is so precious, but the reality is that when parents cocoon their baby, the bills need to be paid, and they find themselves outlaying more money than ever. They have to buy nappies, new clothes, the pram, the crib, the car seat; it sets them back a substantial amount. Although it may seem that mum and dad being on 90% for the first weeks is okay, the fact is that they are under pressure. The mortgage, the rent obligation, the car insurance and the car payments all still need to be paid on time.

Little wonder that the 2025 Maternity Action survey revealed that 90% of respondents worried about money during their maternity leave. The financial strain has a significant negative impact on women’s mental wellbeing. A 2025 Unison survey found that 57% of respondents felt pressure to return to work earlier than they would have liked.

Some mums are told that the most important time of their lives are the early years with their baby, and yet there can be no doubt that mums are under financial strain right from the outset. That does worry me. Mum guilt is a real thing; it is not just something that people talk about, a thing in a paper or a motto. They worry about letting their child down.

In Northern Ireland, the DUP has recognised the need for childcare and has introduced a very successful scheme. I am sure the Minister is aware of it. It gives some help at a time when it is needed.

Twelve weeks of severely reduced pay will not enable the mum to get the baby into their own wee routine, and ensure her physical and emotional health is back at the level needed to return to work. I urge the Government and the Minister to work on this issue, and recognise that there cannot be stable homes if parents with newborns are wondering whether to turn the heat on or whether to just have vegetable soup for the fourth meal in a row. That should not be the case. Let us change that and give families the time they need to bond.

World Menopause Day

Jim Shannon Excerpts

Thursday 16th October 2025 Westminster Hall

[Jim Shannon (Strangford) (DUP)]

It is a pleasure to serve under your chairship, Mr Betts. I commend the hon. Member for Neath and Swansea East (Carolyn Harris) on setting the scene so well, as she always does. I have always been pleased to help and support her. She is dedicated to her causes—that is the way I would put it—and she always leads by example and with passion. It is really hard to say no to her, to tell the truth. I say that genuinely: it is, because I support her in what she does.

When someone says the word “menopause”, reactions will differ. There will perhaps be a sense of embarrassment. For others, there is an immediate sense of understanding. For some, there is a sense of sympathy. For others, there is a distance. The fact is that conversations have taken place, and led us to a place where we acknowledge the effect that menopause has on families, and how we can work together to give support and love during a different phase of the family journey.

I have seen change from the days in my parents’ household, when these things could never be mentioned, to the family home where my children were raised, where my wife Sandra is the heart of the home. I have an understanding of the changes in her life, which brought about changes in the home. That gave me a slightly better understanding. I am thankful for that progress, and although I am by no means saying that we are all understanding and enlightened, I know that conversation has brought about changes, and an awareness in me that I hope has enabled me to provide greater support to those who need it in my office.

I always say that I am blessed with women of many generations in my office. They give me an understanding of so many issues. I have women in their 20s, 30s, 40s, 50s, and 60s. I am blessed to have their hard work and wisdom. It is my job as an employer to facilitate their carrying out that hard work. There are obligations on employers. They can be easier to meet for office staff than for others, but it is important to help staff to work well at every stage of their lives.

We need to step up information and guidance for small businesses on providing help to enable all staff to feel valued at every stage of their journey. We need to ensure that medical support is more readily available. For most women, their GP does the blood test, tells them that their hormones are still present, and sometimes will say just to grin and bear it, yet we know that the perimenopause can affect women for years. Even the acknowledgement that they are in that stage can be useful for strong, independent women, who have difficulty understanding the physical and emotional changes that they are going through. With that in mind, I am pleased to add my support to the campaign of the hon. Member for Neath and Swansea East.

I am very pleased to see the Minister in her place. This is a new role for her, but in all the roles that she has held, she has done exceptionally well, and I have no doubt that she will do the same in this one.

I conclude with this: menopause is much more than the change of life. Life is ever changing, but menopause is a major milestone on life’s journey, and it must be acknowledged as real and worthy of attention. Perhaps I cannot totally understand that section of the journey—there is no road map, for instance—but I am prepared to help and support as needed. Let us work in every area of Government to provide guidance and help to those who need a bit of support along this part of the journey, and ensure that employers have the tools that they need to meet the requirements of their staff.

Neurodivergent People: Employment

Jim Shannon Excerpts

Tuesday 9th September 2025 Westminster Hall

[Jim Shannon (Strangford) (DUP)]

It is a pleasure to serve under your chairship, Ms McVey. I commend the hon. Member for Ely and East Cambridgeshire (Charlotte Cane) for her passion in this matter. She has done this House credit today and she deserves many accolades for the way that she presented the case.

I wish, as always, to give a Northern Ireland perspective on the matter, which I hope will add to the debate. The issues that the hon. Lady and others have spoken to are replicated in Northern Ireland. Some 5,367 people were recorded as having an autism diagnosis in the 2021 Northern Ireland census, and prevalence in school-aged children is much higher, reaching 5.9% in 2024-25, according to a report by the Department of Health.

Some 70,000 adults may have ADHD in Northern Ireland, according to an April ’25 BBC report citing an ADHD expert. Those figures are relevant and fresh for this debate. The same expert suggests that there are a higher number of undiagnosed adults as well, with 5% of school-aged children estimated to have ADHD, according to Northern Ireland Direct.

It is clear that there is now much more awareness of neurodivergence. That is a good thing; it means that we can help those young people, with their lives ahead of them, to find a job that fulfils them and fulfils the communities in which they live.

There are many fantastic programmes currently in Northern Ireland that do phenomenal work with those who need a different way of training to achieve the right result. One of those is NOW Group, which works with those who need training in a different way to learn their trade. It supports 1,630 people across its services and it is estimated that £1.5 million of disposable income was generated by those in paid work, meaning that every £1 invested in NOW Group generated £21 in social value—again, if we want return for our money, there it is.

However, this issue is about more than money; it is about making sure those young people have the opportunity to do well. Money does not take into account the value of dignity and pride for those who may have struggled to fit in, and now realise that there is still a place for them. That restoration of dignity, pride and confidence for those young people in work is so important. Some 257 people are in paid employment because of the service and there are 70,000 online training sessions. NOW Group is doing truly great work, but the difficulty lies in the fact that it is not funded consistently and is reliant on grants and charitable giving, as well as the goodness of volunteers who have donated 2,000 hours of voluntary service.

As we see the rise in neurodivergent diagnoses, so will the need increase for these groups, which enable young men and young women to find work and self-worth and enable businesses to realise that thinking outside the box and processing in a different way can be a bonus to running a business. The question is how we encourage businesses to see the potential in those young boys and girls.

It is my belief that the Government must pour resources into this in the same way they do for other college and education funds. I look to the Government, and particularly the Minister, to instigate sustained funding for groups such as NOW Group, Usel—Ulster Supported Employment Ltd —and others. What they do for our young people cannot be ignored. We thank them, and we look forward to more work with them in future.

--- Later in debate ---

[Sir Stephen Timms]

Yes, there are opportunities to do exactly that. We will look at the recommendations from the independent panel along with the results of the “Keep Britain Working” review, which is led by Sir Charlie Mayfield and is investigating how employers can reduce health-related inactivity. We want to bring all this work together to make a real difference. We are expecting the recommendations from Sir Charlie Mayfield in the autumn, so there will be a lot going on this policy area, with opportunities for improvement.

[Jim Shannon]

I thank the Minister for his response to all the requests we have made collectively and individually. I am very keen to show that we can have an exchange of views and share ideas. In particular, I want us to share some of those ideas with the relevant Minister in Northern Ireland, to ensure that the good things we do there can advise Ministers here, and vice versa. Does the Minister intend to ensure that will happen? If so, I would welcome it.

[Sir Stephen Timms]

I have had a number of opportunities to speak to my counterpart Minister in Northern Ireland and I am sure there will be more—I have always enjoyed those conversations. I have not yet had the opportunity to visit Northern Ireland but that might also be a possibility.

The new jobs and careers service that we are setting up is a key reform. To echo the points made in the debate, the new service will deliver much more personalised support than has been provided in the past, moving away from the one-size-fits-all, tick-box approach that far too many people think of as characterising Jobcentre Plus. We need to be different from that. The pathfinder we have set up in Wakefield is testing how a personalised offer could be much more responsive to different support needs, including those of neurodivergent people in particular. We are testing how to make the jobcentre environment more accessible for both jobseekers and DWP staff with support needs, including neurodiversity. The findings of the academic panel will also help us to shape the new service.

Our new Connect to Work service, which is being locally commissioned and will cover the whole country by early in the new year, includes a specialist pathway for those with particularly complex barriers, using the IPS—individual placement support—methodology and the supported employment quality framework, which has been overseen by the British Association of Supported Employment, which I think the hon. Member for St Neots and Mid Cambridgeshire (Ian Sollom) mentioned. There has been close collaboration with BASE in drawing up Connect to Work, which I think will make a big difference over the next few years.

Participants in Connect to Work will be given a dedicated specialist employment support adviser to work alongside them, understand their career goals and help them to address specific barriers to employment. We are taking a very different approach. The methodology is being tightly defined—the IPS and the BASE framework—but the service is being commissioned entirely locally. The decisions about who to involve and which organisations will take part are being made entirely locally by, I think, 42 groups of local authorities around the country. I am hopeful that that increasingly devolved approach will allow us to make substantial progress.

Oral Answers to Questions

Jim Shannon Excerpts

Monday 1st September 2025 Commons Chamber

[Andrew Western]

My hon. Friend is entirely right to raise this issue. We will look at that, working closely with the Department for Education, as part of the child poverty strategy. We of course share her ambition to ensure that families can claim the support that they need. Our expansion of free school meals to all children in households claiming universal credit will make it much easier for parents to know if they are eligible, as well as lifting some 100,000 children out of poverty.

[Jim Shannon (Strangford) (DUP)]

I thank the Minister for his reply; as always, he is very positive in his responses. He referred to the anti-poverty strategy. What discussions has he had about the anti-poverty strategy for us in Northern Ireland? Levels of poverty and mental health issues have risen dramatically, and young people in particular are under great pressure. The Minister is always compassionate and understanding; what is he doing in relation to the Northern Ireland Assembly to make things better for us as well?

[Andrew Western]

The hon. Gentleman will understand that we want this strategy to be for England, Wales, Scotland and, of course, Northern Ireland. He will be reassured to learn that those leading on the child poverty strategy have held a number of meetings with Ministers in Northern Ireland to ensure that its specific needs are taken into consideration.

Credit Unions

Jim Shannon Excerpts

Wednesday 16th July 2025 Westminster Hall

[Jim Shannon (Strangford) (DUP)]

It is a real pleasure to serve under your chairship, Mr Twigg. I commend and thank my Gaelic cousin, the hon. Member for Cumbernauld and Kirkintilloch (Katrina Murray), for setting the scene so very well. It is also good to see the Minister in his place. He is certainly becoming a regular in Westminster Hall—he is here almost as much as me.

[Mr Gregory Campbell]

Not quite!

[Jim Shannon]

That was meant as a compliment, by the way. I look forward to the Minister’s contribution. The shadow Minister, the hon. Member for Wyre Forest (Mark Garnier), brings a wealth of knowledge to the debate from his previous employment. I know that the debate will be greatly enhanced by the contributions of all.

I have long been an advocate of credit unions, and I have been thinking about how long I have been involved with them. The credit union in Greyabbey was run by the Orange lodge, which was the instigator. It made its hall available and managed the credit union under the auspices of credit unions elsewhere as the governing body.

I became involved to support credit unions and to start an account for my three boys. Only last week, I realised that moneys in that account had been gathering for some time and had been sitting in the transfer, because the account was transferred from Greyabbey to Newtownards credit union. My three boys have a bonus coming, which I will let them know about one of these days. I hope they will not spend it on wasteful living, but whatever they do, they do.

The credit union instilled in my boys and in me from an early age the value of saving and of ensuring that the saver can afford to pay back loans. That is the great thing about the credit union; we can put money in and borrow money out, but it is controlled in a way that means someone can live and borrow at a rate they can repay. That is a lesson that I learned from my mum and dad—of course, as we all learn from our mums and dads—and that has stayed with me these many years.

It is said that every pound is a prisoner to a Scots woman or man, but I think it is equally a prisoner to some of us in Northern Ireland; we are no different. As the hon. Member for Cumbernauld and Kirkintilloch said, there has been substantial growth of credit unions in Northern Ireland, particularly in membership and assets. Membership has doubled in the past decade, with 34% of the population now saving with a credit union, which is a massive figure.

[Carla Lockhart (Upper Bann) (DUP)]

It was good to hear the hon. Member for Cumbernauld and Kirkintilloch (Katrina Murray) mention Northern Ireland. I, too, am a member of the credit union, and I have a savings account for my little boy as well. Does my hon. Friend agree that in Northern Ireland, where so many people bank with the credit union, the numbers could grow if the credit union were able to do more? The legislation in Northern Ireland is quite antiquated, and we are only able to bank with loans and savings. Does he agree that we should learn from what happens in GB and address it from there?

[Jim Shannon]

My hon. Friend is absolutely right. The 34% growth of the credit union in Northern Ireland indicates its success. She is correct that there is certainly more it could do.

Total assets have passed £1.9 billion, having increased by 1.6% in the third quarter of 2022. Lending is also strong, with the loan book increasing by 8.3% year on year. Membership of credit unions in Northern Irelands stands at 571,000. To put that in context, Northern Ireland’s population is 1.96 million. That is a success story. It is lovely to tell everyone about what we are doing in Northern Ireland, and the hon. Member for Cumbernauld and Kirkintilloch was generous in her comments and acknowledged the good stuff we do.

The figures represent a 30% increase over the past 10 years. With the rise in membership comes the need to ensure that the institution is financially safe and sound, which is always important. I am thankful for the credit unions in my constituency; I can think of three straight away. The one in Kircubbin, which took over the premises of the Northern bank, or Danske bank, is an offshoot of the credit union in Portaferry, which I have supported the whole way through. There is also an active credit union in Newtownards that provides a wonderful service to get people on the road to financial stability. That is what credit unions do: they help people to save and ensure that they borrow and spend their money wisely.

There are over 2,200 credit unions providing ethical financial services to more than 1.5 million people, holding £2.71 billion in assets, £2.33 billion in savings and £1.83 billion in lending. Their differences mean that they can lend responsibly with good rates to those who are classified as excluded communities, with 31% of the community development credit union pathfinder members being “cash-strapped families”, and 21% falling into the “hard-up” or “challenging circumstances” categories. Credit unions are often the only fair option for such individuals and it is really good to have them on board.

Some 56% of credit unions offer payroll savings, and “save as you borrow” schemes turn 67% of previous non-savers into regular savers. Prize-linked savings also incentivise saving behaviour. I understand that in this day and age it is always that wee bit harder to save money. My mum and dad instilled in me a saving culture at an early age, and I remember saving from a very early age. Not everybody can buy their house today, as they perhaps would have whenever I was younger and houses were much cheaper. Credit unions like Serve and Protect offer dividends of 3.5% to 4.5%, returning £3 million to members, while for every £1 invested, the Clockwise credit union generates £11 to £19 in social value. Credit unions reduce financial leakage and build community wealth. I am sold on credit unions. I think they are great and I hope my speech has illustrated that. I think everybody else will say the same thing.

I will conclude, as I am conscious that others want to speak and that time will be limited. I am a strong advocate for credit unions simply because they work. Let us support and encourage them. As my hon. Friend the Member for Upper Bann (Carla Lockhart) said, let us try to do more so that we can bring them along. I encourage reasonable regulation that allows the freedom to spend locally and not to be drawn into more centralised investment—if someone borrows from a credit union, they are more likely to spend their money in the local area of their credit union, and more likely to borrow or buy from the area where they live—and I know that the Government, and the Minister in particular, would like to advocate for and support that.

I wish my local credit unions every success as they continue to help people to learn financial principles and responsibilities while sowing deeply into the local economy. That can only be a good thing, so it is a pleasure to speak today about credit unions. I could wax lyrical until about 10.28 am, but you would not let me, Mr Twigg—others will do that for their own constituencies.