Draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022

Lisa Cameron Excerpts

Monday 4th July 2022 General Committees

[Dr Lisa Cameron (East Kilbride, Strathaven and Lesmahagow) (SNP)]

It is a pleasure to serve under your chairmanship, Sir Graham. I thank the Minister and the shadow Minister. The Committee will know that this is not my usual remit, which is traditionally mental health, but I have stepped in to support the SNP Treasury spokesperson—although I am sure that many people’s mental health is affected by bad pension advice.

I am happy to support and encourage the improved trustee engagement and transparency in governance that these important regulations will allow. It is helpful that trustees of in-scope occupational pension schemes will set objectives for investment consultants and carry out a tender process in certain circumstances before appointing the fiduciary manager.

The regulations will also enable the Pensions Regulator to oversee the remedies that apply to such trustees and to ensure compliance. I am aware that questions were raised on that very issue by the Work and Pensions Committee in 2019, and, as has been mentioned, in the 2018 CMA investigation. I am glad that those matters are being addressed—for which I thank the Minister—and that we can work collectively to ensure the best outcomes for pensioners and those across the United Kingdom who contribute to pensions.