Pension Fund Reliefs

Lord Davies of Brixton Excerpts

Tuesday 4th February 2025 Lords Chamber

[Lord Livermore (Lab)]

I am flattered to be referred to as the noble Lord’s noble friend, and I consider him to be a friend as well. I am more than happy to look at his ideas.

[Lord Davies of Brixton (Lab)]

I thank the noble Lord—my noble friend—the Minister for his replies. Will he agree that the best thing that pension funds, both defined benefit and defined contribution, could do to support the British economy is pay adequate and secure pensions? What plans do the Government have to ensure that that is the case?

[Lord Livermore (Lab)]

I am grateful to my noble friend for his question. I of course agree that adequacy is an absolutely essential part of the pensions landscape. That is what phase 2 of the pensions review is designed to look at. The scope and terms of reference for phase 2 will be published in due course, once we have made fuller progress with phase 1.