Pension Schemes: Guidance

Debate between Viscount Younger of Leckie and Lord Teverson

Monday 13th March 2023 Lords Chamber

[Viscount Younger of Leckie (Con)]

I think it is important that the right advice is given. I start by saying that this is pretty ground-breaking, because the UK is the first country in the world to make occupational pension schemes consider, assess and report on the financial risks of climate change. In terms of what I would call “the push”, we have consulted with the pensions industry and certainly think it is right that guidance is given. For example, my department has introduced guidance alongside the TCFD requirements to help pension schemes understand how to identify, manage and assess climate-related risks and opportunities.

[Lord Teverson (LD)]

My Lords, actually, I think we were second after New Zealand; we were the first in the G20. The Financial Conduct Authority recently surveyed TCFD returns and found weaknesses in two areas: data or metrics, and targets. These are key areas. How will the Government try to put that right? Secondly, will the Government move forward, as I think they have said they will, with external assurance—in other words, audit—of those returns, to make sure that we banish greenwashing in this area?

[Viscount Younger of Leckie (Con)]

The noble Lord makes a good point. He has pointed out a few issues that were in the initial outlines. He mentioned data, which is an issue. Metrics and the use of implied temperature rises—for example, carbon offsetting and scenario planning—are definitely challenges that are being worked on domestically and internationally. As I said, we are the first country in the world to do this. It is good work, which needs to be built on.

Direct Tax and National Insurance Contributions

Debate between Viscount Younger of Leckie and Lord Teverson

Tuesday 25th October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

We are very aware of these sensitive matters. I alluded to what we are doing about these matters, including the non-dom status, earlier in response to a question from the noble Lord, Lord Tunnicliffe.

[Lord Teverson (LD)]

My Lords, could the Minister explain how we have become a high-tax but low-service-level—in terms of public services—economy? It is the worst of both worlds.

[Viscount Younger of Leckie (Con)]

As I alluded to earlier, the aim is to lower taxes, but we have a lot to contend with as a result of Putin’s appalling war in Ukraine and ongoing energy costs. At the end of the day, we aspire to be a low-tax country.