Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to help increase returns on investments from pension schemes for people in (a) Beckenham and Penge constituency and (b) other areas.

The first part of the landmark Pensions Review has concluded with the publication of the Final Report of the Pensions Investment Review on 29 May 2025.

The ambitious reforms outlined in the Final Report will drive scale and consolidation in both the multi-employer defined contribution pensions market and the Local Government Pension Scheme in England and Wales. They will unlock billions of pounds in investment for productive assets, improve efficiency, and deliver better returns for savers. Estimates suggest the measures could increase a Defined Contribution pot at retirement by £5,900 for an average earner who saves over their career.

To deliver these reforms, the Government has introduced the Pension Schemes Bill, providing the necessary legislative framework to implement these reforms, alongside wider pension reforms that are focused on improving returns for pension savers. The Bill received its first reading on 5 June 2025.