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44615
star this property registered interest false remove filter
star this property date less than 2014-03-24more like thismore than 2014-03-24
star this property answering body
Department for Work and Pensions remove filter
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the case for large occupational defined benefit pension schemes to be active owners or stewards of their assets, in line with the definition of stewardship as highlighted in the Financial Reporting Council's Stewardship Code. more like this
star this property tabling member printed
Lord Harrison more like this
star this property uin HL6272 remove filter
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2014-03-31more like thismore than 2014-03-31
star this property answer text <p /> <p /> <p /> <p>The Government supports the principles set out in the Financial Reporting Council (FRC) UK Stewardship Code including schemes becoming active stewards of their investments and reporting on that stewardship. The Code sets out a number of areas of good practice to which the FRC believes institutional investors should aspire, and operates on a 'comply or explain' basis. It includes guidance for pension schemes and other asset owners on steps they can take to protect and enhance the value that accrues to the ultimate beneficiary. The FCA requires UK authorised asset managers to report on whether or not they apply the Code.</p><p> </p><p>The UK stewardship code is voluntary, however we would encourage workplace pensions schemes to comply with the principles set out in the code. In addition we are developing governance standards of workplace defined contribution schemes, and have asked the Law Commission to investigate how fiduciary duties currently apply in the investment chain. The Pensions Regulator's defined contribution Code of Practice also sets out the legal requirements and standards they expect trustees of defined contribution schemes to attain. This includes a section on investment which also references the FRC Stewardship code. These initiatives are part of our on-going work to ensure schemes are governed and administered to deliver in members' interests.</p>
star this property answering member printed Lord Freud more like this
star this property grouped question UIN
HL6270 more like this
HL6271 more like this
star this property question first answered
less than 2014-03-31T12:00:00.00Zmore like thismore than 2014-03-31T12:00:00.00Z
unstar this property answering member
3893
star this property label Biography information for Lord Freud more like this
star this property tabling member
2488
unstar this property label Biography information for Lord Harrison more like this