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1724752

registered interest
date	30/07/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the proportion of UK pension funds invested in UK companies, and what steps they are taking to increase such investment.
tabling member printed	The Earl of Effingham
uin	HL495
answer	answer is ministerial correction date of answer 07/08/2024 answer text <p>The Government has noted the trend observed in external analysis and commentary of relative decreased investment from pension funds in UK companies.</p><p>That is why the Chancellor has announced a landmark pensions review as a part of the Government’s mission to boost economic growth and investment in the UK. Under plans unveiled by the new Chancellor, billions of pounds of investment could be unlocked in the UK economy from defined contribution schemes alone. Defined contribution schemes will be managing around £800 billion in assets by the end of the decade and the Review will explore ways to increase their investment into UK productive assets. The Review will also look at how to unlock the investment potential of the £360 billion within the Local Government Pension Scheme, which manages the savings of those working to deliver our vital local services, as well as how to tackle the £2 billion that is being spent on fees.</p> answering member printed Lord Livermore question first answered 07/08/2024 10:14:36 answering member 4559 label Biography information for Lord Livermore
tabling member	4958 label Biography information for The Earl of Effingham

1693994

registered interest
date	05/03/2024
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the letter from Viscount Younger of Leckie to Baroness Hayman dated 6 July 2023, when officials will hold a briefing for peers on their work on pension fund trustees and fiduciary duty.
tabling member printed	Baroness Hayman
uin	HL3031
answer	answer is ministerial correction date of answer 13/03/2024 answer text <p>The pension industry stakeholder roundtables planned this spring will explore interpretations of fiduciary duty in relation to climate change and responsible investments. Following these the Department will ensure a briefing session is held in which interested Parliamentarians will have the opportunity to provide insight and discuss the conclusions drawn from these events.</p> answering member printed Viscount Younger of Leckie question first answered 13/03/2024 11:54:03 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1649 label Biography information for Baroness Hayman

1685669

registered interest
date	29/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the practice of the pension funds of regulators investing in companies for which the regulator has oversight responsibility, for example in the recent case of the Environment Agency’s pension fund investing in companies which produce PFAS.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL1972
answer	answer is ministerial correction date of answer 12/02/2024 answer text <p>Most regulators participate in the unfunded public service pension schemes, which do not invest monies in order to generate returns. Those that do have funded schemes are subject to DWP occupational pension scheme legislation, with investments separated from the organisation and trustees responsible for scheme investments, or, in the case of the Environment Agency, participate in the Local Government Pension Scheme (LGPS). Trustees and LGPS administering authorities have specific legal and fiduciary duties.</p><p>LGPS administering authorities, including the Environment Agency Pension Fund, are required to act in the interest of the fund and not the employer in setting and implementing their investment strategy. DLUHC guidance sets out that it is good practice for administering authorities to have robust policies to manage any potential conflicts of interest. The EAPF conflicts of interest policy is available online.<sup><sup>[1]</sup></sup></p><p> </p><p>[1] <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.eapf.org.uk%2F~%2Fmedia%2Fdocument-libraries%2Feapf2%2Fpolicies%2F2023%2Fconflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf%3Fla%3Den%26hash%3D73A3192F28D6418F742FA515277EE97CA00E8542&amp;data=05%7C02%7Cliam.claughton%40hmtreasury.gov.uk%7Cd1f5cbd49b934f2e54fe08dc27043b27%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638428146718896084%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=6NtMfv0A8FIJd%2BvNxeF5MDIS8LjTIz8IR8hIB0SQnMc%3D&amp;reserved=0" target="_blank">https://www.eapf.org.uk/~/media/document-libraries/eapf2/policies/2023/conflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf?la=en&amp;hash=73A3192F28D6418F742FA515277EE97CA00E8542</a></p> answering member printed Baroness Vere of Norbiton question first answered 12/02/2024 16:40:10 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1543117

registered interest
date	16/11/2022
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what update they can provide on the implementation of their pension funds plan for 2023.
tabling member printed	Lord Taylor of Warwick
uin	HL3486
answer	answer is ministerial correction date of answer 29/11/2022 answer text <p>The Department’s formal consultation on the draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023 closed on 17 October 2022 and we are currently analysing responses. These Regulations will come into force in due course along with the Pension Regulator's revised Defined Benefit Funding Code of Practice.</p> answering member printed Baroness Stedman-Scott question first answered 29/11/2022 13:19:02 answering member 4174 label Biography information for Baroness Stedman-Scott
tabling member	1796 label Biography information for Lord Taylor of Warwick

926470

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of data from IC Select showing a decline in the percentage of investment consultant contracts put out to tender by pension funds from 20 per cent in 2008 to 3 per cent last year.
tabling member printed	Lord Mendelsohn
uin	HL8725
answer	answer is ministerial correction date of answer 29/06/2018 answer text <p>The Competition and Markets Authority (CMA) are currently conducting a detailed investigation of the Investment Consultants market. Their investigation will examine market concentration, the competitive landscape, information on fees and quality of service, among other issues. The CMA will publish their final report by March 2019 and the Government will study it closely.</p> answering member printed Lord Bates question first answered 29/06/2018 10:22:59 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

926472

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will establish requirements for the investment management industry to publish (1) aggregated data on the overall impact of all costs charged on pension funds, and (2) data on compensation, including all bonus details.
tabling member printed	Lord Mendelsohn
uin	HL8727
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>Since 2015, trustees of defined contribution occupational pension schemes (as well as Independent Governance Committees of workplace personal pensions) have had a duty to assess and report on the costs and charges borne by members and the performance of the default fund.</p><p> </p><p>As part of that work, The Pensions Regulator have produced Code of Practice 13 which relates to the Governance and administration of occupational trust-based schemes which provide money purchase benefits and accompanying guidance on investment governance and value for members.</p><p> </p><p>This guidance is intended to assist trustees of DC pension schemes overseeing investments, and enable them to satisfy themselves that beneficiaries are receiving value for money.</p><p> </p><p>Earlier this year, the FCA introduced new rules for investment managers that provide services to occupational and workplace personal defined contribution schemes, requiring them to disclose investment management charges and transaction costs on request to trustees and Independent Governance Committees. The DWP made regulations to require defined contribution scheme trustees to publish costs and charges borne by members, alongside an illustration of the impact of those costs and charges over time. Trustees must have regard to statutory guidance produced by DWP, in creating and publishing those illustrations. The FCA will consult on equivalent provisions for workplace personal pensions in due course.</p><p> </p><p>In defined benefit schemes, it is the employer who bears the cost of the scheme. The Government’s White Paper, ‘Protecting Defined Benefit Pensions’, committed DWP to work with The Pensions Regulator and other parties to consider what more could be done to promote greater transparency of costs and charges in defined benefit schemes to help drive efficiencies.</p><p> </p><p>The FCA also conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found some evidence of a negative relationship between net returns and charges. In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.</p> answering member printed Lord Bates grouped question UIN HL8728 question first answered 02/07/2018 13:42:45 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

926474

registered interest
date	18/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will instruct regulatory authorities to provide investors and pension holders with full guidance about costs, understanding performance, risks and returns, and the impact of different compensation structures.
tabling member printed	Lord Mendelsohn
uin	HL8728
answer	answer is ministerial correction date of answer 02/07/2018 answer text <p>Since 2015, trustees of defined contribution occupational pension schemes (as well as Independent Governance Committees of workplace personal pensions) have had a duty to assess and report on the costs and charges borne by members and the performance of the default fund.</p><p> </p><p>As part of that work, The Pensions Regulator have produced Code of Practice 13 which relates to the Governance and administration of occupational trust-based schemes which provide money purchase benefits and accompanying guidance on investment governance and value for members.</p><p> </p><p>This guidance is intended to assist trustees of DC pension schemes overseeing investments, and enable them to satisfy themselves that beneficiaries are receiving value for money.</p><p> </p><p>Earlier this year, the FCA introduced new rules for investment managers that provide services to occupational and workplace personal defined contribution schemes, requiring them to disclose investment management charges and transaction costs on request to trustees and Independent Governance Committees. The DWP made regulations to require defined contribution scheme trustees to publish costs and charges borne by members, alongside an illustration of the impact of those costs and charges over time. Trustees must have regard to statutory guidance produced by DWP, in creating and publishing those illustrations. The FCA will consult on equivalent provisions for workplace personal pensions in due course.</p><p> </p><p>In defined benefit schemes, it is the employer who bears the cost of the scheme. The Government’s White Paper, ‘Protecting Defined Benefit Pensions’, committed DWP to work with The Pensions Regulator and other parties to consider what more could be done to promote greater transparency of costs and charges in defined benefit schemes to help drive efficiencies.</p><p> </p><p>The FCA also conducted a detailed Market Study into the Asset Management sector, which examined the relationship between asset management fees and performance. The FCA found some evidence of a negative relationship between net returns and charges. In response to these findings, and to increase overall competition in the sector, the FCA devised a package of remedies. Firstly, they strengthened the duty on fund managers to act in the best interests of investors. Secondly, they introduced a requirement of fund managers to assess whether the charges taken from a fund are justified in the context of the overall value provided by the fund. Thirdly, they introduced requirements to ensure fee transparency and lastly, they formed a working group tasked to consider how to make fund objectives as clear as possible.</p> answering member printed Lord Bates grouped question UIN HL8727 question first answered 02/07/2018 13:42:44 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

425843

registered interest
date	03/11/2015
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what progress has been made in encouraging small pension funds in the United Kingdom to amalgamate or co-operate in order to be able to compete with larger international pension funds in the purchase of suitable assets.
tabling member printed	Lord Empey
uin	HL3241
answer	answer is ministerial correction date of answer 17/11/2015 answer text <p>Automatic enrolment is driving scale in pension provision and the clear trend is towards larger schemes which are better able to take advantage of the economies of scale including better access to a wider range of investment vehicles.</p><p>The Government fully supports the concrete steps the pensions industry has taken to cooperate on investment strategies – for example, the Pensions Infrastructure Platform (PIP) launched in February last year, and the London Collective Investment Vehicle (CIV) currently under development by a number of local authorities’ pension schemes in London.</p><p>Moreover, the Government will also work with the Local Government Pension Scheme Administering Authorities more widely to ensure that they pool investments to reduce costs significantly, while maintaining overall investment performance.</p><p>Trustees and managers are ultimately responsible for making investment decisions in the best interests of scheme members, and the Government recognises the challenges of the current economic environment for scheme funding. The Pensions Regulator sets out on an annual basis its key messages on current market conditions and how trustees and employers can agree appropriate funding plans that protect members’ benefits without undermining the sustainable growth of the employer.</p><p>Ministers continue to meet regularly with key stakeholders from the pensions industry to understand better the range of challenges facing schemes and employers and will consider whether there are further steps the Government could take.</p> answering member printed Baroness Altmann question first answered 17/11/2015 17:53:48 answering member 4533 label Biography information for Baroness Altmann
tabling member	4216 label Biography information for Lord Empey

385303

registered interest
date	24/06/2015
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Funds
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the remarks by Lord Bourne of Aberystwyth on 7 January (HL Deb, col 432), when they plan to consult on improving transparency for pension savers regarding where their money is invested and how rights attached to it are being exercised; and when they plan to consider how secondary legislation could be used to ensure greater transparency for pension savers.
tabling member printed	Lord Harrison
uin	HL786
answer	answer is ministerial correction date of answer 06/07/2015 answer text <p /> <p>The Government is committed to ensuring greater transparency for pension savers.</p><p> </p><p>From April this year, workplace schemes are required to report on the value delivered by costs and charges in their scheme for the first time. Building on this, the Department for Work and Pensions and the Financial Conduct Authority ran a joint Call for Evidence ‘Transaction Cost Disclosure: Improving Transparency in Workplace Pensions’, considering how transaction costs could be disclosed in a standardised way. This is the first phase of work required to meet duties under Section 44 of the Pensions Act 2014 to require transaction costs to be disclosed to members and others; and transaction costs and administration charges to be published. The Government is currently considering responses to the Call for Evidence.</p><p> </p><p>Transparency is not just about costs and charges. Earlier this year the Government consulted on changes to the Occupational Pension Schemes Investment Regulations requiring trustees to report how they take financial and non-financial factors into account when investing, and their schemes stewardship policy. The Government is currently considering responses to the consultation.</p><p> </p><p>The Government intends to consult on any secondary legislation required following these exercises later this year, and will consider what further proposals may be needed to ensure greater transparency for pension savers including consideration both of its duties under the Pensions Act 2014 and the remarks made in debates on 7 January.</p> answering member printed Baroness Altmann question first answered 06/07/2015 12:06:11 answering member 4533 label Biography information for Baroness Altmann
tabling member	2488 label Biography information for Lord Harrison