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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

1697053

registered interest
date	19/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that investors in pension funds have the right (a) for complaints to be determined by the Financial Ombudsman Service and (b) to receive redress from the Financial Services Compensation Scheme.
tabling member constituency	Warwick and Leamington
tabling member printed	Matt Western
uin	19425
answer	answer is ministerial correction date of answer 22/03/2024 answer text <p>The Financial Ombudsman Service (FOS) can consider complaints about businesses regulated by the Financial Conduct Authority (FCA) which includes firms that provide self-invested personal pensions (SIPPs). The jurisdiction of the FOS, including which complaints it can deal with, is determined by the FCA and set out in the FCA Handbook. Whether a complaint is eligible or not is a matter for the FOS to consider.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 22/03/2024 11:22:06 answering member 4639 label Biography information for Bim Afolami
tabling member	4617 label Biography information for Matt Western

1694568

registered interest
date	07/03/2024
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, with reference to the Spring Budget 2024, HC 560, published on 6 March 2024, if he will hold discussions with the Chancellor of the Exchequer on how a transferrable pension fund would work.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	17660
answer	answer is ministerial correction date of answer 12/03/2024 answer text <p>The Government has recently concluded a call for evidence to understand the considerations, merits and impacts of a lifetime pension provider model.</p><p> </p><p>In his Spring Budget, the Chancellor confirmed our commitment to explore a Lifetime Provider model. My Officials will undertake further analysis and engagement with industry, employers and employees to better understand if this measure would improve outcomes for savers.</p><p> </p><p>I am happy to meet any member of Parliament to discuss this issue.</p> answering member constituency Blackpool North and Cleveleys answering member printed Paul Maynard question first answered 12/03/2024 13:52:33 answering member 3926 label Biography information for Paul Maynard
tabling member	4471 label Biography information for Rachael Maskell

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

1537698

registered interest
date	31/10/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what recent estimate his Department has made of the amount of money in lost pension funds.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	74628
answer	answer is ministerial correction date of answer 07/11/2022 answer text <p>The Department does not hold this information.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 07/11/2022 15:20:19 answering member 4780 label Biography information for Laura Trott
tabling member	4006 label Biography information for Dr Matthew Offord

1519719

registered interest
date	10/10/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, if she will make an assessment of the potential impact of statement by the Chancellor of the Exchequer on the Growth Plan on 23 September 2022, Official Report, column 933, on the viability of defined (a) benefit and (b) contribution schemes.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	59892
answer	answer is ministerial correction date of answer 13/10/2022 answer text <p>The Chancellors statement of 23 September 2022 on the Government’s Growth Plan set out a range of measures to support economic growth and encourage investment. UK pension schemes, including both defined benefit and defined contribution pension schemes, are signficant institutional investors which can contribute to and benefit from a growing economy.</p><p>The funding of defined benefit pension schemes has improved significantly in recent years and these schemes are mostly well funded and robust. Increased economic growth will provide investment opportunities with potential to increase their assets and improve funding further. Economic growth will also help defined contribution schemes to increase the value of the pension savings of their members and the proposed reforms of the charge cap announced by the Chancellor will encourage investment in a broader range of assets including less liquid assets like renewable infrastructure projects and UK start-up businesses, for example.</p><p>It is important that defined benefit and defined contribution schemes continue to review the resilience and liquidity of their investment strategy, risk management and funding arrangements and the Pensions Regulator has published guidance to support pension scheme trustees to do so.</p> answering member constituency Brentwood and Ongar answering member printed Alex Burghart question first answered 13/10/2022 15:35:31 answering member 4613 label Biography information for Alex Burghart
tabling member	4471 label Biography information for Rachael Maskell

1467784

registered interest
date	06/06/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, whether she has made an assessment of the potential merits of changing fiduciary rules for pension fund managers to prioritise de-risking exposure to stranded assets.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	13223
answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>The Law Commission confirmed in two reports – in 2014 and 2017 – that trustees have a fundamental fiduciary duty to their members. Government agree that trustees have primacy in investment decisions.</p><p>Fiduciary Duties of Investment Intermediaries (LC350) - July 2014 <a href="https://www.lawcom.gov.uk/project/fiduciary-duties-of-investment-intermediaries/" target="_blank">https://www.lawcom.gov.uk/project/fiduciary-duties-of-investment-intermediaries/</a></p><p>Pension Funds and Social Investment (LC374) – June 2017</p><p><a href="https://www.lawcom.gov.uk/project/pension-funds-and-social-investment/" target="_blank">https://www.lawcom.gov.uk/project/pension-funds-and-social-investment/</a></p><p> </p> answering member constituency Hexham answering member printed Guy Opperman question first answered 13/06/2022 12:20:03 answering member 4142 label Biography information for Guy Opperman
tabling member	4630 label Biography information for Ben Lake

1418718

registered interest
date	01/02/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what steps she is taking following COP26 to help ensure that pension funds contribute to delivering net zero.
tabling member constituency	Crewe and Nantwich
tabling member printed	Dr Kieran Mullan
uin	116090
answer	answer is ministerial correction date of answer 08/02/2022 answer text <p>Building on our existing climate governance and disclosure requirements, the Department consulted (from 21 October 2021 to 6 Jan 2022) on measures requiring schemes to set out how their investments are aligned with the Paris Agreement goal of limiting global average temperature increases to 1.5˚C above pre-industrial levels. We have also consulted on guidance for trustees to strengthen stewardship and voting practices which will be key to ensuring high-carbon assets transition to net zero.</p><p>We are also working across government to develop a Sustainability Disclosure Requirements regime which will create a framework for the disclosure of pension scheme’s net zero transition plans and will also help tackle ‘greenwashing’.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 08/02/2022 16:07:14 answering member 4142 label Biography information for Guy Opperman
tabling member	4860 label Biography information for Dr Kieran Mullan