B

Baroness Kramer (LD)

Speaking in the House of Lords on 9 September 2025

Debate

Pension Funds: Use of UK-listed Investment Companies

Contribution

My Lords, I speak in support of the noble Baroness, Lady Altmann, on this issue. On the face of it, it looks as though the Bill is embodying discrimination against listed investment companies because they focus very much on smaller infrastructure projects—it is one of their appeals to many investors, particularly to local authorities. The language favours long-term asset funds, which focus on megaprojects and are typically owned by the large megacompanies in the pension industry which benefit from the fees that are generated. Is this not a case where the industry is persuading the Government to discriminate in favour of a route that it sees as more profitable for itself and not necessarily as the right route for the country?

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