Member

The amendment would insert a clear restriction stating that regulations made under Clause 2 may not include provisions requiring investment in specific assets, asset classes or geographical locations. Pension assets exist to secure the retirement income of members, not to serve as instruments of industrial policy. Those responsible for managing these funds are bound by fiduciary duties to act in the best interests of their members, and Governments are not. For that reason, this amendment is extremely important, and we will support my noble friend Lady Noakes if she decides to test the opinion of the House—she said in her opening remarks that she was minded to do so.