T

The Minister of State, Department for Work and Pensions (Baroness Sherlock) (Lab)

Speaking in the House of Lords on 11 March 2026

Debate

Pension Schemes: Ministerial Powers

Contribution

My Lords, the Pension Schemes Bill contains a reserve power on asset allocation, designed as a backstop to the voluntary commitments made by the pensions industry under the Mansion House Accord. The Government do not currently expect to use this power. Were this power ever exercised, schemes that cannot meet the requirements without causing material financial detriment to their members would be able to apply for an exemption under the savers’ interest test. The power is time-limited and subject to consultation, parliamentary approval and robust safeguards.

More from The Minister of State, Department for Work and Pensions (Baroness Sherlock) (Lab)

Other recent Hansard contributions by the same speaker.

About Hansard

Hansard is the official verbatim record of proceedings in the UK Parliament. Every word spoken in the Commons and Lords is recorded and published — this page is a single contribution from that record.

Partner sites