Member

I trust, therefore, that the Minister will keep this reality of recent volatility firmly in mind, particularly as we look ahead to the arrival of the eagerly anticipated pensions Bill. Can she tell the Committee to what extent the DWP is working with the PPF to discuss future legislative changes, specifically ones to address what decisions will be made to any funding deemed surplus to requirement? I also prefer “reserve” but I will interchange between the two words “surplus” and “reserves”. As the noble Lord, Lord Davies, said, return of surplus to employers—the so-called Section 251 issue—is one possibility, as is use for investing in infrastructure projects; that has been mentioned already. Will there be a new surplus code of conduct, for example? How will this affect pension accountancy methods? Are there any recommendations from the PPF’s May 2022 review with which the Minister disagrees? If not, can we expect to see those recommendations reflected in the forthcoming pensions Bill?