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Lord Livermore (Lab)

Speaking in the House of Lords on 4 February 2025

Debate

Pension Fund Reliefs

Contribution

I am very grateful to the noble Baroness for her question. I take this opportunity to recognise her career-long commitment to improving outcomes for savers and investors. The announcements the Chancellor made at the Mansion House on the pensions review could unlock billions of pounds of additional investment, but of course, as the noble Baroness rightly said, it is not in any way guaranteed that this investment will take place in the domestic market. The Government share her concerns that UK pension funds are investing less in the domestic economy than overseas counterparts. There is also clear evidence of a sustained pattern of withdrawal by DC pension schemes from UK-listed equities for at least the last decade. That is why the pensions review is considering whether further interventions may be needed to ensure our reforms benefit UK growth. We will continue to work with the pensions industry to increase investment in UK markets. I look forward to continuing to work with the noble Baroness on these issues and of course I am very happy to meet her.

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