L

Lord Sharkey (LD)

Speaking in the House of Lords on 23 February 2026

Debate

Pension Schemes Bill

Contribution

The fact is that some, though not all, pension funds are invested in climate-changing activities. We need to do something about that, and we need to do it soon. The other point I ought to pick up is, again, to do with statutory guidance. I have frequently asked when we will see the guidance, but the only thing I know for certain is that it will not be before this Bill becomes law. Parliament seems to be being bypassed in all this—and in all the secondary legislation that will be necessary to make this mean anything at all. It is reasonable for guidance to explain how pension schemes should go about considering certain matters, but it is not reasonable for what those matters are to go unscrutinised by Parliament and to be changeable at the whim of a Minister. Parliament will be unable to hold the Government to account. Why is it that, in the face of such concerns about guidance and fiduciary duty, as well as the obvious inherent dangers to the proper exercise of fiduciary duty, the Government choose to exclude Parliament? I beg leave to withdraw my amendment.

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