Member

Today we have also heard the Minister reach for one last defence—and strangely late in the day. He claimed that mandation was in the Labour party manifesto. It was not. There is no mention of mandation, no reference to a reserve power, no suggestion of asset-allocation powers of this kind. The Labour manifesto did talk about adopting reforms to workplace pensions to deliver better outcomes, but let us be clear: mandation does not do that. It undermines fiduciary duty, puts trustees in an impossible position—forced to choose between their legal duty to members and direction from Ministers—and could lead to lower returns.