Member

I do appreciate the Minister’s attempt to offer an olive branch on mandation—several olive branches, in fact. Last week an amendment was tabled to constrain his originally unlimited and undefined mandation power that would have meant he could direct up to 100% of default pension fund savings to be invested in assets of his choice. It was extraordinary. He recognised that and amended the power to limit it to up to 10% requirement for investment in private markets and up to 5% in the UK. He also took some steps to limit the Government’s ability to cherry-pick specific sectors or geographies.