Member

The Minister and I agree that we want to see more investment by pension funds in the UK, and we want to see better returns for savers. The industry backs that aim too; that is why it did the Mansion House Accord. But to be clear, when he says that he has industry backing for this, there is a distinction to be made between the industry saying that it agrees that there is a problem and is willing to work to solve it and the solution that the Minister is seeking to impose. He put the fear into the industry that this Bill may fall and made all manner of threats to pressure it to come into line. But I say to him this: I will not be cowed by him, and I have been told to my face that the pensions industry does not back mandation.