Member

My last point, as I mentioned in my intervention, is that I was heartened to hear the Minister’s commitment at the Dispatch Box that we will proceed with reform of that clarification of fiduciary duties. Too many pension fund trustees today lack the legal certainty that they can make strategic, long-term investments that are in the best interests of their pension savers and will create a higher return on investment in this country by investing in things such as net zero infrastructure and other virtuous investments that are good for the long-term growth of the economy. It is disappointing that Lib Dem peers and others voted against the provision in the other place and prevented the Government from bringing in the necessary amendments. However, I am reassured by the Minister’s commitment that he will seek a further legislative opportunity at the earliest point in the next Session. With that, I add my support to the Minister’s ambitions.