Torsten Bell

Torsten Bell

Labour — Swansea West

Speaking in the House of Commons on 27 April 2026

Debate

State Pension Age Changes: Compensation

Contribution

We have debated this issue quite extensively in recent weeks, and the House will have another chance to do so later today. As I have set out during our debates, representatives of the industry itself have said that it is in the interests of savers to invest in a wider range of assets. That reflects lessons from across the industry—from open defined-benefit schemes, but also from those in the rest of the world, where the lack of exposure of the UK’s defined-contribution schemes to that wider range of assets makes it stand out. We have introduced a reserve measure to backstop the changes that the industry says are needed to solve a collective action problem. I will not try the patience of the House by repeating them now, but the aim is to ensure that savers do not lose out. We have also put in place significant protections relating to an affirmative vote, as well as the savers’ interest tests that enable pension schemes to spell out what is in the interests of their members.

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