Member

I turn briefly to other amendments in this group, starting with Amendment 218B in the name of the noble Baroness, Lady Bennett. I begin by acknowledging the principle that underpins it. Where I part company with the amendment is on the role it envisages for the Government. The amendment would require the Secretary of State to carry out a review of the social impact of pension schemes’ investments and to assess the efficacy of those investments in delivering what is described as social good. I am not persuaded that this is a task that needs to be taken up by central government or indeed that it is one that the Government are particularly well placed to perform. In practice, these are precisely the sorts of assessments that pension schemes already undertake. Trustees routinely review their investment strategies, consider evidence, assess risk and return and make judgments about the appropriateness of different asset classes in the light of their scheme’s objectives, liabilities and membership profile. That is their job, and it is one they are required to carry out in the best financial interest of their members.