L

Lord Sharkey (LD)

Speaking in the House of Lords on 5 February 2026

Debate

Pension Schemes Bill

Contribution

My Lords, I will speak briefly but enthusiastically in support of Amendment 205. The case for a review was eloquently put by the noble Viscount, Lord Younger, and its merits are surely obvious. I hope the Minister will be able to agree with that. In particular, I hope the review will take a close look at the situation that many Gen Z people find themselves in. Many work in the gig economy or are self-employed. The Gen Z average savings are small: 57% have pots smaller than £1,000 according to PPI data, and half of them cannot estimate their pots in any case. Perhaps alarmingly, 45% of Gen Z people rely heavily on social media for financial information—presumably delivered by animated cats. The proposed review could and should examine this in much more detail.

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