B

Baroness Sherlock (Lab)

Speaking in the House of Lords on 3 February 2026

Debate

Pension Schemes Bill

Contribution

The Bill as a whole is trying to pursue scale and is trying to mirror what the Mansion House Accord did. I have been through that argument many times. We are seeking solely a reserve power to act as a backstop to an industry-led decision. The industry itself has decided to go in this direction. It is a simply a reserve power, and the reason why we are using it is that we know that there remains a risk that people will not all follow through on it because of the excessive focus on cost and the competitive advantage that may come from backsliding on that. I fully accept that the noble Baroness does not agree, but those are the Government’s arguments. I hope that the noble Baroness will withdraw the amendment.

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