L

Lord Ashcombe (Con)

Speaking in the House of Lords on 26 January 2026

Debate

Pension Schemes Bill

Contribution

My Lords, I remind the Committee of my interest as an employee of Marsh, which owns Mercer, a pension and investment advisory management company. I did not intend to speak on this group but I do not believe that financial size is the be-all and end-all. In my world, working for a very large insurance broker, we think we have advantages in the marketplace. However, it would be remiss of me to ignore not only the smaller operations but the many small boutique entities that are experts in a very narrow and small field. It is very unlikely that they will ever become one of the large operations. Although size can be useful, the smaller experts are essential to the marketplace and, you might argue, keep the larger operations honest. I do not believe this picture is anything different from that of the pensions industry. These amendments address the benefits of the new and smaller entities being a necessary part of the market, and should be welcomed.

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