Member

The Government have suggested that the pensions industry has committed, under the Mansion House Accord, to investing 10% of default funds in private assets by 2030, and that the mandation power in the Bill merely exists as a reserve power should the industry fail to deliver. That argument has been reinforced publicly by the Pensions Minister, Torsten Bell. In a recent episode of the “Making Money” podcast, he stated that, if the industry does not get there voluntarily, “they”—meaning the Government—will “have to do something”. In the same discussion, he described the industry as facing a collective action problem, saying to providers that