Member

The noble Baronesses, Lady Bowles and Lady Altmann, have developed this argument further by addressing the treatment of investment companies. I wish in particular to draw the Committee’s attention to Amendment 123, which would ensure that pension schemes are able to consider UK-listed closed-ended investment companies, including investment trusts and real estate investment trusts, when selecting investments that can support long-term growth in the UK. In doing so, it builds on the earlier work of the noble Baroness, Lady Bowles, in this area and on the wider principles that she so effectively brought before the Committee when she introduced Amendment 10 at an earlier stage. It was also heartening at this point to have support from the noble Lord, Lord Davies, and my noble friend Lord Remnant—an unusual coalition across the Committee.