The Minister of State, Department for Work and Pensions (Baroness Sherlock) (Lab)

My Lords, the amendments here are minor and technical following Report, and the Government will not oppose them today. Amendment 4 in my name is also minor and technical. This amendment was tabled to correct an error concerning Amendment 178, which was moved by mistake on Report on Monday 23 March. As the noble Baroness, Lady Hayman, said, that amendment relates to the commencement of Amendment 156 on investment duties guidance, which was disagreed by the House. The amendment now removes the commencement clause to honour the usual channels’ agreement on the package, as it was a missed consequential amendment. In response to the questions from the noble Baroness, Lady Hayman—I commend her on her work on this important issue—the Government introduced their amendments to this House to honour the commitment given by my honourable friend the Minister for Pensions in the other place. Since the House disagreed with those amendments, obviously that cannot proceed. They were removed from the Bill in this House. Therefore, the other place will not get to consider them again. However, she is right that the need for guidance and clarity does not go away. The Government remain committed to improving clarity around trustees’ existing investment duties, including how schemes consider long-term and financially material factors such as climate and systemic risks, while maintaining their core duty to act in members’ best interests. We will press ahead with this important work. We are currently reviewing next step options to ensure this objective continues to be progressed in the most important way in the light of the decision of the House on this matter. The technical working group, which was discussed at some length in our proceedings, bringing together legal, actuarial and investment experts, will continue to play a central role in helping government develop high-quality guidance and ensuring it is workable, proportionate and valuable to schemes. Further updates will be provided in due course. I hope that gives enough information; it is all I am able to say at the moment. In the meantime, Amendment 4 is a necessary step, and I hope the House will support it.