Member

Let me be equally clear about what this is not. As the noble Baroness, Lady Bowles, said, this is not opposition to productive investment, nor is it opposition to pension schemes investing in a broader range of assets, including private markets or UK growth assets. What we oppose is the principle of the state directing investment decisions and, in doing so, cutting across trustees’ fiduciary duty to act in the best financial interests of their members. This was a point made most eloquently by the noble Lords, Lord Sharkey and Lord Vaux, and my noble friend Lady Noakes.