Baroness Stedman-Scott (Con)

My Lords, I thank all noble Lords who have contributed to the debate on these amendments; I also thank the Minister for his response. I thank in particular my noble friend Lady Altmann for both her amendment and the way in which she explained it. Her expertise, track record and knowledge of this industry are second to none; I know that others in the Room are equally in that position. My noble friend Lady Scott made a very important point about local government reorganisation, which is bound to have an impact on pension schemes. The question that she asked on financial statements was pertinent. I have been intrigued to watch the relationship between my noble friend Lord Fuller and the noble Lord, Lord Davies of Brixton, develop. I am sure that it will become even more interesting as the Bill carries on. I can tell the noble Lord, Lord Davies of Brixton, that we have chapter and verse on the information to which we have referred today; where we are able to share it, we will do so. The Minister made the important point that the markets change; the skill is in knowing at what point to intervene and review matters, but it is important that we have the right process and framework in place to do so. In closing, I reiterate that this amendment is ultimately about making the system work as Parliament intended. Interim reviews exist on the statute book for a reason. They are meant to provide flexibility where circumstances change materially between formal valuations, and to prevent contribution rates becoming detached from economic reality. Yet where a safeguard exists in law but cannot be exercised in practice, it ceases to be a safeguard at all. This amendment seeks not to weaken the Local Government Pension Scheme or to second-guess actuarial judgment but to ensure that prudence operates as a balanced discipline rather than an inflexible default. Where funding positions have strengthened significantly and where contribution rates place growing pressure on local services, it is reasonable that employers should be able to access a clear, transparent and intelligible process to seek reassessment. Clarity matters here. Councils are legally required to manage their finances prudently, deliver value for money and protect essential services for local taxpayers. They cannot discharge those duties effectively if contribution-setting processes are opaque, thresholds are unclear or review mechanisms are practically out of reach. This amendment would simply align pension governance with those existing statutory responsibilities. It would make explicit how interim reviews may be requested, how they will be assessed and on what basis assumptions will be scrutinised. In doing so, it would strengthen confidence that decisions affecting billions of pounds of public expenditure are being taken proportionately, transparently and in full recognition of the real-world constraints under which councils operate. In short, it would turn a theoretical right into a usable one and restore the balance between member security, financial sustainability and the proper stewardship of public funds. That, I suggest, is not unreasonable but a modest and responsible objective. With that, I beg leave to withdraw my amendment.