Member

1: Before Clause 1, insert the following new Clause— “Purpose of the Act(1) The purpose of this Act is to—(a) deliver higher and more sustainable returns for pension savers;(b) address fragmentation across the pensions sector;(c) improve transparency and comparability in value for money;(d) enable clearer and fairer communication with members;(e) support greater consistency across pension provision;(f) support innovative and flexible approaches to saving;(g) provide employers with greater clarity to support their employees’ pension provision;(h) enable responsible and innovative use of pension scheme surplus;(i) improve understanding of pension liabilities and costs for local authorities;(j) strengthen actuarial transparency and routes to challenge contribution rates in the LGPS.(2) The Secretary of State, and any other persons taking actions under the provisions of this Act, must have regard to the purpose specified in subsection (1).”Member’s explanatory statement This amendment sets out the overarching purposes of the Act, including improving returns for pension savers, addressing fragmentation, strengthening value for money and transparency, supporting innovation and flexibility in pension provision, and improving outcomes for members, employers, and local authorities.