Member

Secondly, trustees and fund managers currently bear a legal responsibility to protect and grow these savings. If mandated investments failed, who would be accountable for the losses? Thirdly, this measure risks politicising the process. The role of trustees is to secure the best return for members, not to follow political whims. This is taxpayers’ hard-earned savings, not the Government’s money. The Government have already secured a commitment from industry to invest more into the UK through the Mansion House accord, which we support. We have only to look at comments from the Association of British Insurers, the Pensions Management Institute, Aviva, the Society of Pension Professionals and many others to see that they oppose this mandation power. The industry does not agree with the Government’s approach and neither do we, which is why we voted against these powers in Committee and why we intend to press our amendments to a vote today.