Contributions
513 recent contributions in Hansard
HANSARDPension Schemes Bill (Second sitting)Q It is difficult. You raised the point about geographical location and that a mayoral authority could have three different funds within it. More important, Cornwall county…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q So the key point is that every single investment must be done on a benefit analysis rather than a social good analysis? Councillor Phillips: If you do not do that, I do not know…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q Ironically, I met some annuity providers who are enthusiastic to invest in equities, but they told me that they are being prevented from doing so. For example, an investment in…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q There is potential for surpluses to be paid back into the community. Is that not a good alternative for that type of more social investment as opposed to non-commercial…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q That is very helpful. Robert, would you like to add anything? Robert McInroy: Yes, on the last point about surpluses. I am a fund actuary. We are working through the 2025…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q I have one final question. The key point, from the point of view of your members and the local government pension scheme, is that the interest of the members should not be…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Would you suggest a higher hurdle for valuations in terms of surplus distribution? Robert McInroy: That has been discussed on a fund-by-fund basis—whether the funding target…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Would you support that? Robert McInroy: I support looking at the range of options, which includes reducing employer contributions and flexing investment strategy, including for…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q Thank you very much for coming to give evidence. Can I get straight into a detailed question regarding the repayment of surpluses, starting with the local government pension…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)That is very helpful; thank you.02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q I agree that is an important principle, but if you are a trustee, you are potentially personally liable for any deficits, and you could get yourself in trouble. I will come on…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q There has been a lot of talk about mandation, which you will be well aware of. Over the time that I have been researching it, over the last few months, we have had pretty much…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Helen, can I pick up on your comment that you have to make long-term decisions? These reserve powers have a sunset clause that will apply in 2035. Presumably, if you are making…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q I will turn to DB pension schemes—where you have a sponsor company. For example, I have heard the British Telecom pension scheme described as a pension scheme with a telephone…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q So if this clause is passed, we could potentially see a drop-off in the performance of pension funds? Helen Forrest Hall: I am not sure that we would draw a direct correlation,…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q Would you be happy if the full £130 billion was released, and therefore these pension funds were right down to the wire, even if they are still technically in surplus? Patrick…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q It has been suggested to me that the mere fact that this reserve power is in existence may subconsciously encourage funds to invest in the UK, and that therefore they can…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q It is happening; that is very good, and it is good to hear that there is a pipeline being developed. It is certainly something that has been talked about for a number of years.…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)But you would rather see the opportunities first? Sophia Singleton: Absolutely—we would love to see the opportunities first. Helen Forrest Hall: The other dynamic there is that…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)That is very helpful; thank you very much.02 Sept 2025