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513 recent contributions in Hansard
HANSARDPension Schemes Bill (Second sitting)Q There was an interesting intervention yesterday from the Reform party about local government pensions. I know that is not necessarily part of what we are talking about now, but…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q I want to ask about the value for money framework. There seem to be a lot of fans of the value for money framework. Are Phoenix as enthusiastic about it as everyone else seems…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q I completely agree: I think it is absolutely right that the more money you have, the more negotiating power you have and the more you can diversify risk and all the rest of it.…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Yes, that is kind of helpful. Patrick, could I turn to you? We met and had a very interesting chat. One thing we discussed was the scale of the funds. There is a requirement in…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Do they know that they can do that? Somebody who is changing jobs quite a lot would not necessarily be the sort of person who is making strategic decisions about their…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q One of the original ideas of the last Government was to have a lifetime pot, whereby an employee would pay into a fund, but it was deemed by the industry to be quite difficult…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Ian, can I start with you? One of the problems with auto-enrolment is where individuals move from one job to the next, not with a small pot under £1,000 but with a slightly…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)That is very helpful; thank you very much.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)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)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 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 (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 (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)That is very helpful; thank you.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 (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 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 (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 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 2025