Contributions
513 recent contributions in Hansard
HANSARDPension Schemes Bill (Fifth sitting)I am not entirely happy with the Minister’s comments. I am slightly surprised, and I thought he might have listened a bit more carefully. We absolutely understand the economies of…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)On a point of order, Ms McVey. Might it be easier, for brevity, if we vote on amendments 251 to 253 together?09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)The Bill sets a minimum asset threshold of £25 billion for workplace pension schemes to operate as megafunds by 2030. This is not, in itself, particularly controversial, and we…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)Amendments 248 and 249 talk about removing mandation—something I spoke about when we debated clause 38, so I will not cover those amendments other than to say that it is something…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)I beg to move amendment 248, in clause 38, page 41, line 4, leave out from beginning to end of line 9 on page 43. This amendment would remove the ability of the Government to set…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)I beg to move amendment 250, in clause 38, page 37, line 12, at end insert “or (c) the relevant Master Trust meets the innovation exemption requirement.”09 Sept 2025HANSARDPension Schemes Bill (Sixth sitting)I thank the Minister for talking through the amendments. We understand the intention behind them, but we are worried that, as can often be the case, there may be an unintended…09 Sept 2025HANSARDPension Schemes Bill (Sixth sitting)I completely understand that. The question is, what is plausible? One man’s plausible might be another man’s impossible. That is the bit that we are worried about: how to ensure…09 Sept 2025HANSARDPension Schemes Bill (Sixth sitting)I rise to speak to new clause 32, which looks at the effects of some of the changes on the UK gilt market. Defined-benefit pension schemes are major holders of UK Government…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)This is rather strange, because I wanted to intervene on the intervention, but I hope that my hon. Friend will come on to the various other things that we have proposed. For…09 Sept 2025HANSARDPension Schemes Bill (Sixth sitting)I beg to move amendment 257, in clause 41, page 53, line 7, at end insert— “ 117GA FCA guidance (1) The FCA must issue guidance on contractual overrides. (2) Guidance on…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)We have no objection to the technical amendments, but we will oppose the whole clause.09 Sept 2025HANSARDPension Schemes Bill (Sixth sitting)I beg to ask leave to withdraw the amendment. Amendment, by leave, withdrawn. Amendments made: 143, in clause 41, page 53, line 8, leave out “Powers to make” and insert…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)I would like to speak to the wider clause before coming to our amendments. It is important to get on the record that this is a very bad clause. The Minister mentioned asset…09 Sept 2025HANSARDPension Schemes Bill (Fifth sitting)I think the Minister has got this the wrong way round. It was the lifetime pot, which was being paid into as people went around, that the industry did not like, because that was…09 Sept 2025HANSARDDraft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025
Draft Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025Quite right. The hon. Gentleman’s leader is with the parliamentary Labour party right now, I think, which will be very exciting. The regulations are technical, dry but welcome…08 Sept 2025HANSARDDraft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025
Draft Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025It is a great pleasure to speak in this incredibly dry debate about incredibly technical aspects of regulation. I am only disappointed not to see the new Economic Secretary to the…08 Sept 2025HANSARDPension Schemes Bill (Fourth sitting)As we have heard, the amendment authorises the use of surplus pension funds to contribute to the provision of free, impartial pension advice and guidance services to scheme…04 Sept 2025HANSARDPension Schemes Bill (Fourth sitting)In a broad sense, we are very happy to support the clause. There are, though, a number of issues, and the point about benchmarking and what performance is being valued against can…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)Any decision to release surplus funds from defined-benefit pension schemes should rest firmly, as we have discussed, with the trustees. It is important to emphasise that trustees…04 Sept 2025