Contributions
803 recent contributions in Hansard
HANSARDPension Schemes Bill (Second sitting)Q Thank you both for joining us today. I want to ask you to reflect on the internal consistency of some of what you have said. Implicit in what you are saying is that pension…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q The reserve power is about automatic enrolment contributions; it has no impact on the LGPS. It is the same for surplus: the changes do not apply to the LGPS. Could you confirm…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)indicated dissent. Councillor Phillips: It is not a back foot?02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Since we have gone to mandation and surplus, I encourage you to clarify that the reserve power and the surplus measures in the Bill do not affect the LGPS in any way. Those are…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Your metric for that is just other income sources plus size of pot? Dale Critchley: It is those main two at the moment. We are also working with a guy called Shlomo Benartzi, who…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q We all have work to do; it is never all over. Chris, this question is mainly for you, as I am conscious that you have done lots of work over an extended period on the dashboard.…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q It is lovely to see you again, Rachel. Thanks for making the time today. A few people have asked questions about the LGPS through the lens of member engagement. There are…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q The other thing to touch on is that all the pools are moving towards FCA authorisation. What is your experience of that? Obviously, you are further ahead than most. Rachel…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q It is not right to say that mandation is at the centre of this Bill. There is one backstop power and there are a lot of clauses that we are going to spend a lot of the next few…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q I definitely agree about the eighth wonder of the world. Thank you for coming this morning. This is the Committee’s first sitting, and it is great to have both of you before us.…02 Sept 2025HANSARDPension Schemes Bill (First sitting)The question to the witness is to expand a bit more on that point. In reality, this provides a “comply or explain” power. In terms of the point Charlotte was just making there, it…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q As we have just heard, there is some cross-party agreement that the main purpose of the changes is ensuring that we drive up the returns to members—particularly financial…02 Sept 2025HANSARDPension Schemes Bill (First sitting)Q I want to move to DC pensions, not just DB, given what you do. One of the larger changes in this Bill for your providing to savers is on the default pension benefit solutions.…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Given that you think that it is in savers’ interests to be well above the Mansion House targets, why have some people not got to those targets? Are they failing in their…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Are you already doing that because you think that that is what is in savers’ interests? Ian Cornelius: Absolutely. It is providing attractive returns, it diversifies risk and it…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)And that compares to the Mansion House benchmarks of 10% and 5%. Ian Cornelius: The Mansion House commitment is 10% into private markets, with half of that into the UK, so we are…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q You have both been involved in the discussions with the industry on the wider move to private asset investments. As you talked about earlier, you are further along the journey…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q This morning we heard from Legal and General and from Aviva on how they are planning to operationalise the requirements in the Bill on default drawdown products. I thought it…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)I was encouraging you to say that; you got there. Helen Forrest Hall: Apologies; we are very, very supportive of the vast majority. This is basically the one substantive issue…02 Sept 2025HANSARDPension Schemes Bill (Second sitting)Q Again, I would look at the actual history of what happened. The industry committed to private assets under the previous Government, and it is failing to deliver on that because…02 Sept 2025