Government decision to maintain reserve investment power 'disappointing'

As the bill returned to the House of Commons yesterday (15 April), MPs discussed the reserve power to mandate defined contribution scheme investment, after the House of Lords opposed the power. Last week, the government published an amendment confirming a limit on the reserve power – noting it will not require schemes to invest more than 10% of total assets held in default funds or more than 5% in UK-based assets – which it confirmed in parliament yesterday. The pensions sector says while the government has confirmed a limit on the power, the decision to maintain the power at all is "...