Government scales back mandation power proposals in Pension Schemes Bill amendment

This comes as the bill continues the parliamentary ‘ping pong' process, with the House of Lords on Monday (20 April) disagreeing with the Commons' amendment to the clause – which was to introduce a limit to the extent it can mandate how schemes invest, bringing the power in line with the Mansion House Accord agreement – calling on MPs to "consider the matter again". After the Lords rejected the amendment, secretary of state for work and pensions Pat McFadden has proposed a ‘sunset' clause concession. This proposes the power will be time limited to the end of 2035 rather than falling a...