The government has proposed a scaled back version of its Pension Schemes Bill investment mandation clause as the House of Lords continues to reject it.
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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
