Labour U-turned on its Pension Schemes Bill last night to get it through the Lords after three rounds of ping pong. Torsten Bell has egg on his face…
Bell’s bill would force “mandation” on pension schemes – effectively giving ministers the power to direct where savers’ cash was invested in any given situation. Funneling private cash at doomed political pet projects, for example…
Reeves (and Tory Chancellors before her) has long attempted to exercise control over the large pension pool. The ‘Mansion House’ accords demanded funds put 10% investment in private markets by 2030 with a requirement to put half of that in the UK – something the bill seeks to make mandatory…
The government lost in the Lords for the fourth time on Monday night. New amendments were tabled last night to weaken mandation, cap it, expire it in 2032 if unused, and repeal it no matter what in 2035. Mandation powers no longer extend to all pension schemes. It received the Lords’ assent. It is still an overreach…
Torsten will be hoping to survive an upcoming reshuffle. Do not ask for whom the bell tolls…
UPDATE: Shadow Work and Pensions Secretary Helen Whately reflected:
“Crucially, the Bill now protects fiduciary duty – the foundation upon which trust in our pension system rests. In any conflict between savers’ interests and minister’s ambitions, savers will now win. We welcome the Government’s u-turn on this fundamental flaw in the Bill.
But mandation is wrong in principle: pensions belong to savers, not ministers. As ever Labour thinks the state is the always the answer. They are wrong. Conservatives will repeal mandation.”
Red Wall Labour backbencher Jonathan Brash told GB News that Starmer should resign:
“I’m completely fed up about it, and I think it’s got to the point now where I genuinely think that, as far as the Prime Minister is concerned, it’s not a case of if, it’s when.”