Financial Services and Markets Bill — Report (3rd Day) — Amendment 104 — 13 Jun 2023 at 18:00
Moved by Baroness Chapman of Darlington
104: After Clause 71, insert the following new Clause-“Defined contribution and defined benefit pension funds investment review(1) The Treasury must publish a review of how to incentivise defined contribution (DC) and defined benefit (DB) pension funds to invest in high-growth firms and a diverse range of long-term assets in the United Kingdom, which must include green infrastructure.(2) The review must consider how best to do this while protecting the safeness and soundness of pension funds.(3) In carrying out the review, the Treasury must consult-(a) the Department for Work and Pensions,(b) the Department for Business and Trade,(c) the Pensions Regulator,(d) the FCA,(e) the PRA,(f) the Pension Protection Fund,(g) pension trustees, and(h) relevant financial services stakeholders.(4) The review must consider the merits of-(a) amending the definition of “specified scheme” within the meaning of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (S.I. 1996/1715) so as to increase the threshold of such DC schemes in respect of which trustees and managers are required to produce a value for members assessment under regulation 25 of those Regulations;(b) adjusting the terms of reference for DB Local Government Pension Schemes (LGPS) funds to consider regional development as an investment factor;(c) establishing frameworks to enable DB pension funds to invest in firms and infrastructure alongside the British Business Bank.(5) The Treasury must prepare a report on the outcome of the review, and lay it before Parliament within one year of the passing of this Act.”Member’s explanatory statementThis amendment would compel the Treasury to publish a review within a year of Royal Assent on how to incentivise pension fund schemes to invest in high-growth firms and green infrastructure. The review would have to consider requiring DC schemes to assess the merits of: consolidation, establishing frameworks for British Business Bank investments (so that DB pension schemes will be able to invest alongside them), and adjusting the terms of reference for Local Government Pension Schemes (so they consider regional development as an investment factor).
Ayes 192, Noes 210.
Votes by party, red entries are votes against the majority for that party.
What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Not-Content)||Minority (Content)||Turnout|
|Con||186 (+2 tell)||0||68.1%|
|Lab||0||107 (+2 tell)||60.6%|
|Lord Berkeley of Knighton||Crossbench||no|
|Baroness Cavendish of Little Venice||Crossbench||no|
|Viscount Colville of Culross||Crossbench (front bench)||no|
|Lord Craig of Radley||Crossbench||no|
|Baroness Deech||Crossbench (front bench)||no|
|Lord Hogan-Howe||Crossbench (front bench)||no|
|Lord Macpherson of Earl's Court||Crossbench (front bench)||no|
|Lord Vaux of Harrowden||Crossbench (front bench)||no|
|Baroness Fox of Buckley||Non-affiliated||no|
|The Earl of Kinnoull||Non-affiliated (front bench)||no|
|Baroness Stowell of Beeston||Non-affiliated (front bench)||no|
|Lord Taylor of Warwick||Non-affiliated||no|