mandation<\/a>\u201d on pension schemes \u2013 effectively giving ministers the power to direct where savers\u2019 cash was invested in any given situation. Funnelling private cash at doomed political pet projects, for example\u2026<\/p>\nReeves (and Tory Chancellors before her) has long attempted to exercise control over the large pension pool. The \u2018Mansion House\u2019 accords demanded funds put 10% investment in private markets by 2030 with a requirement to put half of that in the UK \u2013 something the bill seeks to make mandatory\u2026<\/p>\n
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\u2019 assent. It is still an overreach\u2026<\/p>\n
Torsten will be hoping to survive an upcoming reshuffle. Do not ask for whom the bell tolls\u2026<\/p>\n
UPDATE: Shadow Work and Pensions Secretary Helen Whately reflected:<\/p>\n
\u201cCrucially, the Bill now protects fiduciary duty \u2013 the foundation upon which trust in our pension system rests. In any conflict between savers\u2019 interests and minister\u2019s ambitions, savers will now win. We welcome the Government\u2019s u-turn on this fundamental flaw in the Bill.<\/p>\n
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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Labour U-turned on its Pension Schemes Bill last night to get it through the Lords after three rounds…\n","protected":false},"author":2,"featured_media":25367,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4429,5,6],"class_list":{"0":"post-25366","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"tag-pensions","9":"tag-uk","10":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116490586232599289","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/25366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=25366"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/25366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/25367"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=25366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=25366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=25366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}