- 03/12/2025
- Posted by: Valerie Vaz MP
- Category: Local News, News
The Pensions Bill returned to the Commons for the Third Reading on 3 December 2025.
The Bill aims to strengthen pension investment by increasing the amount available to private-sector pension schemes. The Bill will also enable reforms to investment management in the Local Government Pension Scheme (LGPS) in England and Wales.
There were 4 clauses and amendments selected for debate :
New Clause 3, tabled by Manuela Perteghella MP (Liberal Democrats) set out to require the Secretary of State to use regulations to provide for the use of a valid ‘SR1 form’ to allow a person to more easily demonstrate that they are terminally ill for purposes related to compensation from the Pension Protection Fund or Financial Assistance Scheme. This clause was lost: Ayes 87 Noes 299
New Clause 26, tabled by Steve Darling MP (Liberal Democrats) sought to allow the Secretary of State to establish investment funds to encourage investment in areas such as high streets, social housing, care homes, clean renewable energy, and other investments with clear social benefits. This clause was lost: Ayes 77 Noes 298
Amendment 16, tabled by Mark Garnier MP (Conservatives) aimed to remove the ability of the Government to set mandatory asset allocation targets for certain pension schemes, specifically requiring investments in UK productive assets such as private equity, private debt, and real estate. This amendment was lost: Ayes 143 Noes 304
Amendment 15, also tabled by Mark Garnier MP proposed to require the Government to issue and resolve a report before it can set quantitative baseline asset allocation targets for some pension scheme investments. This amendment was lost: Ayes 154 Noes 303
The Bill was then read a third time and passed. It will now be debated by the House of Lords at a later date.