Pension Schemes Bill – in the House of Commons at 5:00 pm on 3 December 2025.
Votes in this debate
Amendments made: 37, page 39, line 17, after “Trust” insert “(“the RMT”)”.
This amendment introduces a defined term which is used in text added to the inserted section 28A by Amendment 42 and other amendments.
Amendment 38, page 39, line 20, leave out “relevant master trust” and insert “RMT”.
This amendment is consequential on Amendment 37.
Amendment 39, page 39, line 23, leave out “A relevant Master Trust” and insert “The RMT”.
This amendment is consequential on Amendment 37.
Amendment 40, page 39, line 25, leave out “and” and insert “to”.
This amendment is consequential on Amendment 42.
Amendment 41, page 39, line 29, leave out “relevant master trust” and insert “RMT”.
This amendment is consequential on Amendment 37.
Amendment 42, page 39, line 33, at end insert—
“(aa) if one or more relevant Master Trusts are connected with the RMT, the total value of assets of those schemes that—
(i) represent accrued rights of members of those schemes,
(ii) are held subject to the main scale default arrangement, and
(iii) are managed under the investment strategy mentioned in paragraph (a)(iii);”.
This amendment ensures that, when determining whether a relevant Master Trust has sufficient assets to be approved under the new section 28A of the Pensions Act 2008, the assets of connected relevant Master Trusts are included.
Amendment 43, page 39, leave out lines 34 and 35 and insert—
“(b) if one or more group personal pension schemes are connected with the RMT, the total value of assets of those schemes that—”.
This amendment is consequential on Amendment 44.
Amendment 44, page 40, line 1, leave out subsection (5) and insert—
“(5) A reference in subsection (4) to a relevant Master Trust or a group personal pension scheme being ‘connected’ with the RMT is to a relevant Master Trust or a group personal pension scheme having a prescribed connection with the RMT.
(5A) Regulations under subsection (5) may, for example, provide—
(a) that a relevant Master Trust is connected with the RMT only if it has the same scheme funder or scheme strategist as the RMT, or
(b) that a group personal pension scheme is connected with the RMT only if its provider is also the scheme funder or scheme strategist of the RMT.”
This amendment would mean that regulations would set out the relationship that must exist between the RMT and other relevant Master Trusts, or group personal pension schemes, for their assets to be pooled for the purposes of gaining approval under the new section 28A of the Pensions Act 2008.
Amendment 45, page 40, line 31, leave out “the” and insert “a”.
This amendment clarifies that the reference is not to a particular relevant Master Trust.
Amendment 46, page 40, line 37, leave out “Regulator” and insert “Authority”.
This amendment ensures consistent use of the defined term “the Authority”.
Amendment 47, page 42, leave out lines 1 and 2 and insert—
“(b) if one or more group personal pension schemes are connected with the GPP, the total value of assets of those schemes that—”.
This amendment is consequential on Amendment 49.
Amendment 48, page 42, leave out lines 8 and 9 and insert—
“(c) if one or more relevant Master Trusts are connected with the GPP, the total value of assets of those schemes that—”.
This amendment is consequential on Amendment 49.
Amendment 49, page 42, line 27, leave out subsection (8) and insert—
“(8) A reference in subsection (4) to a group personal pension scheme or a relevant Master Trust being “connected” with the GPP is to a group personal pension scheme or a relevant Master Trust having a prescribed connection with the GPP.
(8A) Regulations under subsection (8) may, for example, provide—
(a) that a group personal pension scheme is connected with the GPP only if it has the same provider as the GPP, or
(b) that a relevant Master Trust is connected with the GPP only if its scheme funder or scheme strategist is also the provider of the GPP.—(Torsten Bell.)
This amendment would mean that regulations would set out the relationship that must exist between the GPP and other group personal pension schemes, or relevant Master Trusts, for their assets to be pooled for the purposes of gaining approval under the new section 28B of the Pensions Act 2008.
Amendment proposed: 16, page 43, line 38, leave out from beginning to end of line 27 on page 46.—(James Wild.)
This amendment would 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.
Question put, That the amendment be made.
Division number 379
Pension Schemes Bill: Amendment 16
The House divided: Ayes 143, Noes 304.
Question accordingly negatived.
Amendment proposed: 15, page 46, line 9, leave out from “Before” to the end of the subsection and insert
“implementing the first set of regulations under subsection (1) the Secretary of State must—
(a) prepare and publish a report regarding—
(i) what barriers pension funds, based in the United Kingdom, are facing that are preventing them from investing back into the United Kingdom due to—
(A) legislation introduced after The Pensions Act 1995;
(B) regulations introduced by the Financial Conduct Authority, Prudential Regulation Authority, HM Treasury, or Bank of England;
(C) cultural and market behaviours;
(ii) how financial interests of members of relevant Master Trusts and group personal pension schemes would be affected by the proposed regulations;
(iii) what effects the proposed measures could be expected to have on economic growth in the United Kingdom;
(iv) any other matters the Secretary of State considers appropriate; and
(b) respond to any recommendations or issues raised in the report.”—(James Wild.)
This amendment prevents use of the reserved mandation powers in this Bill until the Government produces a report on the reasons why the powers are needed and the effects of the use of the powers and resolves any issues raised in the report.
Question put, That the amendment be made.
Division number 380
Pension Schemes Bill: Amendment 15
The House divided: Ayes 154, Noes 303.
Question accordingly negatived.
Amendments made: 50, page 48, line 17, after “28A” insert “or 28B”.
This amendment adds a missing cross reference.
Amendment 51, page 51, line 22, leave out “Regulator” and insert “Regulatory Authority”.
This amendment clarifies that the reference in the new section 28J(2)(a) of the Pensions Act 2008 is to the Regulatory Authority (as defined by regulations under the new section 99(2) of that Act).
Amendment 52, page 52, line 31, leave out “they” and insert
“the provisions mentioned in paragraphs (a) and (b)”.—(Torsten Bell.)
This amendment clarifies that transition pathway relief will be repealed five years after the relief first becomes available.
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As a bill passes through Parliament, MPs and peers may suggest amendments - or changes - which they believe will improve the quality of the legislation.
Many hundreds of amendments are proposed by members to major bills as they pass through committee stage, report stage and third reading in both Houses of Parliament.
In the end only a handful of amendments will be incorporated into any bill.
The Speaker - or the chairman in the case of standing committees - has the power to select which amendments should be debated.
