Pensions

House of Lords written question – answered on 25th February 2014.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty’s Government whether they, or any pension schemes underwritten or directed by trustees appointed by them, including the National Employment Savings Trust, have shareholdings in Barclays Bank; and whether they will advise or direct them on how to exercise their vote on the bank's remuneration policy.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

Within the public sector there are a large number of pension schemes which operate under a wide range of differing governance models, depending on their level of independence from central government, legislative basis and their funding arrangements.

The majority of the schemes which are funded (i.e. those that maintain real assets) are subject to the general requirements of DWP pensions legislation, and the regulatory and governance structures which that imposes. For those which are not subject to these rules, similar procedures and rules are generally put in place. It is therefore for the trustees of those individual schemes to ensure that they are operating within these structures and that their roles as shareholders, where these exist, are exercised appropriately.

As with all trust based schemes, responsibility for investment decisions for the National Employment Savings Trust lies with the trustee.

The Government does not, therefore, have a central record of individual schemes' asset portfolios.

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