Pension Funds: Regulation

Department for Levelling Up, Housing and Communities written question – answered at on 5 December 2023.

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Photo of Baroness Ritchie of Downpatrick Baroness Ritchie of Downpatrick Non-affiliated

To ask His Majesty's Government, in relation to clause 12(2) of the Economic Activity of Public Bodies (Overseas Matters) Bill, what decisions about the management of an asset of a pension fund are not covered by decisions about the acquisition, retention or disposal of an asset of a pension fund.

Photo of Baroness Penn Baroness Penn Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)

The Economic Activity of Public Bodies (Overseas Matters) Bill only applies in relation to Local Government Pension Scheme funds when scheme managers are making an investment decision. Scheme managers are defined by statute and are predominately local authorities. A fund investment decision is defined in the Bill as a decision about the acquisition, management, retention, or disposal of an asset. Clause 1 does not apply to any decision that is not made by a scheme manager, nor any decision that falls outside of this definition.

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