Helen Forrest Hall, Chief Strategy Officer at the PMI, said:     

“While the PMI remains fundamentally opposed to the principle of a reserve investment power and its potential to impede fiduciary duties, we strongly support the wider Pension Schemes Bill and its objectives to deliver better outcomes for savers. 

“We welcome the government’s decision to amend the Bill so that the reserve power more closely aligns with the Mansion House Accord, even though the Accord is a voluntary agreement that not all schemes have signed up to. We now await the response from Peers in the House of Lords.    

“At this stage, we remain concerned that this power will remain in legislation until at least the end of 2035, and so we continue to call for the ‘sunset provision’ to be brought forward to give schemes greater certainty and remove political risk.     

“We would also now like to see more granular details on how the power would be applied, particularly as to what a “UK-specific description” means in practice, and an update on the Mansion House Accord investment opportunities the Government has promised.” 

Press contact: 

For media enquiries, please contact Matt Adams, Head of Media and PR at pressoffice@pensions-pmi.org.uk