The Pension Schemes Bill contains a time-limited power enabling government to compel DC pension funds to invest in a certain way if they failed to do so voluntarily. This proposal generated significant concern across the industry due to its potential implications for fiduciary duty.

In September 2025, the PMI and the Society of Pension Professionals (SPP) gave evidence to Parliament’s Pension Schemes Bill Committee opposing the power and calling for it to be removed or for it to be explicitly aligned line with the Mansion House Accord.

In December 2025, the PMI and SPP together with the APL and ACA, issued a Parliamentary briefing note urging policymakers to strengthen the link between the power and the Mansion House Accord, among other recommendations.

Today, Pensions Minister Torsten Bell MP said: The only purpose of the reserve power in the Pension Schemes Bill is to backstop the [Mansion House] Accord goals. We will ensure that is put beyond doubt. As the legislation enters its final phases in the House of Lords, we will ensure it is clear that the reserve power is only for this one purpose.” 

PMI Chief Strategy Officer Helen Forrest Hall said: “We welcome the government’s decision to limit the mandation clause. This is a positive step that reflects concerns that we and others have consistently raised about its impact on trustees’ fiduciary duty. We look forward to reviewing the amendment in detail as the Bill progresses."

SPP President Sophia Singleton, added: “We are pleased that our longstanding campaign to get the mandation power brought into line with the Mansion House Accord has proved successful and that the Minister has listened to the industry on this vitally important issue.” 

ENDS

Note to editors: 

Read our original press release: PMI & SPP unite in opposition to government mandation plans - The Pensions Management Institute

• The Pensions Management Institute (PMI) is the UK’s leading professional body for those working in pensions and retirement savings. With over 8,500 members, the PMI represents the broadest range of pensions professionals and trustees in the country. 
• Its members are responsible for managing and advising some of the world’s largest pension schemes, making key decisions on substantial financial matters. With more than £1 trillion invested in UK pensions, PMI members play a vital role in shaping the nation’s financial future. With five decades of experience, PMI remains at the forefront of pensions education and thought leadership. 

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