The PMI has strongly welcomed a vote by the House of Lords today to remove the investment mandation power from the Pension Schemes Bill.

Helen Forrest Hall, Chief Strategy Officer at the PMI, said: "Mandating how schemes invest risked exposing savers’ pensions to political influence and weakening trustees’ fiduciary duty to act solely in members’ interests. Removing the power helps protect the independence and professionalism that underpin good outcomes for savers.

"There are many positive measures in the Pension Schemes Bill which offer meaningful opportunities to strengthen the system. The PMI urges the Government to focus now on their successful implementation, and we look forward to working with them and industry to achieve this."

Note to editors: 

• 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. 

 Press contact: 

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