Pension Schemes Bill: Motion relating to Lords Reason 88Q

The Commons voted 279 to 164 on 27 April 2026 to insist on its rejection of Lords reason 88Q relating to the Pension Schemes Bill, with the motion passing. This was a procedural step in the ping-pong process between the two chambers, by which the Commons formally refused to accept the justification the Lords had given for maintaining their position on Amendment 88Q. The available Hansard record does not set out the specific text of Amendment 88Q, but the surrounding debate makes clear it formed part of a cluster of Lords amendments concerning asset allocation powers for defined contribution pension schemes. The vote sits within a sustained dispute over whether the government should have a reserve power to direct how pension schemes allocate their assets across different investment types, including private markets. The government argues the power is needed to underpin the Mansion House accord, a set of commitments from pension providers to invest more in productive assets, and has introduced a series of legislative safeguards to limit its scope and duration. Opponents argue that compelling pension schemes to invest in particular asset classes puts savers at risk and represents a form of government direction that undermines trustee independence. The practical consequence of the vote is that the Commons continued to block the Lords' challenge to this aspect of the Bill, keeping the government's proposed framework in place. Party lines held firm. All 271 Labour and Labour and Co-operative MPs who voted did so in favour, as did six SNP members and one SDLP member. All 99 Conservatives and 57 Liberal Democrats who voted opposed the motion, joined by five Democratic Unionist Party members and two smaller-party or independent MPs. There were no notable cross-party rebels in either direction.