Speeches by Blackman.

“I have a question on the definition of “dormant”. The clause states that a pension pot is “dormant” if no contributions have been made for 12 months and if “the individual has, subject to any prescribed exceptions, taken no step to confirm or alter the way in which the pension pot is invested.” I am concerned that that…”

“On that point, perhaps I am reading the clause completely wrongly, but it says: “Small pots regulations…are subject to the affirmative procedure if they…are the first such regulations…otherwise, are subject to the negative procedure.” I am confused.”

“There is possibly cross-party consensus that there is no perfect answer to this problem, but there are lots of wrong answers. If the value had been set at £100,000 or at £1, those would have been very wrong answers. I applaud the way the Liberal Democrats have approached this, by looking at the responses they have rece…”

“When questioned on Tuesday, the Minister talked about the issues that had been raised about intermediate ratings, and the possibility of intermediate points within intermediate ratings. It would be helpful if he could confirm from the Front Bench that he will take action to ensure that the negative consequences that we…”

“I have a similar question to the one I had earlier. We need to ensure that those responsible for generating the data are kept in the loop and that they have enough of a timeline to create the correct data. The Government must listen if they say, “We’re very sorry, but we can’t this bit of data in the way that the Gover…”

“I rise to speak to clause 10 and the consultations that the Secretary of State will undertake in advance of making the value for money regulations. Subsection (7) says: “The Secretary of State must consult with such persons as the Secretary of State considers appropriate before— (a) making value for money regulations; …”

“Will the hon. Gentleman clarify what “long term members outcomes” means? Does it mean people that have been members of the scheme for a long time, or does it mean members’ outcomes over the long term? The amendment is ambiguous.”

“I think this is the place to do it. In fact, I think every place is the place to do it. When we debated the Advanced Research and Invention Agency Act 2022, for example, I proposed that the organisation should be created on a net zero basis. I have tabled many amendments to whatever Bill I have been faced with that hav…”

“The point is about the regulations on the surplus and the times at which schemes can pay it. It is not about looking at each individual scheme; it is about looking at the level that is set in the regulations. Much as I am sure that the Minister is having a lovely birthday, he would probably admit that he is not going t…”

“The Liberal Democrat and Conservative amendments are very different methods to achieve a similar outcome. Conservative amendment 258 is a bit wider, in the sense that it would require the affirmative procedure for a wider range of things, but both parties are concerned about the possibility of regulations allowing a su…”

“I am in massive agreement with putting more investment into the provision of advice. On Tuesday, we heard the terrible stats that only 9% of people actually get advice on their pension from a financial adviser. Yet this amendment is the wrong vehicle to achieve that, given that it is looking purely at DB surpluses. My …”

“The Minister has said that trustees are required to act in the interests of and to the benefit of scheme members. However, they are required to act so that members will get the benefits that they are promised under the pension. They are not required to act to the benefit of scheme members. As I said earlier, there is a…”

“I will speak specifically to amendments 260 and 265. Any communication with scheme members is a good thing, particularly if there are to be changes such as those we have been discussing. Sometimes, surplus extraction may not be for the benefit of scheme members; sometimes it may be for other reasons, and trustees have …”

“Would the Minister encourage those schemes that find that they want to release the surplus in relation to the uplift, but are struggling to get that process across the line, to go to the TPR, look at the guidance that is coming out and ask for assistance with making those discretionary uplifts?”

“As I said, I wanted to hear from the Minister. I agree that trustees should be the ones making the decision on how to spend any surplus and whether to make an uprating. However, as some schemes are barred by their scheme rules from making such an uprating, my concern is about allowing them the flexibility to make it in…”

“There is an absolute veto power—a yes or no—but it is also about the power for trustees to be able to say to employers, “This is how we would like you to use the money.” There is less flexibility for trustees there. Once the money is handed over to the employers, there is no comeback for trustees if employers do not us…”

“I declare an interest as a holder of deferred membership of a local government pension scheme in Scotland, which will come into scope should the Government amendments go through, as I imagine they will. First, I thank the Government for working with the Scottish Government to make these changes and for taking the decis…”

“I want to ask the Minister about the comments made on Tuesday in relation to the transparency already required of local government pension schemes. My understanding is that local government pension schemes are already pretty transparent, and that they are required to publish significant amounts of information. On the a…”

“I was thinking about how the amendment would work in practice in my local area. I live in the Aberdeen city council area. We are landlocked. We are surrounded by the Aberdeenshire council area. If those local authorities were in separate local government pension schemes, the effect of the amendment would be that Aberde…”

“If the hon. Member for Wyre Forest can confirm that he does not intend the change to apply in Scotland, because we do not have strategic authorities, I am quite happy not to vote for or against it and to leave it to those who do have strategic authorities.”