Speeches by Bell.

“Q So when you are thinking about segmenting, your main segmentation is size of pot and other pensions. Dale Critchley: It is the ability to take risk.”

“Q We all have work to do; it is never all over. Chris, this question is mainly for you, as I am conscious that you have done lots of work over an extended period on the dashboard. Obviously, there are elements of the Bill that relate to that—mainly relating to the PPF—but not many. However, is there anything you want t…”

“Q Given that you think that it is in savers’ interests to be well above the Mansion House targets, why have some people not got to those targets? Are they failing in their fiduciary duties? Why have they not got there yet? Ian Cornelius: It is hard to speak for others, but scale is an important factor, as we have talke…”

“Q Are you already doing that because you think that that is what is in savers’ interests? Ian Cornelius: Absolutely. It is providing attractive returns, it diversifies risk and it also invests in the UK.”

“And that compares to the Mansion House benchmarks of 10% and 5%. Ian Cornelius: The Mansion House commitment is 10% into private markets, with half of that into the UK, so we are already well ahead.”

“Q You have both been involved in the discussions with the industry on the wider move to private asset investments. As you talked about earlier, you are further along the journey than most. You know the numbers in the Mansion House accord. In lots of cases, I know you are planning to be significantly above those de mini…”

“Q This morning we heard from Legal and General and from Aviva on how they are planning to operationalise the requirements in the Bill on default drawdown products. I thought it would be good to give you the opportunity to answer the same question: how are you thinking about that within your organisation? Ian Cornelius:…”

“Q Could you explain a bit about what NEST has done in order to do that? Christopher Brooks: NEST has essentially negotiated with the private finance industry, and is not paying the “two and 20” classic fee structure, so it is not paying the performance fees. It has incorporated it all into its existing charges. If the …”

“Your metric for that is just other income sources plus size of pot? Dale Critchley: It is those main two at the moment. We are also working with a guy called Shlomo Benartzi, who is a behavioural science expert, to look at the whole concept of defaults in retirement. It is one thing defaulting people into taking £120 a…”

“The question to the witness is to expand a bit more on that point. In reality, this provides a “comply or explain” power. In terms of the point Charlotte was just making there, it is absolutely right about the ability of the trustees to say, “This is not in the interest of our members.” It might be worth talking a bit …”

“Q It is not right to say that mandation is at the centre of this Bill. There is one backstop power and there are a lot of clauses that we are going to spend a lot of the next few months—”

“It is. Sophia Singleton: —and we have said that we need to move the focus from cost to value, and we are seeing that very much come through in the culture within the industry, to be focusing on value. I have given evidence about funds recruiting investment teams to invest in these assets, because they are not simple to…”

“Q I definitely agree about the eighth wonder of the world. Thank you for coming this morning. This is the Committee’s first sitting, and it is great to have both of you before us. One of the features on the DC side of our pension landscape is the two different regimes that we are operating. The Government’s policy inte…”

“Q The other thing to touch on is that all the pools are moving towards FCA authorisation. What is your experience of that? Obviously, you are further ahead than most. Rachel Elwell: This is before I was employed to bring it to life. This is a decision our partner funds made really early, because they recognised the rea…”

“Q Since we have gone to mandation and surplus, I encourage you to clarify that the reserve power and the surplus measures in the Bill do not affect the LGPS in any way. Those are not within the remit of the Bill. Councillor Phillips: My understanding is that it is a back foot.”

“indicated dissent. Councillor Phillips: It is not a back foot?”

“I thank the hon. Member for his question. We discussed this issue at some length in the statement before the recess. He knows that the priority for the Labour party has been to raise the state pension by committing to the triple lock throughout this Parliament at a cost of £31 billion a year. For the new state pension,…”

“The hon. Lady only had to wait till next week’s Treasury questions, when she could have asked her question, but she has the same answer. What we should do is look at the record of parties and what they have done. When I look back over the last 14 years of Tory Budgets, I see a party—[Interruption.] And the Lib Dems; th…”

“I thank the hon. Member for his question, but would gently say that every time he opposes every single tax rise or any difficult choice in this House, he is saying that the Liberal Democrats are not a party that could deliver on commitments, for example, to the triple lock, which will increase in cost, as my right hon.…”

“I thank the hon. Member for his question, and I congratulate Members on all sides of this House who have run campaigns to drive up pension credit uptake. That is very important, and it is why we have seen 60,000 extra awards over the course of the year to July 2025 compared with the previous year. That work, which is v…”