A year ago, Labour brought forward proposals that would have allowed Rachel Reeves unprecedented power over where your pension is invested. The scope of that power was extraordinary: in principle, Ministers could have directed pension funds into projects of the Government’s choosing, regardless of whether that aligned with the best interests of savers.
Conservatives stood firmly against this. Working with colleagues and peers across Parliament, we fought to strip back, pare down, and box in those powers. As a result, saver protections are now significantly stronger, and the principle that fiduciary duty must prevail has been reinforced. When Government priorities conflict with trustees’ duties to pension savers, trustees must put savers’ best interests first.
This breakthrough is down to the extraordinary work of the pensions sector, pension savers, and determined parliamentarians who stood up for a basic principle: your pension belongs to you, not the Government.
As Conservatives in Opposition, we said we would fight to protect pension savers and hold the Government to account—and this demonstrates that we will do exactly that. Even from Opposition, robust scrutiny and determined pressure can force Ministers to rethink.
A special mention must go to my neighbouring MP and colleague, Helen Whately, who has continuously held the government to account on this issue in her position as Shadow Secretary for state for Work and Pensions.
While this is a significant step forward, I will continue pressing the Government to ensure that no administration can compel savers to invest their retirement funds in projects that are not in their financial interests.
Thank you to everyone who supported this campaign. It shows what can be achieved when people come together, speak out, and challenge the assumption that greater state control is always the answer.
