Caroline Nokes
MP for Romsey and Southampton North · Conservative · United Kingdom
“I thank the right hon. Gentleman for his point of order. He will be conscious that there are in the region of 15 more Members wishing to speak in this debate, and we have not yet heard from the Minister, so I am not minded to accept a closure motion at this point.”
“(3) For paragraph (3A) substitute— “(3A) The returning officer shall also provide each polling station with such equipment as is necessary to ensure that relevant persons are able to vote independently and in secret, including— (a) tactile equipment that enables the voter to navigate the ballot paper and accurately mark their chosen candi…”
“(2) During the period commencing 30 minutes before the time appointed for the taking of a poll at an election, and ending 30 minutes after the close of the said poll, a person shall not, in or in the curtilage of a polling station or in any place within 50 metres of such station, for the purpose of promoting the interest of a political pa…”
“New clause 97— Power of Electoral Commission to require disclosure from financial institutions — “In Schedule 19B of the Political Parties, Elections and Referendums Act 2000 (investigatory powers of Commission), after paragraph 1 insert— “Power to require disclosure from financial institutions 1A(1) The Commission may give a disclosure n…”
“() In paragraph 6 of schedule 6 (Donations from impermissible donors), after “section 54(1)(a)” insert— “or section 55B.” (8) In Schedule 20, in Table after Section 56(3) or (4) (failure to return donations) On summary conviction: statutory maximum or 6 months On indictment: fine or 1 year” Insert— Section 55A(8) (cap on donations) On sum…”
“(2) The specified elections for the purposes of subsection (1) are— (a) UK parliamentary elections, and (b) local government elections in England and Wales.”
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“Order. It would be very helpful if Members could keep their contributions to around five minutes or less. That will enable me to get everybody in.”
“I will make the same entreaty that I made in the last debate. If hon. Members are going to criticise other hon. Members of this House, they should have informed them in advance; I trust that the hon. Member for Leyton and Wanstead (Mr Bailey) did so in relation to the hon. Member for Clacton (Nigel Farage). I call John Cooper.”
“I thank the hon. Gentleman for giving notice of his point of order. While the Chair is not responsible for the content of contributions made by Ministers, I am sure that those on the Treasury Bench have heard his comments this afternoon and, if an error has been made, I am sure it will be corrected as soon as possible.”
“Those speaking on the motion should set out their arguments clearly. Intemperate abuse is out of order on this motion as much as on any other. I inform the House that the Speaker has not selected the amendment. I call the shadow Chancellor to move the motion.”
“Before I call the shadow Chancellor to move the motion, I remind Members that, as “Erskine May” says: “Good temper and moderation are the characteristics of parliamentary language. Parliamentary language is never more desirable than when a Member is canvassing the opinions and conduct of their opponents in debate.” The reason that matters in this particular debate, and does not really occur in other debates, is that this debate is on a substantive motion directly relating to the conduct of the right hon. Member for Leeds West and Pudsey (Rachel Reeves). In this debate, because it is on a substantive motion of this kind, arguments intended to criticise or defend the Chancellor’s conduct relating to public finances are in order. Therefore, things may be said that the Chair would not normally permit in other proceedings.”
“In accordance with precedent, I will cast the casting vote Aye, to allow further debate. The Ayes have it, the Ayes have it. Question accordingly agreed to. Ordered, That Dr Al Pinkerton, Ed Davey, Daisy Cooper, Wendy Chamberlain and Calum Miller present the Bill. Dr Al Pinkerton accordingly presented the Bill. Bill read the First time; to be read a Second time on Friday 16 January 2026, and t o be printed (Bill 345).”
“Order. The shadow Secretary of State has taken even longer than the Secretary of State and is well over her time limit. I call the Secretary of State.”
“Order. The point of urgent questions is that they need to be short. The Liberal Democrat Front-Bench spokesperson also had limited time. Please can Members make their questions succinct, and can the Minister make her answers succinct too?”
“I thank the hon. Member for his point of order. He will know that it was not a point of order but a continuation of the urgent question, and it could have been put to the Minister earlier. However, he has put his point on the record.”
“Order. May I gently say to the hon. Member that this matter may well be sub judice and that the House therefore needs to tread very carefully when discussing it?”
“Before we come to the statement, I should inform the House that the case concerned is still technically sub judice until sentencing. However, the Government have made the judgment that the House should have an opportunity to consider this matter, as it raises issues of national importance, and the accused has pleaded guilty. Mr Speaker has therefore granted a limited waiver so that Members may discuss the issues raised in the context of the case. Members should not speculate about sentencing issues and should also be cautious about prejudicing any ongoing investigations.”
“Order. The Minister will know that he should have restricted himself to three minutes for his response. That appears to have been four and a quarter minutes.”
“Order. Before I call the Minister, may I make the point to those on both Front Benches that the Minister responding to an urgent question has three minutes? The Opposition Front Bencher, the hon. Member for Brentwood and Ongar (Alex Burghart), should have taken two minutes, and I should advise the Liberal Democrat spokesperson that she has one minute. I commend the hon. Member for Warwick and Leamington (Matt Western) for managing to stay well within his two minutes. I call the Minister.”
“Amendment 14, page 48, line 15, leave out paragraphs (a) to (c) and insert— “(a) The scheme in question demonstrates strong potential for growth and an ability to innovate, and” This amendment would revert the text of section 28F(2) on the eligibility conditions for new entrant pathway relief to its form in the Bill as introduced. Government amendments 50 to 85. Amendment 13, in clause 117, page 120, line 19, leave out “2035” and insert “this Parliament” This amendment provides that if section 40 is not commenced before the end of the current Parliament in respect of the insertion of certain provisions, then the insertion of those provisions would be automatically repealed at that time. Government amendments 86 to 89.”
“Amendment 15, page 46, line 9, leave out from “Before” to the end of the subsection and insert “implementing the first set of regulations under subsection (1) the Secretary of State must— (a) prepare and publish a report regarding— (i) what barriers pension funds, based in the United Kingdom, are facing that are preventing them from investing back into the United Kingdom due to— (A) legislation introduced after The Pensions Act 1995; (B) regulations introduced by the Financial Conduct Authority, Prudential Regulation Authority, HM Treasury, or Bank of England; (C) cultural and market behaviours; (ii) how financial interests of members of relevant Master Trusts and group personal pension schemes would be affected by the proposed regulations; (iii) what effects the proposed measures could be expected to have on economic growth in the United Kingdom; (iv) any other matters the Secretary of State considers appropriate; and (b) respond to any recommendations or issues raised in the report.” This amendment prevents use of the reserved mandation powers in this Bill until the Government produces a report on the reasons why the powers are needed and the effects of the use of the powers and resolves any issues raised in the report.”
“This amendment would remove the ability of the Government to set mandatory asset allocation targets for certain pension schemes, specifically requiring investments in UK productive assets such as private equity, private debt, and real estate.”
“Amendment 12, page 14, line 13, at end insert— “(iv) the compliance of the investment portfolio with statutory and regulatory targets for reducing sewage discharges by water and sewerage undertakers, including metrics for assessing related environmental and financial risks and opportunities;” This amendment would require pension funds and managers to monitor and report on the performance of water and sewerage companies they invest in against targets for reducing sewage discharges. Government amendments 24 to 49. Amendment 16, in clause 40, page 43, line 38, leave out from beginning to end of line 27 on page 46.”
“Amendment 11, in clause 13, page 14, line 13, at end insert— “(iv) the consistency of the investment portfolio with the goals of the Paris Agreement on climate change and clean energy, including metrics for assessing climate-related financial risks and opportunities;” This amendment would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.”
“Amendment 9, page 12, line 41, leave out “that provides money purchase benefits” This amendment, together with Amendment 10, would ensure that the value for money provisions introduced by this Bill apply to all occupational pension schemes. Amendment 10, page 13, line 5, at end insert— “(14) Value for money regulations may make different provision for different descriptions of relevant pension schemes and must make provision for the application of the value for money assessment with a VFM rating to defined benefit occupational pension schemes.” This amendment, together with Amendment 9, would ensure that the value for money provisions introduced by this Bill apply to all occupational pension schemes.”
“Amendment 8, page 12, line 10, at end insert— “(d) publish or share with prescribed persons, for the purpose of enabling VFM assessments to be made, prescribed categories of information (referred to as “sewage discharge compliance data”) regarding the scheme’s exposure to, and investment in, companies holding permits to discharge sewage, including those companies’ performance against statutory and regulatory targets for reducing sewage discharges.” This amendment, with Amendment 6, would require pension funds and managers to monitor and report on the compliance of water and sewerage companies they invest in with targets for reducing sewage discharges.”
“Amendment 7, page 12, line 10, at end insert— “(d) publish or share with prescribed persons, for the purpose of enabling VFM assessments to be made, prescribed categories of information (referred to as “climate alignment metric data”) regarding the scheme’s exposure to climate-related financial risks and the alignment of its investments with the goals of the Paris Agreement on climate change and clean energy.” This amendment, with Amendment 5 would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.”
“Amendment 6, page 11, line 38, at end insert— “(aa) make, publish and keep under review the compliance of— (i) regulated VFM schemes, or (ii) regulated VFM arrangements, with statutory and regulatory targets for reducing sewage discharges by water and sewerage undertakers,” This amendment would require pension funds and managers to monitor and report on the compliance of water and sewerage companies they invest in with targets for reducing sewage discharges.”
“Amendment 5, in clause 11, page 11, line 38, at end insert— “(aa) make, publish and keep under review the consistency of— (i) regulated VFM schemes, or (ii) regulated VFM arrangements, with the goals of the Paris Agreement on climate change and clean energy;” This amendment would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.”
“Amendment 19, page 10, line 36, at end insert— “(e) that the trustees are satisfied that it is in the interests of the members that the power to pay surplus is exercised in the manner proposed; (f) that the trustees have taken full account of— (i) the extent to which members’ pensions have kept up with the cost of living and inflation (as defined in the relevant rules and deeds), and (ii) any previously rejected requests for discretionary pension increases.” This amendment would reinstate the current requirement that ensures trustees consent to the paying of surplus as proposed, and creates an obligation on trustees to take account of any erosion in members’ standards of living.”
“Amendment 4, page 10, line 36, at end insert— “(e) about the proportion of any surplus that may be allocated, or the manner in which it may be determined, for the purpose of contributing to the provision of free, impartial pension advice and guidance services for scheme members.” This amendment enables a proportion of surplus funds to be used to fund free pension advice.”
“Amendment 17, in clause 9, page 9, line 25, leave out from “does” to the end of line 25 and insert “apply to a scheme that is being wound up unless the trustees determine by resolution that it shall not apply.” This amendment would ensure that the principles for surplus extraction shall also apply to surplus release after further wind-up, so that employers are not incentivised to wind-up funds rather than release surplus to pensioners. Amendment 18, in clause 10, page 10, line 21, after “notified” insert “and consulted” This amendment would ensure that members of pension funds have to be consulted on surplus extraction.”
“Amendment 3, page 4, line 7, at end insert— “(ba) the funds or other assets for which a scheme manager is responsible (other than money needed for making payments under the scheme from the pension fund maintained by that scheme manager) must be divested from any oil and gas companies within 5 years of the passing of this Act.” This amendment would require that local government pension schemes divest from oil and gas companies within 5 years. Government amendments 22 and 23.”
“Amendment 2, in clause 2, page 4, line 7, at end insert— “(ba) the funds or other assets for which a scheme manager is responsible (other than money needed for making payments under the scheme from the pension fund maintained by that scheme manager) should be invested in a way that is compliant with the UK’s duty not to aid or assist serious breaches of international law, including genocide and other atrocity crimes, and illegal military occupation.” This amendment would require that investments of the local government pension scheme should be compliant with the UK’s duty not to aid or assist serious breaches of international law.”
“(4) In this section— “administering authorities” has the meaning given by Schedule 1 to the Local Government Pension Scheme Regulations 2013, and “Scheme employer” has the meaning given by Schedule 1 to the Local Government Pension Scheme Regulations 2013.” Amendment 1, in clause 1, page 3, line 7, at end insert “, or (b) secure employee representation on the company’s board.” This amendment would add employee representation on boards as a requirement on asset pool companies for Local Government Pension Schemes within the scheme regulations under clause 1. Government amendments 20 and 21.”
“(2) Regulations under this section must also require administering bodies to provide to the Local Government Pension Scheme Advisory Board— (a) evidence that they have considered and acted on any guidance issued by the Local Government Pension Scheme Advisory Board, and (b) evidence of the steps that they have taken to comply with their fiduciary duties in respect of pension scheme members and Scheme employers. (3) In making regulations under this section, the Secretary of State must consult the Local Government Pension Scheme Advisory Board.”
“New clause 36— Local Government Pension Scheme: expenses and duties of administering authorities — “(1) The Secretary of State must by regulations make provision for— (a) a cap on the management expenses that can be claimed by administering authorities, such that they do not exceed ten basis points of the asset base of the pension fund, (b) a cap on the investment management expenses that can be claimed by administering authorities, such that they do not exceed five basis points of the asset base of the pension fund, (c) a cap on the general administrative expenses that can be claimed by administering authorities, such that they do not exceed five basis points of the asset base of the pension fund.”
“New clause 29— Pension Protection Fund: estimate of cost of increasing compensation for surviving spouses or partners of members — “(1) The Pension Protection Fund (PPF) must prepare and publish an annual estimate of the cost of increasing the value of compensation paid to surviving spouses or partners of PPF members to a sum equivalent to the value of any payments to which they would have been entitled had the scheme not entered the PPF. (2) The first assessment under this section must be published before the end of the 2025/26 financial year.” This new clause would require the Pension Protection fund (PPF) to publish annually an assessment of the costs of increasing compensation to the spouses or partners of PPF members to equal the amount they would have received if the pension scheme had not entered the PPF.”
“(8) The Secretary of State must by regulations make provision for the retrospective payment of compensation to PPF members, as if the amendments made by this section to Schedule 7 of the Pensions Act 2004 had had effect on the day on which that Schedule came into force.” This new clause would provide that pension scheme members who have not reached Normal Pension Age by the Pension Protection Fund assessment date receive compensation at a rate of 100% instead of 90%, and provides for retrospective application.”
“New clause 28— Pension Protection Fund: members who have not attained normal pension age at assessment date — “(1) Schedule 7 of the Pensions Act 2004 is amended in accordance with subsections (2) to (7). (2) In sub-paragraph 3(3), for “the appropriate percentage” substitute “100%”. (3) Omit sub-paragraph 3(4). (4) In sub-paragraph 11(3), for “90%” substitute “100%”. (5) In sub-paragraph 14(3), for “90%” substitute “100%”. (6) In sub-paragraph 15(3), for “90%” substitute “100%”. (7) In sub-paragraph 19(3), for “90%” substitute “100%”.”
“(3) The report must include a summary of views received from— (a) industry bodies representing pension schemes, trustees, and fund managers; (b) relevant financial regulators; and (c) any other persons the Secretary of State considers appropriate. (4) The Secretary of State must publish a response addressing the findings and any recommendations contained in the report. (5) No regulations requiring pension schemes to meet mandated investment allocations may be made under this Act until the report under subsection (1) has been laid before Parliament and the response under subsection (4) has been published.” This new clause requires the Secretary of State to review the potential effects of mandated investment powers including on risks to returns, fiduciary duties, market distortion, and accountability before any powers can be exercised.”
“(2) The report under subsection (1) must include an assessment of— (a) the extent to which any mandated investment requirements may conflict with the fiduciary duties of trustees and managers of occupational and personal pension schemes; (b) the potential effects of such requirements on the long-term financial returns of scheme members, including— (i) risks relating to illiquid or politically directed assets, (ii) risks to diversification, and (iii) any expected increase in costs borne by savers; (c) the risk that mandated investment requirements could lead to politicisation of pension scheme decisions or undermine public confidence in the private pension system; (d) the adequacy of parliamentary oversight and scrutiny of the exercise of powers to mandate investment allocations, including whether additional safeguards are required; (e) the question of accountability in circumstances where mandated investments perform below expectations, including whether liability would rest with trustees, fund managers, or the Government; (f) the potential for market distortion arising from requirements that schemes invest in specific UK-based assets, including the risk of asset inflation or the creation of investment bubbles; and (g) alternative policy measures that could encourage pension scheme investment in the United Kingdom without the use of mandatory requirements, including the removal of regulatory barriers and the creation of suitable investment opportunities.”
“(5) In this Chapter, "pension scheme" has the same meaning as in section 1(5) of the Pension Schemes Act 1993.” This new clause would allow the Secretary of State to establish investment funds to encourage investment in areas such as high streets, social housing, care homes, clean renewable energy, and other investments with clear social benefits. New clause 27— Review of proposed mandated investment powers and their impacts — “(1) The Secretary of State must, before making any regulations under this Act relating to mandated investment requirements for pension schemes, lay before Parliament a report reviewing the potential impacts of such powers.”
“(4) The regulations may— (a) make different provision for different descriptions of pension schemes, investment vehicles, or targeted social or economic benefits; (b) provide for the pooling of assets from multiple pension schemes within such vehicles; (c) require pension scheme trustees or managers to have regard to the availability and suitability of investment vehicles when formulating investment strategies, where consistent with— (i) their fiduciary duties, and (ii) the long-term value for money for members.”
“(3) The regulations must make provision for— (a) the types of pension schemes eligible to participate in such investment vehicles; (b) the governance, oversight, and reporting requirements for the investment vehicles and participating pension schemes; (c) the means by which the contribution of such investments to targeted social or economic benefit is measured and reported; (d) the roles and responsibilities of statutory bodies, including the Pensions Regulator and the Financial Conduct Authority, in authorising, regulating, or supervising such investment vehicles and the participation of pension schemes within them.”
“New clause 26— Establishment of targeted investment vehicles for pension funds — “(1) The Secretary of State may by regulations make provision for the establishment or facilitation of one or more investment vehicles through which pension schemes may invest for targeted social or economic benefit. (2) Regulations under subsection (1) must specify the descriptions of targeted social or economic benefit to which the investment vehicles are to contribute, which may include, but are not limited to, investment in— (a) projects that revitalise high street areas; (b) initiatives demonstrating social benefit; (c) affordable or social housing development; (d) capital projects that meet essential public needs, such as care homes; (e) clean, renewable energy projects.”
“New clause 25— Review of impact of this Act — “(1) Within five years of the passing of this Act, the Secretary of State must carry out a review of the impact of the provisions of this Act on actual and projected retirement incomes. (2) The review must consider— (a) the impact of the provisions of this Act on actual and projected retirement incomes, and (b) whether further measures are needed to ensure that pension scheme members receive an adequate income in retirement. (3) The Secretary of State must prepare a report of the review and lay a copy of that report before Parliament.” This new clause would require the Secretary of State to review the impact of this Act on retirement incomes and whether additional measures are needed to ensure the adequacy of retirement incomes.”
“(10) After Section 52 (Restriction on increase where member is under 55) insert— “52A Restriction on increase where a pension scheme is not in surplus No increase under section 51 in the annual rate of a pension shall not be paid or shall not be paid in full unless the pension scheme is in surplus.”” This new clause would remove references to 6 April 1997 from section 51 of the Pensions Act 1995 to require that annual increases to pension payments in line with CPI and RPI apply to pensionable service both before and after 6 April 1997, with the restriction that annual increases would only be paid if the pension scheme is in surplus.”
“(5) In subsection (2), leave out from “commencement day]” to “—”. (6) In subsection (2)(b), leave out from “pensionable service” to “, so much of”. (7) In subsection (4ZE), leave out from “pensionable service” to “in subsections (3) to (4ZD)”. (8) In subsection (5)(a), leave out “6 April 1997 or”. (9) In subsection (8)(a) and (b), leave out “at any time on or after 6 April 1997”.”
“(3) Regulations under this section— (a) shall be made by statutory instrument, and (b) may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.” This new clause would require the Secretary of State to provide, through regulations, for indexation on PPF and FAS compensation in respect of pre-1997 rights, for indexation to follow RPI inflation with a cap of 7%, and for retrospective payments to be funded from PFI surplus and/or reserve funds. New clause 24— Indexation of pre-1997 pensions — “(1) The Pensions Act 1995 is amended as follows. (2) In Section 51 (Annual increase in rate of pension), omit subsections (1)(b) and (1)(c)(ii). (3) In subsection (2), after “52” insert “52A”. (4) In subsection (2), leave out from “pensionable service,” to “or,”.”
“(2) Those regulations must specify that— (a) pension payments from the PPF and FAS are increased each year in line with Retail Prices Index (RPI) inflation for pensionable service before and after 6 April 1997, (b) the cap on the annual increase is raised to 7%, (c) where a PPF or FAS member has pensionable service prior to 6 April 1997 which has not increased each year in line with RPI inflation, the scheme manager must— (i) determine the annual increase attributable to that service for each year since the date on which the annual payment was first payable, and (ii) reimburse the member for the amount determined under paragraph (c)(i), and (d) payments made to reimburse members under paragraph (c)(ii) must be made from Pension Protection Fund surplus funds and future funds.”
“(8) In subsection (8)(a) and (b), leave out “at any time on or after 6 April 1997”.” This new clause would remove references to 6 April 1997 from section 51 of the Pensions Act 1995 in order to require that annual increases to pension payments in line with CPI and RPI apply to pensionable service both before and after 6 April 1997. New clause 23— Indexation of pre-1997 service — “(1) The Secretary of State must by regulations make provision for the use of Pension Protection Fund surplus/reserve funds for the indexation on compensation in respect of pre-1997 rights for members of the Pension Protection Fund and the Financial Assistance Scheme.”
“New clause 22— Indexation of pre-1997 pensions — “(1) The Pensions Act 1995 is amended as follows. (2) In Section 51 (Annual increase in rate of pension), omit subsections (1)(b) and (1)(c)(ii). (3) In subsection (2), leave out from “pensionable service,” to “or”. (4) In subsection (2), leave out from “commencement day]” to “—". (5) In subsection (2)(b), leave out from “pensionable service” to “, so much of”. (6) In subsection (4ZE), leave out from “pensionable service” to “in subsections (3) to (4ZD)”. (7) In subsection (5)(a), leave out “6 April 1997 or”.”
“(2) The regulations may prescribe circumstances in which, and conditions subject to which, a person may become entitled to a significant life event lump sum, including— (a) purchasing a first home; (b) getting married; (c) unexpected loss of employment. (3) The regulations must specify that the significant life event lump sum counts towards the Individual Lump Sum allowance. (4) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.” This new clause would require the Secretary of State to introduce, by regulations, a significant life event lump sum of up to £5,000 tax-free which individuals can take from their lump sum allowance prior to reaching pension age.”
“(3) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.” This new clause requires the Secretary of State to introduce, by regulations, a pensions and savings advice allowance which individuals between the ages of 30 and 50 can withdraw from their pension savings tax-free to access appropriate financial advice. New clause 21— Significant life event lump sum — “(1) The Secretary of State must by regulations make provision for a significant life event lump sum of up to £5,000 which a person is entitled to before they attain normal pension age.”
“(2) Regulations must specify— (a) the maximum amount for the pensions and savings advice allowance, (b) the content and scope of the pensions and savings advice, (c) the qualifications and independence requirements of any person or body providing pensions and savings advice, (d) the means by which individuals are notified of their entitlement to the pensions and savings advice allowance and how they may access— (i) the allowance, and (ii) advisers who meet the requirements under subsection (2)(c), (e) the roles and responsibilities of pension scheme trustees, managers, and providers in facilitating access to the pensions and savings advice allowance, and (f) whether the pensions and savings advice allowance counts towards the Individual Lump Sum Allowance.”