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Lords division · 19 Mar 2026 · No. 3

Pension Schemes Bill

Viscount Younger of Leckie moved amendment 77, in clause 40, page 45, line 31, at end to insert— “28BA Exemption from scale requirement (1) The Secretary of State may by regulations provide that the Regulator may determine that a relevant Master Trust or a group personal pension scheme is to be treated as meeting the scale requirement in section 28A or 28B if the Regulator is satisfied that the condition in subsection (2) is met. (2) The Regulator must be satisfied that there is no reasonable evidence that consolidation of the scheme into another arrangement would be likely to improve outcomes for members. (3) In determining whether the condition in subsection (2) is met, the Regulator must have regard to— (a) net risk-adjusted investment performance; (b) governance quality and operational capability; (c) whether the scheme benefits from integrated, pooled or cross-scheme investment arrangements not reflected solely in the total value of assets counted under section 28A(4) or 28B(4); (d) whether the scheme invests wholly or substantially in a default arrangement operated by another scheme or manager meeting the scale requirement; (e) whether the scheme derives material investment benefit from participation in a wider asset management group of substantial scale. (4) Regulations under this section may make provision about— (a) the duration, renewal and withdrawal of a determination under subsection (1); (b) reporting and disclosure requirements.” The House divided:

The Contents have it

Majority 73

Contents: 191 Not Contents: 118

At a glance The Contents won by a margin of 73 votes. The Government's position was Not Content, and it lost.

How the parties voted

Contents

Conservative 125
Liberal Democrat 40
Crossbench 12
Non-affiliated 8
Democratic Unionist Party 3
Bishops 2
Ulster Unionist Party 1

Not Contents

Labour 109
Crossbench 5
Non-affiliated 4

The party breakdowns are our own analysis of the official voting records (recorded votes only; they do not describe the formal whip). How we work this out.

Peers attend divisions ad hoc, so there is no did-not-vote list. Tellers are counted in the Content and Not Content totals, unlike in the Commons.

Tellers: The Earl of Courtown (Content), Baroness Williams of Trafford (Content), Lord Lemos (Not Content), Baroness Wheeler (Not Content).

Every vote

Contents (189)

Not Contents (116)

Tellers (4)

Source: the official Lords division record.