Lords division · 20 Apr 2026 · No. 5

Pension Schemes Bill

Viscount Younger of Leckie moved Motion F1, as an amendment to Motion F, at end to insert “and do propose Amendments 37B and 37C in lieu—37B Clause 40, page 45, line 31, at end insert—“28BA Exemptions 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 only if the Regulator is satisfied that the condition in subsection (2) or (3) is met.(2) The Regulator may make a determination under subsection (1) where the trustees or managers of the scheme have demonstrated, on the basis of robust and independently verifiable evidence, that there is no reasonable prospect that consolidation of the scheme into another arrangement would be likely to improve outcomes for members.(3) The Regulator may make a determination under subsection (1) where the trustees or managers of the scheme have demonstrated, on the basis of robust and independently verifiable evidence, that they are delivering good outcomes for members as a result of innovation.(4) For the purposes of subsection (3), a relevant group personal pension scheme is to be treated as meeting the innovation condition if the managers of the scheme can demonstrate that it provides specialist or innovative services.(5) The Secretary of State may by regulations make provision for the definition of “specialist or innovative services” for the purposes of this section.(6) In determining whether the condition in subsection (2) is met, the Regulator must have regard to evidence demonstrating that the scheme delivers outcomes for members that are at least equivalent to, or better than, those reasonably expected from consolidation into a scheme meeting the scale requirement, including—(a) net risk-adjusted investment performance;(b) independently assessed governance quality and operational capability, including compliance history, trustee expertise, and administrative performance;(c) whether the scheme derives material and demonstrable benefits for members 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), and whether those arrangements are likely to result in outcomes for members that would not be materially improved through consolidation;(d) whether the scheme invests wholly or substantially in a default arrangement operated by another scheme or manager meeting the scale requirement and that arrangement demonstrably determines the majority of member investment outcomes;(e) whether participation in a wider asset management group of substantial scale provides direct and measurable benefits to members, including reduced costs, improved diversification, or enhanced access to investment opportunities.(7) In making a determination under subsection (1), the Regulator must be satisfied that any benefits identified under subsection (3) are material and demonstrably in the interests of members.(8) Regulations under this section may make provision about—(a) reasonable evidential requirements and assessment processes for applications under subsection (1);(b) the duration, renewal and withdrawal of a determination under subsection (1);(c) reporting and disclosure requirements.””37C Clause 40, page 54, line 18, after “28B,” insert “28BA,””The House divided:

At a glance The Contents won by a margin of 68 votes. The Government's position was Not Content, and it lost.

How the parties voted

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 Kennedy of Southwark (Not Content), Baroness Wheeler (Not Content).

Every vote

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Source: the official Lords division record.