Manuela Perteghella MP: speeches

Speeches

• 7 Jul 2025 · Pension Schemes Bill · Hansard source

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  Although this Bill aims to strengthen pension investment, improve resilience and boost pension pots, many of my constituents are among the large number of individuals who face serious pension injustices right now. I welcome some of the reforms that the Government are introducing through the Bill, including the terminal illness and life expectancy measure. However, I am concerned that it does not go far enough to protect vulnerable pensioners in the UK now and tomorrow, or to ensure that we will not have future pension scandals. I recently raised in the House the immoral Midland bank—now HSBC—pension scheme clawback, whereby long-serving employees are unfairly deprived of large portions of their DB pensions through a misleadingly labelled “state deduction”. The Government’s response was that the clawback is a legal process and they are powerless to assist former HSBC employees who have been financially impacted by those deductions. A disproportionate number of them are women. Experts from Exeter University have put together a number of recommendations for the Government that would ensure that pension injustices such as the HSBC clawback scheme would no longer be able to operate. If the Government do not legislate against such injustices now, they are wilfully keeping pensioners—my constituents —in poverty. The same can be said for the widows and widowers and partners of former policemen and women upon their remarriage or cohabitation, despite the fact that in Northern Ireland and Scotland, and for widows and widowers of armed forces personnel, survivors’ pensions are upheld regardless of remarriage or cohabitation. A court ruling in 2023 decided that was not to be the case for widows or widowers of policemen and women. Police force pensioners deserve consistency throughout the UK. The most high-profile pension injustice is the one affecting the WASPI women—Women Against State Pension Equality Campaign—who saw rapid and steep increases to their state pension age without adequate notice, and for whom the Government have failed to provide adequate compensation despite the instruction of the ombudsman to do so. What is the point of re-establishing the ombudsman’s legal powers and restoring them as a pension court if the Government refuse to listen to such judgments? That is by no means an exhaustive list; many other pension scandals need addressing. It is worrying that we do not see an explicit commitment in the Bill to support the divestment of pension funds from planet-wrecking industries. For example, local authorities invest about £10 billion in direct or indirect fossil fuel industries through their local government pension scheme funds. We must act now to protect pensioners and deliver prosperity for our future generations while protecting our planet.