Steve Darling MP: speeches

Speeches

• 9 Sept 2025 · Pension Schemes Bill (Fifth sitting) · Hansard source

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  Reflecting on events over the weekend, may I congratulate the Minister on being one of the few who remained in post? There is talk of the Prime Minister using all levers of power to drive forward work on certain wicked issues. One of the big wicked issues is the lack of affordable housing. In my constituency of Torbay, only 8% of our housing stock is social-rented, compared with a national average of 17%. I encourage the Minister to reflect again on this and take the opportunity of new clause 4—surely socialists should vote for clause 4. This is another opportunity to apply all the pressure we can to drive more social-rented housing, to support our communities and those most in need in society.

• 9 Sept 2025 · Pension Schemes Bill (Fifth sitting) · Hansard source

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  As the Liberal Democrat spokesperson, I echo that this is a direction of travel that we welcome. The vast majority of the proposals that are before us today are uncontentious. They follow the correct direction of travel in growth and change that we want to see in our pensions system in the United Kingdom. Question put and agreed to. Clause 27 accordingly ordered to stand part of the Bill. Clause 28 ordered to stand part of the Bill. Clause 29 Further provision about contents of small pots regulations

• 9 Sept 2025 · Pension Schemes Bill (Fifth sitting) · Hansard source

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  We have no issue with the technical amendments. However, for us the crucial issue in the Bill is driving an environment of positive investment, and a system in the United Kingdom that individual investors—as in, would-be pensioners—can believe in. The mandation element causes concern. As has been alluded to, there are assumptions that Ministers are reasonable people; however, we do not have to look that far across the Atlantic ocean to see politicians behaving unreasonably. It concerns us as Liberal Democrats that giving powers in the Bill without clear management of them is potentially a step too far. While the Minister, and other Ministers in the current Government, may be reasonable, who knows what is coming down the line in a very turbulent political system? We therefore continue to have grave concerns around mandation, and look forward to hearing what assurances the Minister is able to give. The key outcome for us is making sure that there is a stable pensions system in which people can have confidence, because confidence is crucial for driving the positive investment that I am sure everybody in this room wants to see.

• 9 Sept 2025 · Pension Schemes Bill (Fifth sitting) · Hansard source

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  Would the Minister be kind enough to reflect on a situation currently at play in the market, whereby Phoenix Group is withdrawing the management of billions of pounds from Aberdeen Group? These master products offer opportunities that could significantly impact on viability. Could the Minister reflect on that?

• 8 Sept 2025 · Defence Industrial Strategy · Hansard source

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  I am sure that the Minister, as a fellow Devon MP, will be only too well aware of our thriving high-tech cluster and the support it provides to the defence industry from its base in Torbay. What assurance can the Minister give our high-tech cluster in Torbay that it will be taken account of as this strategy develops, so that it can play its part in supporting our nation’s defence?

• 8 Sept 2025 · Remote Coastal Communities · Hansard source

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  When I visit teachers in Torbay secondary schools, I reflect on how there is often a bay mentality and a lack of aspiration for youngsters. Does the hon. Gentleman agree that often in our local coastal communities there is a lack of aspiration compared with many metropolitan areas, where there is greater richness of culture and opportunity for our young people?

• 8 Sept 2025 · Remote Coastal Communities · Hansard source

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  I am concerned about the Getting It Right First Time NHS template that the health service applies to our health services in Devon and Cornwall. It is a system that is very much drawn from the metropolitan experience of health provision and does not account for sparsity and the fact that we have seas either side of us. Can the Minister assure us that Getting It Right First Time will take account of places where there is rurality and coastal impact on our health services?

• 8 Sept 2025 · Renters’ Rights Bill · Hansard source

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  In Torbay, we have almost 50% more people who rent in the private sector than the national average. While the vast majority of landlords are good landlords, sadly there are some rotten apples out there. Pushing against Lords amendment 26 is essential, because we need to ensure that local authorities have the powers to hold these landlords to account. I hope my hon. Friend agrees.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  I beg to move amendment 264, in clause 9, page 9, line 4, at end insert— “(e) Where regulations under subsection (2A) lower the funding threshold for a surplus payment to below the full buy-out funding level, the Secretary of State must— (i) conduct an assessment setting out— (A) prescribed stress scenarios and their impact on funding, (B) a maximum permissible extraction percentage for each scenario, and (C) contingencies to restore funding; (ii) consult the Pensions Regulator, the FCA, and such actuarial bodies as may be prescribed; and (iii) lay a report of the assessment before Parliament.” This amendment requires the Secretary of State to conduct an assessment when the DWP calibrates any extraction threshold below buy-out.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  As I stated earlier, one of our key drivers is making sure that people are able to make quality, informed decisions about their financial long-term future. The debate on the new clause drives that agenda. I am sure that the Minister has the best intentions, but what we are discussing is still within regulations that have yet to break cover. We would be more comfortable if it was in the Bill rather than tucked away in regulations. We will seek to press the new clause to a vote when the time comes. Question put and agreed to. Clause 12 accordingly ordered to stand part of the Bill. Clause 13 Member satisfaction surveys Question proposed, That the clause stand part of the Bill.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  I should start by saying that I do not recognise the purist approach that we have heard from the hon. Member for Aberdeen North. This is an issue close to my heart, because my father, having seen the poverty that his father was in, saved significantly in his private pension scheme as a lorry driver. Sadly, however, he was extremely poorly advised, and as he approached retirement he put thousands and thousands of pounds into equities; then, in the late 1980s, there was a stock market crash. He might as well have burned half of his money. The further we drive the health of the pension industry, the better, and particularly knowledge for those who may not be very much in the financial world. We heard in evidence from NEST that only 40% of people have even registered online to know what their pension is doing. For people for whom the financial world is a complete challenge—and even for many of us in this room, getting our head around it totally is a bit of a challenge—it is essential that we use every possible lever to make sure that quality advice is available. As Liberal Democrats, we will unashamedly use every opportunity in the Bill to provide high levels of education for those who are in receipt of pensions and to give them as much wind in their sails as possible.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  Amendment 264 would provide a backstop and a check where there are potential extractions and buy-outs. It would give an opportunity for the Secretary of State to cast an eye over the process when the DWP does an assessment. It goes back to safeguarding: as I am sure this Committee will discuss repeatedly, we need to ensure that we have investors’ and beneficiaries’ best interests at heart. I hope that the Secretary of State will take the proposal at face value, as an appropriate guardrail, and I look forward to its endorsement.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  I beg to ask leave to withdraw the amendment. Amendment, by leave, withdrawn . Amendment proposed : 258, in clause 9, page 9, line 21, leave out “in subsection (2A), after ‘section’ insert ‘37(2A),’” and insert “in subsection (2), after ‘virtue of’ insert ‘(za) section 37(2A)’”.— (Mark Garnier.) This amendment would make all regulations on DB surplus extraction subject to the affirmative procedure all times they were made rather than just after first use. Question put, That the amendment be made.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  I beg to move amendment 269, in clause 10, page 10, line 10, 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, with Amendment 270, would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  In tabling these amendments, we wanted to make sure that we calibrated them carefully. It is not about giving a clear instruction that says, “You must do this”; it is about ensuring that investors are alive to the Paris agreement on climate change and clean energy and that our water companies are complying with cleaning up our rivers and seas. Introducing a duty to report on how funds are having an impact on that would ensure a level of awareness without dictating to investors and thereby having an impact on the fiduciary duties that trustees should clearly have. Throughout the Bill, the Government have quite rightly highlighted how pensions can be a force for good for our economy and for those who invest in it. The amendments would reinforce that approach. On climate change, clean energy and cleaning up our seas and rivers, the amendments are writ much larger, without interfering in where the money should be invested.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  That had eluded me, Sir Christopher, so thank you for drawing me out on this one. Amendments 1 and 2 ensure that there is consistency and that there are no gaps where schemes could perhaps fall between the cracks of legislation. We feel that the amendments would give that continuity of support to schemes.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  This is a very interesting debate as lives continue to lengthen. In terms of people’s capabilities at different ages, 70 is probably the new 60. The reality is that someone might want to take out a proportion of their pension and hope for growth into their 80s, and then crystallise it at that stage of their life. Not that long ago, we had to buy an annuity, and there was not much choice, so we hit a hard wall. There is greater flexibility in the system now. I want to talk about chickens. We heard talk in the evidence earlier this week of herding chickens, and of people not wanting to be the only white chicken in brown chicken world. It is about allowing the risk that drives growth. We know that allowing that risk can also drive a more vibrant economy. I welcome the Minister’s thoughts on how this framework can avoid that herding and how he would do that. I fear that the answer will be, “It will all be in the regulations and secondary legislation”, but some words of wisdom from the Minister would be welcome.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  I am happy for the Committee to proceed.

• 4 Sept 2025 · Pension Schemes Bill (Fourth sitting) · Hansard source

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  Climate change is an existential threat to humanity, and although sewage may not be such a threat, it is still a significant issue; indeed, it is a wicked issue that needs to be tackled by our society as a whole. I wish to press the amendment to a vote, to show the Committee’s intent ahead of the Bill’s next stage. Question put, That the amendment be made.

• 4 Sept 2025 · Pension Schemes Bill (Third sitting) · Hansard source

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  I rise to speak in respect of amendments 265 and 267, which echo the issues already covered by the shadow Minister. Allowing 60 days’ notice to scheme members is extremely important to the Liberal Democrats—and, to be fair, I am sure it is also important to the Government—and the central intention is to protect outcomes for members of schemes and ensure that there is enough flexibility. That 60 days’ notice is really important to us. Ensuring that there is enough money in the scheme for any buy-out is the second element, which the hon. Member for Wyre Forest has already alluded to. We think it is very important that the finances are there and that we put scheme members at the centre of the proposals before us. I look forward to hearing from the Minister what reassurance he is able to give us on those points.

• 4 Sept 2025 · Pension Schemes Bill (Third sitting) · Hansard source

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  I very much echo what the hon. Member for Wyre Forest said. Clearly, surpluses have built up over a number of years since the last crash. There has been a level of overcaution. It is important for our economy that those surpluses are appropriately released, which could drive economic growth. I am sure that all of us in the room want to see that.

• 4 Sept 2025 · Pension Schemes Bill (Third sitting) · Hansard source

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  As the Liberal Democrat spokesperson, and echoing the hon. Member for Wyre Forest, I broadly welcome the thrust of the Bill. We heard in evidence that a lot of the industry is playing catch-up and is about 15 years behind those who are best in class. As Liberal Democrats, we are keen to make sure that we are supporting particularly those who are more challenged in being able to save or to make the right decisions, and that we use what levers we can to tackle issues such as climate change and cleaning up our environment. We look forward to working with colleagues on this Committee. On the local government pension schemes and the pots, we welcome the direction of travel. However, for us it is about making sure that we keep local links to communities, and driving positive change through that investment in our local communities is absolutely essential. I look forward to the debates over the next few weeks.

• 4 Sept 2025 · Pension Schemes Bill (Third sitting) · Hansard source

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  The Minister spoke of a couple of opportunities for regulation in this area, and we heard oral evidence about how an awful lot of this Bill is to be drawn out in secondary legislation. Will he give us timelines for when he plans to share the regulations, or at least begin the consultation on them, and say what he sees as the key elements of those regulations that will break cover in due course? Question put and agreed to. Clause 2, as amended, accordingly ordered to stand part of the Bill.

• 4 Sept 2025 · Pension Schemes Bill (Third sitting) · Hansard source

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  As the Lib Dem spokesman for this part of the Bill, I welcome the direction of travel.

• 4 Sept 2025 · Pension Schemes Bill (Third sitting) · Hansard source

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  I start by wishing the Minister a happy birthday. [Hon. Members: “Hear, Hear.”] I am sure that for all of his life he has wanted to be sitting on a pensions Bill Committee on his birthday. More seriously, when we were in desperate measures in my time as a local authority councillor in Torbay, we borrowed to invest and make money for the local authority—that was once upon a time, because it is no longer possible—so I know from experience that authorities often have to invest elsewhere in the country to get the best financial returns. Our experience in Torbay was that a lot of our investments in the south of England got in the money that we needed to keep the local authority ticking over. I would therefore welcome the Minister’s thoughts on how we get the balance right. Clearly, investors would want to invest in the local area to drive economic development, but there is a need to balance that with getting positive outcomes for the pension fund. Some guidance from the Minister on how he sees that balance being struck, as the hon. Members for Wyre Forest and for Mid Leicestershire have alluded to, would be helpful.