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Minister for Pensions announces timeline for Investment Review and new Pensions Bill

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Published on: 13 March 2025

Published by LNB News

LNB News 13/03/2025

Document Information

Issue Date: 13 March 2025

Published Date: 13 March 2025

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

Minister for Pensions, Torsten Bell MP, has announced at the Pension and Lifetime Savings Association (PLSA) Conference on 11 March 2025 that the government's Pensions Investment Review will be finalised in coming weeks, with a new Pensions Bill to be introduced before the House of Commons' summer recess (currently scheduled for 22 July 2025). The Minister has confirmed the March 2026 deadline for the Local Government Pension Scheme (LGPS) pooling reforms and outlined plans for defined benefit (DB) scheme surplus flexibilities. The speech highlighted current defined contribution (DC) schemes' allocation of 3% to infrastructure and 0.5% to private equity, compared to 11% infrastructure allocation in Canada. The LGPS, currently holding £400bn in assets, is projected to reach £1trn by 2040.

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