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  "path": "/money/rachel-reeves-pension-mandation-rule",
  "publishedAt": "2026-04-22T16:05:28.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Royal Mail pension scheme contract AXED after 'failing to deliver on numerous milestones'",
    "Pension savings at risk as Britain's biggest provider pours £30billion into less regulated markets",
    "Labour's 'reckless reach to gamble your pension savings' rejected AGAIN amid state overreach fears",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nChancellor Rachel Reeves's attempt to overhaul the pension system faces another vote in the House of Lords following a recent vote by MPs in the Commons.\n\nThe deadlock between Parliament's two chambers over the Labour Government's pension reform proposals showed no signs of resolution today after the House of Commons voted to return contested legislation to the Lords.\n\n###\n\n\n\n\nMPs backed the amendment with 272 votes in favour against 149 opposed, a majority of 123, insisting peers accept provisions within the Pensions Scheme Bill that would grant ministers powers to direct how pension funds allocate a portion of their investments.\n\nThe practice, referred to as \"mandation,\" would enable the Government to instruct pension providers on where to channel certain assets, marking a significant shift in how retirement savings could be managed.\n\n###\n\n\n\n\n###\n\n\n\n\nThe proposed legislation would restrict the Government's investment direction powers to a maximum of 10 per cent by value of assets held in a scheme's main default reserves, with a separate five per cent limit for UK-specific investments.\n\nThese constraints align with commitments already made voluntarily through the Mansion House Accord, an agreement struck last year involving 17 of Britain's largest defined contribution pension schemes.\n\nLabour ministers have cited their broader objective is to boost domestic investment levels, with ministers hoping increased capital flows into UK assets will stimulate economic growth.\n\n****Treasury minister Torsten Bell defended the proposed powers as \"highly constrained and narrowly focused,\" telling MPs the legislation was \"designed to make clear on the face of the Bill that the power can only be used in line with what the industry itself has committed to\".\n\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Royal Mail pension scheme contract AXED after 'failing to deliver on numerous milestones'\n  * Pension savings at risk as Britain's biggest provider pours £30billion into less regulated markets\n  * Labour's 'reckless reach to gamble your pension savings' rejected AGAIN amid state overreach fears\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nHe emphasised that built-in safeguards would prevent any overreach, stating: \"The cap prohibits any move beyond the accord targets.\"\n\nMr Bell further reassured the Commons that ministers would be barred from steering money towards particular assets.\n\nThe pensions minister shared: \"The neutrality requirement rules out the possibility that any government could direct any investment into a particular asset or asset classes.\"\n\nShadow Treasury minister Helen Whately rejected the Government's characterisation of the measures, arguing: \"A voluntary agreement between willing participants is one thing, a legal requirement imposed across an entire sector is another.\"\n\n###\n\n\n\n\n###\n\n\n\n\nShe dismissed claims the power would remain unused, warning: \"A reserve power does not sit harmlessly on the shelf, it shapes behaviour.\"\n\nMs Whately suggested the minister privately acknowledged this reality, adding: \"I think in truth the minister accepts that, he has said as much to me before that the power will achieve its ends without even needing to be turned on.\"\n\nFormer Treasury minister Liam Byrne backed the reforms, arguing they were essential for pension savers' long-term interests and would help raise Britain's investment rate.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Rachel Reeves's pension power grab looms as Lords to vote AGAIN on 'mandation' rule change"
}