Votes · December 2025 · Pension Schemes Act 2026 · Amendment

Pension Schemes Bill: New Clause 26: how MPs voted on 3 December 2025

Division 378, 3 December 2025, 17:24. The Commons Votes API gives 77 Ayes, 298 Noes: majority 221 for the Noes.

The question

New Clause 26

Establishment of targeted investment vehicles for pension funds

‘(1) The Secretary of State may by regulations make provision for the establishment or facilitation of one or more investment vehicles through which pension schemes may invest for targeted social or economic benefit.

(2) Regulations under subsection (1) must specify the descriptions of targeted social or economic benefit to which the investment vehicles are to contribute, which may include, but are not limited to, investment in—

(a) projects that revitalise high street areas;

(b) initiatives demonstrating social benefit;

(c) affordable or social housing development;

(d) capital projects that meet essential public needs, such as care homes;

(e) clean, renewable energy projects.

(3) The regulations must make provision for—

(a) the types of pension schemes eligible to participate in such investment vehicles;

(b) the governance, oversight, and reporting requirements for the investment vehicles and participating pension schemes;

(c) the means by which the contribution of such investments to targeted social or economic benefit is measured and reported;

(d) the roles and responsibilities of statutory bodies, including the Pensions Regulator and the Financial Conduct Authority, in authorising, regulating, or supervising such investment vehicles and the participation of pension schemes within them.

(4) The regulations may—

(a) make different provision for different descriptions of pension schemes, investment vehicles, or targeted social or economic benefits;

(b) provide for the pooling of assets from multiple pension schemes within such vehicles;

(c) require pension scheme trustees or managers to have regard to the availability and suitability of investment vehicles when formulating investment strategies, where consistent with—

(i) their fiduciary duties, and

(ii) the long-term value for money for members.

(5) In this Chapter, "pension scheme" has the same meaning as in section 1(5) of the Pension Schemes Act 1993.’—(Steve Darling.)

This new clause would allow the Secretary of State to establish investment funds to encourage investment in areas such as high streets, social housing, care homes, clean renewable energy, and other investments with clear social benefits.

Brought up, and read the First time.

Question put, That the clause be read a Second time:—

As printed in Hansard before the division.

By party

Liberal Democrat MPs cast 60 of the 77 named Aye votes; Labour MPs 291 of the 297 named No votes.

Tellers: Susan Murray (Liberal Democrat, Mid Dunbartonshire) and Claire Young (Liberal Democrat, Thornbury and Yate) (Ayes); Jade Botterill (Labour, Ossett and Denby Dale) and Stephen Morgan (Labour, Portsmouth South) (Noes).

How each MP voted

374 named · CSV

Sources

• Bill: Pension Schemes Act 2026
• Hansard: Pension Schemes Bill
• Commons division 378
• Commons Votes API: division bbffb48e2ed6dc6e 15 October 2026
• Hansard API: division search ac37c3ae6cf70e5b 15 October 2026
• Hansard API: debate 070960d6f553ccd6 15 October 2026

SHA-256 of each copy read. Open Parliament Licence v3.0

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