The Pension Minister gave a Mansion House speech of his own yesterday, using the House’s Ballroom thanks to NatWest Cushon and Evershed Sutherland who were sponsoring an event for the great and the good. He seemed to enjoy both events.

One thing the pensions industry has a lot of is… conferences. A busy morning yesterday setting out this government’s vision for reforming the UK’s pension landscape. Delighted to speak to the Eversheds Sutherland Annual Pensions Conference, and an event convened by NatWest Cushon at Mansion House.

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— Torsten Bell (@torstenbell.bsky.social) March 6, 2025 at 10:17 AM

It was a good choice to give what Torsten Bell to Mary McDougall, she is a worthy successor to Jo Cumbo and you can read her account from this link (free for early birds – henry@agewage.com if you need a refreshed free link)! I met John Greenwood that morning who was given the brief of covering Evershed’s thoughts on Fiduciary Duty and surplus distribution – another good choice.

This was not an announcement of the details of the Pension Bill. It was a request of those with power to direct member’s money , to invest in British ventures where opportunities exist.

Bell said investing in the UK and optimising outcomes were deeply compatible, arguing for the wider economic benefits of domestic spending. This blog has been struggling with the legal niceties of fiduciary duty, it was not a struggle for trustees in the 20th century. As John Hamilton told us in the Melton Mowbray speech I reported in January, trustees historically invested in the UK and saw it as their fiduciary duty to do so. Here is the FT.

“I hear lots of talk about the tensions between the interests of the economy as a whole and those of pension savers. Those tensions can exist in some cases but they are often overdone,” he said, in his first public speech since his appointment as pensions minister in January. “A better economy underpinned by higher investment . . . is in everyone’s interests.”

This is the first time we have heard this from a pension minister for some time. As one that is both in the Treasury and the DWP. I made a prediction that Bell would be Pension Minister, my further prediction is that he will be leader of the Labour Party and maybe Prime Minister. What this Minister has in mind for the Pension Act is not announced, we hear from him again in less than a week next Tuesday in Edinburgh.

We are not hearing words here about auto-enrolment, pension dashboards or VFM calculation methodology, this is a joined up view of how DC pensions might make a difference. Let us hope that we have DC pensions and not just DC savings vehicles, a fellow to ISAs. Torsten

The UK “cannot continue being the lowest investor in the G7”, he told an event … He added that growth was “highly relevant” to the value of UK-invested pension savings, and that higher wages would help pensioners still working and recipients of the state pension because of earnings indexation.

This is not easy reading for Trustees and the Executives of Master Trusts. The room was full and with people who take decisions, this was a well planned event. Many lawyers had spoken to McDougall to express their doubts about redirecting investment into the UK.

Elaine MacGregor of Pinsent Masons and Vassos Vassou, vice-chair of the Association of Professional Pension Trustees. I know many in the room and know this will not be easy. McDougall commented

Ministers have made reforming the UK’s pension industry a cornerstone of the government’s plans to boost Britain’s economy.  The government plans to push more pension investment into Britain by consolidating schemes and improving assets available to invest in through its “ambitious planning reforms”, Bell said, and the approval of new solar farms, onshore wind and reservoirs.

We are at a point where some sceptics need to pipe down. Pensions need this kind of re-boot and I’m glad we have a pension minister who knows what he want.

I spent the afternoon following the Mansion House meeting speaking with colleagues keen to see pensions as a means for growth. I hope that the seriousness of Bell and his colleagues will have started seeping into the thinking of the investment people who will be in Edinburgh next month. I will write separately of Eversheds reinterpretation of fiduciary law. Here is a taster