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\t\tThe Tories slammed the powers\t<\/p>\n\t\t\tThursday 16 April 2026 2:54 pm\n\t\t\t<\/p>\n
\t\tThe Tories slammed the powers\t<\/p>\n
The Conservatives have slammed the controversial mandation powers in the Pension Schemes Bill, after parliament swept aside the amendments put forward by the House of Lords.<\/p>\n
Labour has come a step closer to finalising the bill, after it used its government majority to stamp out more than 80 amendments put forward by the upper house, who have been in uproar alongside the pension industry over the clause.<\/p>\n
The legal clause has been viewed across Westminster and the Square Mile as a power grab<\/a> which allows the government to exert control over where pension funds allocate their capital.<\/p>\n Other amendments were also rejected, including an attempt to change employer contribution schemes for the local government pension scheme and additional exemptions to the scale requirements that mean multi-employer defined contribution providers must reach \u00a325bn in size by 2025.<\/p>\n In a bid to quell anger, the government passed an alternative wording of the values to limit no more than 10 per cent of assets to be held in qualifying assets, and no more than half in the UK.<\/p>\n \t\tPower grab<\/p>\n The Conservatives have long opposed the \u2018backstop power\u2019 and reiterated its commitment to \u201ccontinue to fight Labour\u2019s pension grab and to repeal it in government\u201d prior to the vote.<\/p>\n Shadow chancellor Mel Stride said: \u201cYour savings should be invested in your best interests \u2013 not to fund the pet projects of Rachel Reeves. This new law will mean Labour can direct where your pension is invested, leaving you worse off and giving people less security in retirement.\u00a0<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tUK ministers to push ahead with \u2018capped\u2019 mandation powers after peers backlash<\/a><\/p>\n \u201cLabour have watered down their proposal after fierce opposition, but it needs to be ditched completely.\u00a0<\/p>\n \u201cThe Conservatives would scrap Labour\u2019s pension grab and give people confidence that their savings are safe. Under a Conservative Government your pension pot will be there for you and you alone, not for Rachel Reeves to bail herself out of the economic mess she has created.\u201d<\/p>\n He also slammed Reform UK\u2019s plans for pensions<\/a>, which Richard Tice has previously said would prop up loss-making companies including British Steel.<\/p>\n Steve Darling, pension spokesperson for the Liberal Democrats also hailed mandation as the \u201cdead hand of government growth\u201d.<\/p>\n Torsten Bell stands firm<\/p>\n Despite the backlash and slight backpedal on the powers, pensions minister Torsten Bell has so far refused to back down and eradicate the power, saving Labour from another policy U-turn.<\/p>\n