Pension Schemes Bill: motion to disagree with Lords Amendment 15

What happened: The House of Commons voted on 15 April 2026 to reject Lords Amendment 15 to the Pension Schemes Bill, which would have removed or restricted government powers to direct how pension funds invest. The motion to disagree with the Lords passed by 276 votes to 155. This was one of several votes on the same day in which the government successfully reversed a series of defeats it had suffered in the House of Lords.

Why it matters: The vote reinstates a government power to require pension funds to hold a defined proportion of their assets in specified categories of investment, often referred to as the "mandation power." Under amendments to this power introduced by the government alongside its disagreement with the Lords, regulations cannot require more than 10% of assets to be held in qualifying assets overall, or more than 5% in UK assets, figures that align with the so-called Mansion House commitments made by financial institutions. The government argues this measure will improve returns for pension savers by channelling funds into productive investments. Opponents argue it overrides the duty of pension trustees to act solely in the interests of their members and represents inappropriate government intervention in private savings decisions affecting millions of people.

The politics: The vote divided largely along party lines. All 263 Labour and Labour and Co-operative MPs who voted supported the government. Conservatives, Liberal Democrats, Reform UK, and the Green Party all voted against. The Scottish National Party and Plaid Cymru voted with the government. The Conservatives had initially supported much of the Bill at Second Reading, a fact highlighted by the minister in closing remarks, but adopted a strongly critical position on the mandation provisions. There were no notable rebels on either side. The vote sits within a broader "ping-pong" process in which the Commons and Lords exchange the Bill until both Houses agree, and the government succeeded in overturning all of the Lords defeats put to a vote on the same day.