Pensions Bill

There is a way of trying to manage risk in relation to equity investments, which is called lifestyling. It is a way of loading the risk early on in the investment programme and moving into bonds and safer investments later. The detail of how all those investment decisions are made is not properly a matter for Ministers and is not covered by the Bill. That is rightly a matter for professional fund managers to address in the way that they invest those pension investments to which we are all contributing.