Pension Schemes Bill clears third reading in House of Lords - what this means

• The Pension Schemes Bill has cleared its third reading in the House of Lords, moving closer to becoming law.
• The legislation aims to enhance defined contribution pension schemes by offering more information, consolidating savings, and securing improved returns for members.
• A contentious aspect of the Bill is a reserve power that could mandate pension schemes to invest in productive assets for the benefit of the UK economy.
• The Government experienced several defeats on amendments during the Bill's passage through the Lords, particularly over concerns of 'mandation by the back door'.
• The Bill will now proceed to the House of Commons for MPs to review the amendments made by the Lords.