Labour Loses Bid to Seize Control of Workers’ Pensions
21st April 2026
Labour’s plan to seize control of people’s pensions has been blocked for the second time by the House of Lords.
MPs approved a “reserve power” within the Pension Schemes Bill last Wednesday, allowing ministers to force schemes into investing billions of retirement savings in private markets.
However, peers have voted again to block the controversial measure, sending the Bill back to the House of Commons in a Parliamentary process known as “ping pong”.