Watch my contribution to the Pensions Bill debate

I was pleased to intervene during the Pensions Bill debate today, where I spoke about the potential to do something transformative for our local communities by using existing pension funds to invest in much-needed local infrastructure.

There’s broad agreement that we need to unlock more productive investment – particularly in areas like social housing, care homes, high streets, and community infrastructure.

This need is especially acute in places like South Devon where public investment has long lagged behind.

In the 2023/24 financial year, Torbay Council spent £48.5 million on residential and nursing care, with the majority of that going to private providers. If pension funds were enabled - and incentivised - to invest in council-owned care homes, not only would that provide a steady, secure return, but the income from residents could in many cases repay the investment.

The same approach could apply to schools for children with SEND, or to revitalising our high streets - putting money into assets that directly benefit our communities while generating reliable long-term returns.

There’s a real opportunity here to do something transformational for our economy and our communities. Let’s make sure we get it right.