Clause 1 - The Pensions Regulator
Pensions Bill
10:15 am
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
There will be separate discussions about the ombudsman. However, the role of the regulator is to keep a close watchful eye on the range of schemes, particularly on the basis of information and intelligence, so that it can scrutinise using the new powers, and some existing powers that it will take over from OPRA, which we will discuss later today, or perhaps on Thursday. There is also OPAS, the Office of the Pensions Advisory Service, which members of pension schemes with concerns can ask to consider the issues and reach agreements with company pension schemes wherever possible. Failing that, there is the right to go to the ombudsman in more serious cases. As we will see later, in addition to the existing functions of the pensions ombudsman, the PPF needs an ombudsman's function and we shall make proposals about that. The hon. Member for Northavon can add that to his list of complexities to make important debating points about, but we shall seek to justify why that new office is important.
Question put and agreed to.
Clause 1 ordered to stand part of the Bill.