Clause 14 - Improvement notices
Pensions Bill
4:30 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
I should say by way of introduction that we are moving on in our debates to the new regulatory powers of the regulator, which include improvement notices, third party notices, injunctions, interdicts, restitution and the power of the regulator to recover unpaid contributions. In introducing the Government amendments, I should say that the clause introduces a new power for the regulator.
My hon. Friends will be aware that one of the criticisms levelled at OPRA is that although it has the power to punish breaches of the Pensions Act 1995, it is unable to make trustees or others put things right. We seek to remedy this mischief with the clause. In future, when there is a breach of pension legislation, we propose that the regulator should be able to issue an improvement notice to the person responsible instructing him or her to remedy the situation. That provision, which is contained in subsection (1), will be a powerful tool in the regulator's kit.
Amendments Nos. 12, 13 and 14 and the others are technical amendments. I am anxious to get on and consider the Opposition amendments, so I shall not speak to them any further.
Amendment agreed to.
Amendments made: No. 13, in
clause 14, page 8, line 24, leave out 'given' and insert 'issued'.
No. 14, in
clause 14, page 8, line 29, leave out 'in respect of' and insert 'to'.
No. 15, in
clause 14, page 8, line 40, after 'Part 1' insert 'or section 33'.—[Malcolm Wicks.]