Clause 16 - Injunctions and interdicts
Pensions Bill
5:00 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
My understanding is that OPRA has only used the power once. Nevertheless, we believe that now is not the time to remove it from new legislation.
The power to apply for an injunction is a vital tool. Changing the standard of proof to one not recognised by the courts would mean that it would be less useful and that the regulator would not be able to act quickly to protect members' benefits. Clause 17 would extend to members of private pensions the protection currently afforded to occupational scheme members under section 14 of the Pensions Act 1995. That protection stems from the restitution of assets, in a case in which there has been misappropriation, to restore the parties concerned to the position in which they were before the misuse or misappropriation occurred.
Subsection (2), which the amendment seeks to remove, defines who can be considered to have been involved in the misappropriation. Removing the subsection would render clause 17 invalid and unworkable, and deprive those in receipt of private pensions of that extended protection. I ask the hon. Gentleman to withdraw the amendment.