Clause 19 - Powers to wind up occupational pension schemes
Pensions Bill
5:00 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
I beg to move amendment No. 18, in
clause 19, page 11, line 38, leave out 'and 107' and insert ', 107 and 177'.
We are making rapid progress. This clause deals with the regulator's powers to wind up occupational pension schemes, and the amendment addresses a drafting omission. It adds a cross-reference to clause 177. That has the effect of making the regulator's power to wind up a pension scheme subject to the provision on backdating the wind-up. That would apply when the scheme was subject to a pension protection fund assessment. It would also apply when the scheme was subject to such an assessment but the assessment had ceased because the PPF board had withdrawn it and refused to accept responsibility for the scheme because of that, or when the sponsoring employer had abused PPF rules.
Amendment agreed to.
Question proposed, That the clause, as amended, stand part of the Bill.