Clause 19 - Powers to wind up occupational pension schemes
Pensions Bill
5:00 pm
Mr Nigel Waterson (Eastbourne, Conservative)
As I understand it, this part of the Bill envisages, in very specific circumstances, some retrospectivity in terms of wind-ups, for example in the case of schemes in wind-up before the Bill comes into force. If I am wrong about that, I should be grateful for an explanation as to why I am wrong. However, if I am right, is there a point of principle that can be read across, in terms of the estimated 60,000 people who lost out on their pension rights before today? We do not know how many more will be put in that unfortunate situation by April next year.
As the issue arises naturally under clause 19, I should also like to ask where we are on the priority order. The Government have moved to bring in full fund wind-ups, which is welcome, but we were promised, soon or very soon, some changes on the priority order. I suppose that it is possible to deal with that under the Bill, or perhaps simply via a statutory instrument, but could the Minister say, if that is to be done through a statutory instrument, when that is likely to be debated in the House? If the changes will be made by amendments to the Bill, when are those amendments likely to be tabled?