Professor Steve Webb (Shadow Secretary of State for Work and Pensions, Work & Pensions; Northavon, Liberal Democrat)

A little steer from the Under-Secretary might be helpful.

Mr Chris Pond (Parliamentary Under-Secretary, Department for Work and Pensions; Gravesham, Labour)

The clause introduces the regulator's powers to give directions when no winding-up order

has been made, but the freezing order has ceased to have effect. That will happen when the period for which it was made expires, or when the regulator revokes the order using its powers under clause 75. When a freezing order is lifted, the regulator can direct what benefits, if any, accrued to the members during the freezing period, make accruals subject to the member making contributions, and direct the employer, too, to contribute to cover the cost of those benefits—a matter that the hon. Gentleman raised a few moments ago. The clause gives the regulator the power to make those adjustments, and the regulator will be in an excellent position to know and understand the scheme, having monitored it closely during the freezing period.

Question put and agreed to.

Clause 26, as amended, ordered to stand part of the Bill.