Clause 27 - Notification of trustees, managers,
Pensions Bill
10:30 am
Mr George Osborne (Tatton, Conservative)
Thankfully, I will be here for a very long time, so I could easily wait six months.
There is a serious point to be made. Surely we want members to know about a freezing order and to be given all the information necessary. If it is in place for only a day, it might be impractical to try to inform all the members, so perhaps there should be a requirement to inform members of the scheme only if the freezing order is for longer than a month or two months. Perhaps the regulator would inform the members in those circumstances anyway, but it would be useful to the Committee if the Under-Secretary gave us an idea as to why the Government felt that it was not necessary to require schemes to inform their members. Perhaps he could also set out how the Government hope the regulator will act in such situations and how he or she will exercise the discretion provided for in subsection (3).