Clause 28 - Supplementary provision relating to
Pensions Bill
10:30 am
Mr Chris Pond (Parliamentary Under-Secretary, Department for Work and Pensions; Gravesham, Labour)
My hon. Friend raises an important point. The purpose of the freezing order is to take swift action when it looks as if a scheme is getting into trouble. If action is to be taken in a matter of hours or days, the consultation process is not possible. As I have said several times, the purpose of a freezing order is to ensure that the interests of members are neither enhanced nor diminished during that period. Even when it is not possible to consult and quick action has to be taken—I am sure that the regulator would wish to consult whenever feasible—the members can be reassured that the purpose of that action is explicitly to protect their interests and is not intended to damage them. I hope that Amicus will understand that there will be circumstances in which the regulator just has to act.