Clause 37 - The register: duties of trustees or managers
Pensions Bill
2:30 pm
Mr George Osborne (Tatton, Conservative)
The only point of having a register is if it is up to date. Clause 37 sets out the duties of trustees and managers to keep the scheme up to date. For example, subsection (3) requires them, within three months of a scheme becoming registrable, to provide the necessary information. Rather curiously, in subsections (4) and (5), there does not seem to be a similar urgency to provide information about a change in the information that is registrable. Subsection (4) states:
''Where there is a change in any registrable information in respect of a registrable scheme, the trustees or managers of the scheme must as soon as reasonably practicable, notify the Regulator—
(a) of the fact, and
(b) of the new registrable information.
Under subsection (5), they must inform the regulator that the scheme ceases to be a registrable scheme or is being wound up only ''as soon as reasonably practicable''. What is practicable for one person is not practicable for another.