Clause 38 - Duty of the Regulator to issue scheme return notices
Pensions Bill
2:45 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
On the first point, the regulator will issue scheme return notices—that is, the requests for information—to each scheme. On the frequency of scheme returns, they will be not more than annual and not less than triennial. The frequency is to be determined by the regulator, but will be based on risk factors. Those schemes that are well run and well administered may be required to complete returns less
frequently than those schemes where risk factors are present, so the approach that we are suggesting is proportionate.
A scheme return notice will require provision of all registrable information in relation to the scheme, and any other information in relation to the scheme that is requested by the regulator to enable it to exercise its functions. The emphasis is, therefore, on proportionality. As in all things, we want to get the balance right between proper scrutiny of all schemes and more scrutiny of those schemes that might be at risk. That is our approach.
On the second question, which was the suggestion that the provisions could be voluntary, the hon. Gentleman has misunderstood. Would it be helpful if I wrote to him on the textual points? My understanding is that we are not talking about a voluntary provision, because that would undermine the whole purpose of the Bill.