Clause 40 - Scheme returns: supplementary
Pensions Bill
3:00 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
In a sense, we discussed earlier what is reasonable information. I gave my assurance then that the regulator will act honourably in relation to such matters. There will be broad parliamentary scrutiny of the regulator's work on an ongoing basis. A scheme return notice issued by the regulator must be in writing and must specify the details of the information that the regulator requires from the scheme. Such information must include all details of the registrable information and any other information required by the regulator to enable it to fulfil its functions. This is not a catch-all; we could not ask for any sort of information, but only anything that it might be sensible to ask for. During the next 10 years or so, who knows how pension schemes might change and what sort of information might need to be captured?
In line with the recommendations of the Better Regulation Task Force and the National Audit Office report, it is essential for the regulator—I wish it would regulate these notes a bit—to collect and hold up-to-date information on schemes in order to enable it to develop the risk-based approach. I hope that the hon. Gentleman will accept those assurances.
Question put and agreed to.
Clause 40 ordered to stand part of the Bill.