Clause 43 - Information relevant to the Board
Pensions Bill
3:00 pm
Mr George Osborne (Tatton, Conservative)
I beg to move amendment No. 193, in
clause 43, page 27, line 6, at end insert
'but only to the extent that the collection of such information appears to the Regulator proportionate to the benefits to be obtained from collecting that information.'.
The point of the amendment is to produce an element of proportionality. The clause is short but states:
''The Regulator may collect any information which appears to it to be relevant to the exercise of the functions of the Board of the Pension Protection Fund.''
The whole point of the pension protection fund is to safeguard the interests of members. We want it to have the information that it needs to do that job. However, the clause introduces a wide-ranging power, which seems to be a bit of a theme. Although we will discuss powers to enter premises, we are currently discussing powers to request and collect information from people. When Governments of any political persuasion seek to take new powers on themselves, it is important for Opposition MPs to at least ask them to justify it. The amendment that I have tabled is commonsensical and I look forward to the Minister accepting it.