Clause 44 - Duty to notify the Regulator of certain events
Pensions Bill
3:15 pm
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
Well, the definition of new Labour is success, I think.
On whether we will take a tough view on the regulations, the answer is yes, of course we will. I hope that the hon. Gentleman is satisfied with that.
This is a key clause for the Bill, because when major restructuring takes place across companies, or when there is a danger that some people in smaller companies may, because of early retirement, take much of the fund with them, it is important that those events are reported to the regulator. That is the intention of clause 44.
Question put and agreed to.
Clause 44 ordered to stand part of the Bill.