Clause 71 - Special procedure: applicable cases
Pensions Bill
10:45 am
Mr Chris Pond (Parliamentary Under-Secretary, Department for Work and Pensions; Gravesham, Labour)
These are technical amendments concerned with the special procedures of the regulator that give him the ability to act straight away when there is an immediate risk to members' interests or scheme assets. Unless anyone would like further explanation, I commend them to the Committee.
Amendment agreed to.
Amendments made: No. 200, in
clause 71, page 45, line 33, at end insert
', and
( ) a case falling within subsection (3A)'.
No. 201, in
clause 71, page 46, line 15, at end insert—
'(3A) A case falls within this subsection if the Regulator—
(a) gives a warning notice as described in section 70(2)(a) in relation to a determination whether to exercise a regulatory function which—
(i) is listed in subsection (4), and
(ii) is not a function listed in section 70(5) (functions which may be exercised immediately under the standard procedure),
(b) considers the representations of those persons to whom the warning notice is given, and
(c) determines to exercise the function immediately on the basis that it is necessary to do so because there is, or the Regulator considers it likely that if the function were not exercised immediately there would be, an immediate risk to—
(i) the interests of members under an occupational or personal pension scheme, or
(ii) the assets of such a scheme.'.
No. 202, in
clause 71, page 46, line 16, leave out 'and (3)' and insert ', (3) and (3A)'.
No. 56, in
clause 71, page 46, line 30, leave out '3' and insert '3(1)'.
No. 57, in
clause 71, page 46, line 34, leave out '4' and insert '4(1)'.
No. 58, in
clause 71, page 46, line 39, at end insert—
'( ) the power under section 9 of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, trustees in consequence of the appointment or removal of a trustee;'.
No. 59, in
clause 71, page 46, line 43, at end insert—
'( ) the power under section 30(2) of that Act to exercise by order the same jurisdiction and powers as the High Court or the Court of Session for vesting property in, or transferring property to, the
trustees where a trustee becomes disqualified under section 29 of that Act;'.
No. 60, in
clause 71, page 46, line 45, leave out
', notice or direction made, issued'
and insert 'or notice made'.
No. 61, in
clause 71, page 46, line 47, leave out
'(a) to (h), (j), or (l) to (o)'
and insert
'(a) to (o) other than those mentioned in paragraph (i) or (k)'.—[Malcolm Wicks.]
Question proposed, That the clause, as amended, stand part of the Bill.