Clause 71 - Special procedure: applicable cases
Pensions Bill
10:45 am
Mr Nigel Waterson (Eastbourne, Conservative)
My questions for the Under-Secretary boil down to this: how special is the special procedure? It is clear from the guts of the clause—subsection (2)—that the regulator has to be satisfied that it is necessary to exercise the functions listed immediately if he
''considers it likely that if a warning notice were to be given there would be, an immediate risk to . . . the interests of members . . . or . . . the assets of . . . a scheme''.
Will the Under-Secretary say—so far as he can, given how distant the operation of the clause is—how the clause would operate in practice? How rare would use of the special procedure be? Could he say a little more about what kind of situations he had in mind when drafting the clause?