Funder of the last resort

Pension Schemes Bill [Lords] – in the House of Commons at 5:01 pm on 29th March 2017.

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“Notwithstanding the provisions of section 8, the Secretary of State shall make provision for a funder of last resort, to manage any cases where the Master Trust has insufficient resources to meet the cost of complying with subsection (3)(b) of that section.”—(Alex Cunningham.)

Brought up, read the First time, and Question proposed (22 March), That the clause be read a Second time.

Proceedings interrupted (Programme Order, this day).

Photo of Lindsay Hoyle Lindsay Hoyle Chair, Panel of Chairs, Deputy Speaker and Chairman of Ways and Means, Chair, Panel of Chairs, Chairman of Ways and Means 5:18 pm, 29th March 2017

Members will be aware that when the House previously considered the Bill on Wednesday last, the sitting was suspended, and subsequently the House adjourned, during a Division on the Question that new clause 1 be read a Second time. I shall begin proceedings on the Bill today by again putting that Question to the House.

Question put forthwith (Standing Order No. 83E), That the clause be read a Second time.

The House divided:

Ayes 230, Noes 289.

Division number 191 Pension Schemes Bill [Lords] — Funder of the last resort

Aye: 230 MPs

No: 289 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Question accordingly negatived.

The Deputy Speaker then put forthwith the Questions necessary for the disposal of the business to be concluded at that time (Standing Order No. 83E).

New Clause 2