Pension Schemes Bill — Committee (1st Day)

Part of the debate – in the House of Lords at 7:00 pm on 7th January 2015.

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Photo of Lord Bradley Lord Bradley Shadow Spokesperson (Work and Pensions), Shadow Spokesperson (Health) 7:00 pm, 7th January 2015

Again, I am grateful to the Minister for his response and clarification. From this side of the Committee we could not envisage a situation where something as important as deficit and surplus within funds and providing policies about which the members are clear and on which they have been consulted would not be addressed and in place. The Minister assures the Committee that, through a permissive regime, there will always be such a policy in place. With that assurance, I beg leave to withdraw the amendment.

Amendment 11 withdrawn.

Amendment 12 not moved.

Clauses 21 to 24 agreed.

Clause 25: Policy for calculating cash equivalent of benefits

Amendment 13

Moved by Lord McAvoy

13: Clause 25, page 10, line 35, at end insert—

“( ) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, each House of Parliament.”