I welcome the Minister’s response to the request for an annual review. It was certainly not my intention—I hope it was clear in my opening remarks—to see this as a tick-box exercise. I see it as a very effective document that would be presented to Parliament and allow us to have proper scrutiny of a very important new proposal that has been brought forward. The Minister is right that it was in the context of looking at the wider pension reforms that are going through.
While I do not believe that we need to wait three or five years to get such an annual report, I accept the Minister’s offer to at least consider how information can be provided to the House, specifically on collective defined contribution schemes, and then more widely in the context of pension reform. I welcome the Minister’s response to that at a later stage in our deliberations. With that assurance, I beg leave to withdraw the amendment.
Amendment 19 withdrawn.
Clause 36 agreed.
Clause 37: Duty to act in the best interests of members
Amendment 20 not moved.
Moved by Lord Bourne of Aberystwyth
21: Clause 37, page 14, line 40, leave out “instrument, enactment or rule of law” and insert “legislative provision, rule of law or provision of a scheme or other instrument”
Amendment 21 agreed.
Clause 37, as amended, agreed.
Clause 38 agreed.
House resumed. Committee to begin again not before 8.29 pm.