Part of Pension Schemes Bill – in the House of Lords at 3:15 pm on 27th January 2015.

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Photo of Lord McAvoy Lord McAvoy Opposition Whip (Lords), Shadow Spokesperson (Northern Ireland), Shadow Spokesperson (Scotland) 3:15 pm, 27th January 2015

My Lords, maybe I am paranoid or maybe I just have a suspicious mind or maybe my mother knew what she was doing when she called me “Thomas”, but I do not believe that it is entirely coincidental that what someone called the Welsh mafia are in operation here, with certain facts—in inverted commas—being produced. Cost has been mentioned by the noble Lord, Lord German, and the Minister. Can anyone in this House give an exact figure for the cost to the members of pension schemes where there has not been proper fiduciary guarantees of independent governance? Can anyone give me a quote? Plenty of folk can quote instances where money has been lost through pension funds. I do not think that the principle that we are putting forward here is as unreasonable as has been portrayed, particularly by the noble Lord, Lord German. We will return to scale at a later stage. In the meantime, we will try to find an estimate of how much has been lost to ordinary members of pension schemes through a lack of governance.

In the meantime, however, I beg leave to withdraw the amendment.

Amendment 1 withdrawn.

Clause 45: Rules about modification of schemes

Amendment 2

Moved by Lord Bourne of Aberystwyth

2: Clause 45, page 19, line 24, at end insert—

““( ) regulations made under Schedule 17 to the Pensions Act 2014;

( ) regulations made under Schedule 18 to the Pensions Act 2014;”