Report

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 Bradley Lord Bradley Shadow Spokesperson (Work and Pensions), Shadow Spokesperson (Health) 3:15 pm, 27th January 2015

I shall briefly respond as this is the first set of government amendments. I thank the Minister for the courtesy of writing to me with his proposals around these amendments; it is very helpful to have that in advance, as it limits the need for further debate on these matters. Maybe I should declare an interest in that my great-uncle was Welsh, but I do not claim to be part of the Welsh mafia. With those remarks, I am supportive of the amendments.

Amendment 2 agreed.

Amendment 3

Moved by Lord Bourne of Aberystwyth

3: Clause 45, page 19, line 27, at end insert—

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

( ) regulations made under paragraph 6 of Schedule 18 to the Pensions Act 2014;”

Amendment 3 agreed.

Clause 47: Pensions guidance

Amendment 3A

Moved by Lord Bradley

3A: Clause 47, page 20, line 9, at end insert—

“( ) The FCA must discharge its functions in relation to pensions with a view to securing an appropriate degree of protection for consumers with a right or entitlement to flexible benefits whether they have used pensions guidance or otherwise throughout the decision-making and purchasing process, including safeguards actively to inform consumers of key risks and benefits.”