Pension Schemes Bill [HL] - Committee (1st Day) (Continued)

Part of the debate – in the House of Lords at 6:30 pm on 21 November 2016.

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Photo of Baroness Altmann Baroness Altmann Conservative 6:30, 21 November 2016

Will my noble friend write to me with some clarification on how costs would be covered? If a scheme fails and records are in disarray, how would the costs of wind-up be covered? I accept that they cannot come out of the members’ pots. If the company running the scheme or the employer has failed, where will the money come from to make sure that members’ current pension funds are transferred over and the costs of administering the transfer, executing the bulk transfer and clarifying the records are met? Currently it would seem that the members’ pots will be in limbo. The money cannot come out of their pots, but there is no one else to pay.