Amendments 18 to 23

Corporate Insolvency and Governance Bill - Report (and remaining stages) – in the House of Lords at 5:21 pm on 23rd June 2020.

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Lord Callanan:

Moved by Lord Callanan

18: Clause 1, page 22, line 35, at end insert—“(c) in a case where the company is or has been an employer in respect of an occupational pension scheme that is not a money purchase scheme, the Pensions Regulator, and(d) in a case where the company is an employer in respect of such a pension scheme that is an eligible scheme within the meaning given by section 126 of the Pensions Act 2004, the Board of the Pension Protection Fund.”Member’s explanatory statementThis amendment extends the duty to give notice that the monitor has changed.

19: Clause 1, page 24, line 39, at end insert—“A44A Challenge brought by Board of the Pension Protection Fund(1) This section applies where—(a) a moratorium—(i) is in force in relation to a company that is an employer in respect of an eligible scheme, or(ii) is or has been in force in relation to a company that has been an employer in respect of an eligible scheme at any time during the moratorium, and(b) the trustees or managers of the scheme are a creditor of the company.(2) The Board of the Pension Protection Fund may make any application under section A42(1) or A44(1) that could be made by the trustees or managers as a creditor.(3) For the purposes of such an application, any reference in section A42(1) or A44(1) to the interests of the applicant is to be read as a reference to the interests of the trustees or managers as a creditor.(4) In this section “eligible scheme” has the meaning given by section 126 of the Pensions Act 2004.”Member’s explanatory statementThis amendment gives the Board of the Pension Protection Fund the same rights to challenge the monitor or the directors as the trustees or managers of certain pensions schemes have.

20: Clause 1, page 30, line 18, at end insert—“A49A Power to make provision in connection with pension schemes (1) The Secretary of State may by regulations provide that, in a case where—(a) a moratorium—(i) is in force in relation to a company that is an employer in respect of an eligible scheme, or(ii) is or has been in force in relation to a company that has been an employer in respect of an eligible scheme at any time during the moratorium, and(b) the trustees or managers of the scheme are a creditor of the company,the Board of the Pension Protection Fund may exercise any of the following rights.(2) The rights are those which are exercisable by the trustees or managers as a creditor of the company under or by virtue of—(a) section A12, or(b) a court order under section A44(4)(c).(3) Regulations under subsection (1) may provide that the Board may exercise any such rights—(a) to the exclusion of the trustees or managers of the scheme, or(b) in addition to the exercise of those rights by the trustees or managers of the scheme.(4) Regulations under subsection (1)—(a) may specify conditions that must be met before the Board may exercise any such rights;(b) may provide for any such rights to be exercisable by the Board for a specified period;(c) may make provision in connection with any such rights ceasing to be so exercisable at the end of such a period.(5) Regulations under subsection (1) are subject to the affirmative resolution procedure.(6) In this section “eligible scheme” has the meaning given by section 126 of the Pensions Act 2004.”Member’s explanatory statementThis amendment enables the Board of the Pension Protection Fund to be given the power to exercise certain rights of the trustees or managers of a pension scheme.

21: Clause 1, page 31, line 44, at end insert—““employer”, in relation to a pension scheme—(a) in sections A8(2)(c), A17(8)(c) and A39(8)(c), means an employer within the meaning of section 318(1) of the Pensions Act 2004;(b) elsewhere in this Part, has the same meaning that it has for the purposes of Part 2 of the Pensions Act 2004 (see section 318(1) and (4) of that Act);”Member’s explanatory statementThis amendment defines “employer” for the purposes of the Minister’s other amendments to clause 1 which use that term.

22: Clause 1, page 32, line 5, at end insert—““money purchase scheme” has the meaning given by section 181(1) of the Pension Schemes Act 1993;”Member’s explanatory statementThis amendment defines “money purchase scheme” for the purposes of the Minister’s other amendments to clause 1 which use that term.

23: Clause 1, page 32, line 11, at end insert—““occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;“pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;” Member’s explanatory statementThis amendment defines “occupational pension scheme” and “pension scheme” for the purposes of the Minister’s other amendments to clause 1 which use those terms.

Amendments 18 to 23 agreed.

Clause 4: Moratoriums in Northern Ireland