Clause 4 - Regulator's functions

Part of Pensions Bill – in a Public Bill Committee at 2:30 pm on 9th March 2004.

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Photo of Malcolm Wicks Malcolm Wicks Minister for pensions, Department for Work and Pensions 2:30 pm, 9th March 2004

Mr. Griffiths, both you and some of our colleagues in this Room have debated another clause 4 on numerous occasions. However, I am not proposing a new clause 4, but asking hon. Members to support the one that we already have.

Clause 4 makes provision for the regulator's functions. The Bill introduces a number of new functions for the regulator, but clause 4 provides for OPRA's existing functions to be transferred to it. Many of OPRA's functions work well and are still highly relevant, and it would be counter-productive if we did not transfer those powers to the new regulator. Where experience has shown OPRA's functions to be less effective than was originally intended, we propose to modify them with the Bill. Clause 4 also provides that specified functions of the regulator must be exercised on its behalf by the non-executive committee or by the determinations panel. We will discuss those modifications and the other matters during these proceedings.