Clause 4 - Regulator's functions

Part of Pensions Bill – in a Public Bill Committee at 2:45 pm on 9th March 2004.

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Photo of Malcolm Wicks Malcolm Wicks Minister for pensions, Department for Work and Pensions 2:45 pm, 9th March 2004

I am pleased to say that I agree with every word the hon. Gentleman said. The regulator is about efficiency, effectiveness, proportionality and transparency. Of course, there will need to be some regulation of company pension schemes and other schemes that are running well, but we want to focus our firepower on those that are not

doing so. As ever, it will be important that when the regulator is established, it is referred to the views of members of this Committee and of the House on that subject; I am sure that it will accept them. It is also my understanding—my colleague the Under-Secretary will be speaking to the relevant clauses later—that a prime purpose of the non-executive committee is to ensure that the regulator undertakes his or her functions in that manner.

Question put and agreed to.

Clause 4 ordered to stand part of the Bill.