Subject to specified exceptions, clause 75 gives the regulator the power to vary or revoke any determination notice, direction or order that it issues in exercising its regulatory functions. Any variation or revocation cannot take effect before the date on which the variation or revocation is made. Those specified exceptions include an order to revoke a prohibition order or suspension order. Amendments Nos. 62 and 63 add the decision to refuse to register a pension scheme as a stakeholder pension scheme or to remove it from that register.
The reason for those exceptions is that there is a simpler method of achieving the same result. For example, the provider can reapply to be added to the stakeholder register—attaching the relevant evidence—and the regulator may subsequently determine that the scheme should be so registered. There is thus no need to revoke or amend the original order.
Amendment agreed to.
Amendment made: No. 63, in
clause 75, page 49, line 2, at end insert
( ) a direction under section 2(3) of the Welfare Reform and Pensions Act 1999 (c.30) refusing to register a scheme under section 2 of that Act or removing a scheme from the register of stakeholder pension schemes.'.—[Mr. Pond.]
Clause 75, as amended, ordered to stand part of the Bill.