Clause 58

Part of Pensions Bill – in a Public Bill Committee at 12:15 pm on 5th February 2008.

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Photo of Nigel Waterson Nigel Waterson Shadow Minister, Work & Pensions 12:15 pm, 5th February 2008

We are back on money again. Amendment No. 33 would curtail the powers of the trustee corporation to borrow money. I am happy not to press the amendment if the Minister is able to give me the assurance that he was not able to give on the previous amendment—that any money borrowed would be borrowed on commercial terms and repayable over a reasonable time.

Amendment No. 34 would remove subsection (4). The hon. Member for Rochdale spoke on previous amendments about the Secretary of State being a control freak when it comes to dotting all the i’s and crossing all the t’s. Surely, if we are setting up the corporation with proper people, any power that they have, particularly under subsection (3), to enter into agreements and to invest money, particularly if the power to borrow money is to be removed from them, they can do on their own without regularly having to go to the Secretary of State cap in hand.

Those are the reasons behind the amendments. I commend them to the Committee.