Clause 18 - Pension Protection Fund

Pensions Bill [Lords] – in a Public Bill Committee at 2:45 pm on 14 July 2011.

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Question proposed, That the clause stand part of the Bill.

Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions

The clause puts into effect schedule 4, which will make a range of technical changes to the arrangements for the Pension Protection Fund. They include: in paragraphs 1 to 13 of schedule 4, on requirements to obtain actuarial valuations; in paragraphs 14 to 16, on the requirement to obtain protected benefits quotations; in paragraph 17, on the removal of restriction on transfer notices; in paragraph 18, on changes to the negative resolution for subordinate legislation in the area; in paragraphs 19 and 20, on the changes for pension credit members, which is to do with pension sharing on divorce; in paragraphs 21 to 36, on the postponement of compensation; and in paragraph 37, on the calculation of compensation and what are the admissible rules. The changes are technical, and I am happy to respond to any questions on any details of them.

Question put and agreed to.

Clause 18accordingly ordered to stand part of the Bill.

Schedule 4 agreed to.