Clause 18 - Pension Protection Fund

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

Alert me about debates like this

Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions 2:45, 14 July 2011

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.