Schedule 17 - Prohibition orders: consequential amendments

Pensions Bill – in a Public Bill Committee at 3:15 pm on 11th July 2013.

Alert me about debates like this

Question proposed, That the schedule be the Seventeenth schedule to the Bill.

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

Schedule 17, as it says in clause 40(6), contains amendments consequential to that clause. It is given effect by clause 40. It delivers consequential amendments to sections in the Pensions Act 1995 and the Pensions Act 2004 dealing with four things: the removal or suspension of trustees: consequences; the removal and appointment of trustees: property; functions exercisable by the determinations panel of the regulator, and the register of prohibited trustees. In brief, the consequential changes in schedule 17 are necessary so that actions and consequences, which already occur where the regulator suspends and prohibits a trustee, are also available when it prohibits a company from  being a trustee under the new powers given effect by clause 40. Clause 40 is about closing a loophole in the current prohibition regime which could be exploited by those not fit and proper to be trustees to continue to act in this capacity through a company directorship and thus have control over significant occupational scheme assets. I imagine schedule 17 will not be the most contentious issue in the Bill, and I commend it to the Committee.

Question put and agreed to.

Schedule 17 accordingly agreed to.