I will run through what the amendments do by explaining clause 27. The clause is designed to provide members with confidence in the information they get from their scheme, and to do that we need a robust valuation system. Without the requirements in the clause we cannot be sure that valuation reports will be of a suitable standard.
Amendment 48 will ensure that we have a robust system for valuing the assets of schemes offering collective benefits, and it will give powers to require schemes to disregard any administrative expenses or other items specified in regulations to be paid out of the scheme when valuing assets for the purposes of a valuation report. Amendments 47, 49 and 50 contain further relatively minor changes. Some further amendments, a couple of which are minor, result from amendment 48 and clarify the way in which the requirements are intended to apply. I will not detain the Committee unduly, but I am happy to answer any questions on those amendments.
Amendments made: 48, in clause 27, page 12, line 9, at end insert—
‘( ) Regulations may—
(a) make provision about the assets to be taken into account for the purposes of a valuation report;
(b) require the value attributed to the assets to be reduced by the amount of any liabilities in respect of administrative expenses or other specified matters.”
This amendment inserts a regulation-making power to make provision as to which assets should be taken into account for the purposes of a valuation report. This amendment also provides that the regulations may require the value of the assets to be reduced by the amount of any liabilities in respect of administrative expenses or other matters specified in regulations.
Amendment 49, in clause 27, page 12, line 10, leave out “The regulations” and insert “Regulations”.