Clause 20 - Duty to set targets for collective benefits

Part of Pension Schemes Bill – in a Public Bill Committee at 12:00 pm on 30th October 2014.

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Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions 12:00 pm, 30th October 2014

I think that the record will show that I said trustees or managers, but, for brevity, let us say trustees. Clearly, managers could manage CDC schemes, as we discussed earlier. A Government amendment sets out more precisely the duties of managers with respect to the interests of members. I am simply trying to avoid saying trustees or managers all the time; there is no great Freudian or other significance in that.

To clarify the point about actuaries, they have a key role to play because they are independent. They are not members of the scheme or employers; they are giving independent expert advice. We have powers to require actuaries to meet specified requirements and hold specified qualifications under clause 27. I accept that actuaries, like politicians, do not always get things right, but they do have a crucial role to play.