New Clause 8 - Restriction on borrowing by trustees or managers

Pension Schemes Bill – in a Public Bill Committee at 3:00 pm on 4th November 2014.

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‘(1) Regulations may prohibit a person to whom this section applies from borrowing money or acting as a guarantor except in specified cases.

(2) This section applies to—

(a) the trustees or managers of a pension scheme under which any of the benefits that may be provided are collective benefits, and

(b) any person to whom they have delegated decisions about collective benefit investments.”. —(Steve Webb.)

Section 36A of the Pensions Act 1995 contains a similar power in respect of occupational trust-based schemes.

Brought up, read the First and Second time, and added to the Bill.