New Clause 10 - Payment of amounts out of collective benefit funds

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

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‘(1) Regulations must prohibit the making of payments out of funds held for the purposes of providing collective benefits except for—

(a) payments made for the purpose of providing those benefits, or

(b) other specified payments.

(2) The regulations may, in particular, make provision corresponding or similar to any provision made by section 37 of the Pensions Act 1995 (payment of surplus to employer in the case of an occupational trust-based scheme).”.—(Steve Webb.)

The amendment requires regulations to be made preventing payments being made out of funds held for the purposes of providing collective benefits subject to specified exceptions.

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