“(1) The Secretary of State shall publish a statement on proposals for primary legislation in relation to a duty on the Pensions Regulator to regulate pension superfunds.
(2) For the purposes of this section, a pension superfund is a defined benefit pension scheme that allows for the severance of an employer’s liability towards a defined benefit scheme and one of the following conditions applies—
(a) the scheme employer is replaced by a special purpose vehicle (SPV) employer, or
(b) the liability of the employer to fund the scheme’s liabilities is replaced by an employer backed with a capital injection to a capital buffer.
(3) The statement under subsection (1) shall be laid before Parliament before the end of a period of six months from the day on which this Act receives Royal Assent.”—
This new clause would require the Secretary of State to publish within six months of Royal Assent proposals for primary legislation to place a duty on the Pensions Regulator to regulate pension superfunds.
I rise briefly, Mr Robertson, to thank you and your fellow Chair; thank the Clerks, who have worked with all colleagues to a massive degree, which is extraordinarily difficult in times of covid; and thank the Hansard team. I would normally thank the Doorkeepers, but they have not had to listen to us—lucky them. I particularly want to thank colleagues who have proceeded to pass a 132-clause, 200-page Bill in under a day and a half.
With proper parliamentary scrutiny where it particularly mattered, while working on a cross-party basis on other things. I also thank my team at the Department for Work and Pensions, who have put in Herculean efforts to produce this Bill, and it would not be inappropriate to thank the Whips for keeping us in due order throughout this wonderful process.
PSB20 Carys Boughton, Gareth Ludkin, John Hardy & (on behalf of Divest Parliament) Joel Moreland (Principal Consultant, Social and Environmental Finance), Mark Campanale (Founder & Executive Director, Carbon Tracker Initiative), and Robert Noyes (Divest / Invest Campaigner & Researcher, Platform)
PSB21 Caroline Pearson, Pensions Manager, L&Q
PSB22 Aimee Chadha
PSB23 Steve Delo, PAN Trustees
PSB24 Pensions Policy Institute
PSB25 Dr Kathryn Waite, Associate Professor in Digital Marketing, Edinburgh Business School, Heriot Watt University, Edinburgh, and Professor Tina Harrison, Professor of Financial Services Marketing and Consumption, University of Edinburgh Business School, University of Edinburgh
PSB26 Willis Towers Watson