Clause 104 - Transfer of other pensions and benefits

Public Service Pensions and Judicial Offices Bill [Lords] – in a Public Bill Committee at 2:00 pm on 27 January 2022.

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Photo of Simon Clarke Simon Clarke The Chief Secretary to the Treasury 2:00, 27 January 2022

I beg to move amendment 39, in clause 104, page 83, line 7, leave out “Plc” and insert “Limited”.

This is one of a number of amendments reflecting the conversion of Bradford & Bingley from a public company to a private company.

Photo of Graham Brady Graham Brady Chair, Conservative Party 1922 Committee

With this it will be convenient to discuss the following:

Government amendment 40.

Clause stand part.

Clause 105 stand part.

Government amendments 41 and 42.

Clauses 106 to 108 stand part.

Photo of Simon Clarke Simon Clarke The Chief Secretary to the Treasury

The amendments in this group will ensure that the Bill reflects the conversion of Bradford & Bingley from a public limited company to a private limited company in October 2021, after the introduction of the Bill. Following the nationalisation in 2008, the Government have gradually been divesting their assets in Bradford & Bingley, and confirmed the return of the company to private ownership on 2 November 2021. Prior to the sale, Bradford & Bingley, which was then registered as a public limited company, was re-registered at Companies House as Bradford & Bingley Limited. These amendments will reflect that change, by changing references to Bradford & Bingley plc in the Bill to Bradford & Bingley Limited.

The amendments will allow the Government to transfer pension liabilities residing under Bradford & Bingley to the Treasury. They will also allow information to be shared between the Treasury, UK Asset Resolution Ltd and Bradford & Bingley for the purpose of facilitating those transfers.

Clauses 104 to 108 will make a number of additional provisions, including those giving the Treasury the power to transfer other relevant pension liabilities related to individuals’ past employment at Bradford & Bingley or Northern Rock to the Treasury; conferring powers on the Treasury to vary the way in which taxes apply to persons in scope of part 2, with the intention that this part of the Bill will be tax neutral; conferring powers on the Treasury to obtain the information needed to establish and administer the new public schemes, and to administer the other relevant pension liabilities; and requiring the Treasury to consult the trustees of the current schemes before making regulations concerning the new public schemes.

Amendment 39 agreed to.

Amendment made: 40, in clause 104, page 83, line 11, leave out first “Plc” and insert “Limited”—(Mr Clarke.)

This is one of a number of amendments reflecting the conversion of Bradford & Bingley from a public company to a private company.

Clause 104, as amended, accordingly ordered to stand part of the Bill.

Clause 105 ordered to stand part of the Bill.