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Banking Bill

The noble Viscount, Lord Eccles, raises an important point about ensuring that pension scheme members are kept informed, but I do not think that his amendment is necessary. Trustees of a pension scheme are under statutory obligations to provide members and beneficiaries of pension schemes and relevant trade unions with a written statement of material changes or alterations to the scheme. Depending on the nature of the change or alteration to the scheme, generally written notice has to be provided within two or three months after any such change has taken effect. In addition, trustees must prepare and make available an annual report, which must be provided free of charge to members and beneficiaries on request. These reporting obligations, which I know will be familiar to the noble Viscount, would apply to the trustees of any pension scheme affected by a transfer order or instrument under Clause 71. Therefore, I do not think that it is necessary to accept the amendment. We have the existing statutory mechanisms for the provision of information. This legislation complies with that and does not change it in any way. I hope that the noble Viscount’s concerns are satisfied.