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Committee of the Whole House (HL) and Debate on bill on Wednesday, 16 July 2008, in the House of Lords.

Pensions Bill

Pensions Bill. Lords Committee stage seventh day.

Secondary information

Type
Parliamentary proceeding
Reference
703 c1253-86 
Session
2007-08
Department
Department for Work and Pensions
Legislative stage
Committee stage
Chamber / Committee
House of Lords chamber
Related items
Pensions Act 2004
Thursday, 18 November 2004
Public acts
Companies Act 2006
Wednesday, 8 November 2006
Public acts
Proceeding contributions
Baroness Noakes | 703 c1284 (Link to this contribution) The Minister already has referred to fair value in terms that I simply have not understood. All kind...
Lord McKenzie of Luton | 703 c1284-5 (Link to this contribution) Again, I appreciate the concern of Members of the Committee that I should make clear our intentions ...
Show all contributions (61)
Lord Lucas | 703 c1283 (Link to this contribution) I am delighted to hear that. I accept the Minister’s criticism of the wording of my amendment. I sus...
Lord Lucas | 703 c1282 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130FD: 130FD: Before Clause 107, line...
Lord McKenzie of Luton | 703 c1283 (Link to this contribution) Clearance is the voluntary process for obtaining from the Pensions Regulator a clearance statement, ...
Lord McKenzie of Luton | 703 c1282 (Link to this contribution) I am not in a position formally to accept the amendment, but I think that I have outlined where we s...
Lord Lucas | 703 c1282 (Link to this contribution) I am grateful for that reply. Yes, we will need to explore the matter a bit. The noble Lord says tha...
Baroness Noakes | 703 c1285 (Link to this contribution) I return to my example of a fair value transaction coming into the group, followed by a merger, foll...
Lord McKenzie of Luton | 703 c1286 (Link to this contribution) I think not. However, we will put this on the list of things to clarify over the next couple of mont...
Lord Tunnicliffe | 703 c1286 (Link to this contribution) I remind noble Lords that the Committee stage of the Pensions Bill will resume tomorrow. I beg to mo...
Lord McKenzie of Luton | 703 c1285 (Link to this contribution) If the merger was undertaken at fair value, taking account of the protection of the scheme and the c...
Lord Lucas | 703 c1281 (Link to this contribution) I am encouraged by what the Minister said. The fundamental problem here is that moving from ““good f...
Lord McKenzie of Luton | 703 c1281 (Link to this contribution) That is a good question, on which I need to refer back. I cannot, off the top of my head, deal with ...
Baroness Noakes | 703 c1280-1 (Link to this contribution) I thank the Minister for that. We are not going to progress that aspect much further. Perhaps I may ...
Lord McKenzie of Luton | 703 c1280 (Link to this contribution) I believe that I understand the point that the noble Baroness has made. A number of the consultation...
Baroness Noakes | 703 c1280 (Link to this contribution) The Minister is absolutely right that directors have to make such judgments every day, but the judgm...
Lord McKenzie of Luton | 703 c1279-80 (Link to this contribution) It seems to me that, when directors are declaring a dividend, they take account of the current finan...
Baroness Noakes | 703 c1279 (Link to this contribution) I shall explain myself again. I think that hindsight will inevitably be used because it is difficult...
Lord McKenzie of Luton | 703 c1279 (Link to this contribution) I shall try to help the Committee. The important thing to bear in mind is that it is not envisaged t...
Lord McKenzie of Luton | 703 c1281-2 (Link to this contribution) The Government made a statement on 14 April that the principal amendments that they were seeking to ...
Lord Lucas | 703 c1281 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130FC: 130FC: Before Clause 107, line...
Lord McKenzie of Luton | 703 c1270-1 (Link to this contribution) I am not sure that I said that they were totally happy—I am not sure that lawyers are ever totally h...
Baroness Noakes | 703 c1271 (Link to this contribution) I, too, would be interested to see a copy of the article. If it contains what the Minister says it d...
Baroness Noakes | 703 c1270 (Link to this contribution) Could I clarify that? The Government’s paper talked about shareholders and investors standing behind...
Lord McKenzie of Luton | 703 c1269-70 (Link to this contribution) I appreciate the concerns of the noble Baroness about the interests of employers and directors’ duti...
Lord Lucas | 703 c1270 (Link to this contribution) Perhaps I may pick up on a point that the Minister made earlier. I think he said that there was a fi...
Lord McKenzie of Luton | 703 c1270 (Link to this contribution) The noble Baroness is right. I do not have a copy of the document in front of me. I would be happy t...
Lord McKenzie of Luton | 703 c1262-5 (Link to this contribution) This has been a helpful place to start our deliberations today. The noble Lord, Lord Hunt, said that...
Lord Hunt of Wirral | 703 c1261-2 (Link to this contribution) I should again declare my interest as a partner of the national commercial law firm Beachcroft. Howe...
Baroness Noakes | 703 c1266-9 (Link to this contribution) moved Amendment No. 130EZ: 130EZ: Before Clause 107, line 16, at end insert— ““( ) Regulations und...
Baroness Noakes | 703 c1265-6 (Link to this contribution) I thank the Minister for that response and thank all noble Lords for taking part in the debate. Much...
Lord McKenzie of Luton | 703 c1274-5 (Link to this contribution) The noble Lord has drawn attention in these amendments to the important roles played by insolvency p...
Lord Lucas | 703 c1274 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130FA: 130FA: Before Clause 107, line...
Lord Lucas | 703 c1274 (Link to this contribution) I thank the Minister for what he has said. Yes, I am sure that I, and the people to whom I have been...
Baroness Noakes | 703 c1274 (Link to this contribution) I thank the Minister for pointing that out. Of course, ““person”” in the context of Section 38(7) re...
Lord McKenzie of Luton | 703 c1274 (Link to this contribution) The reference to the ““financial circumstances”” of the person in looking at tests about whether som...
Baroness Noakes | 703 c1273 (Link to this contribution) We will return to dividends later in connection with other amendments. However, would the Minister e...
Lord McKenzie of Luton | 703 c1272-3 (Link to this contribution) I recognise the concern about the impact that personal liability will have on the willingness of peo...
Baroness Noakes | 703 c1272 (Link to this contribution) When the Minister comes to reply, I hope he will be able to cover the areas where the Government bel...
Lord Lucas | 703 c1271-2 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130F: 130F: Before Clause 107, line 1...
Lord McKenzie of Luton | 703 c1276 (Link to this contribution) Perhaps I may help further. The key point is that it is important that all creditors are treated fai...
Baroness Noakes | 703 c1276 (Link to this contribution) I shall explain. It is the potential shift, as enacted by the proposed regulations, to the test of w...
Lord Lucas | 703 c1277 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130FB: 130FB: Before Clause 107, line...
Lord Lucas | 703 c1277 (Link to this contribution) I found the Minister’s final words encouraging. Yet again, we shall have some fruitful discussions o...
Baroness Noakes | 703 c1278-9 (Link to this contribution) I am sure that it will be helpful if the Minister takes this away, but I shall probe him on shifting...
Baroness Noakes | 703 c1275-6 (Link to this contribution) I am grateful for what the Minister said about insolvency practitioners. I accept what he said about...
Lord McKenzie of Luton | 703 c1253 (Link to this contribution) My Lords, I beg to move that the House do now again resolve itself into Committee on this Bill. Mov...
Lord McKenzie of Luton | 703 c1253-5 (Link to this contribution) I wonder whether I might be permitted, before we move on to the amendments, to make a brief statemen...
Baroness Hollis of Heigham | 703 c1258-60 (Link to this contribution) Listening to the debates on Monday evening and today—I am losing track of the Committee days now—I c...
Lord Oakeshott of Seagrove Bay | 703 c1256-8 (Link to this contribution) It is entirely appropriate that the noble Baroness, Lady Noakes, is now going through these amendmen...
Lord Lucas | 703 c1260-1 (Link to this contribution) I was delighted to listen to the speech by the noble Baroness, Lady Hollis. I always find her persua...
Lord Lucas | 703 c1283-4 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130FE: 130FE: Before Clause 107, line...
Lord Lucas | 703 c1286 (Link to this contribution) Again, I am grateful for that answer. It seems that these sorts of transactions will have to go for ...
Baroness Noakes | 703 c1286 (Link to this contribution) I agree with the Minister that it should not be the subject of regulatory action. My question is whe...
Lord McKenzie of Luton | 703 c1274 (Link to this contribution) The test covers both. A person covers an individual, as I understand it. So, whether it is a person ...
Lord McKenzie of Luton | 703 c1277-8 (Link to this contribution) The noble Lord is right that we have touched on good faith in our previous discussions and I underst...
Baroness Noakes | 703 c1255-6 (Link to this contribution) moved, as an amendment to Amendment No. 130EW, Amendment No. 130EY: 130EY: Before Clause 107, line...
Baroness Noakes | 703 c1282 (Link to this contribution) Does the Minister accept my noble friend’s amendment or not?
Lord McKenzie of Luton | 703 c1276-7 (Link to this contribution) It would be a judgment as to whether those fees are normal under the commercial circumstances of the...
Lord McKenzie of Luton | 703 c1276 (Link to this contribution) I agree that we would not want to inhibit the sort of activity which, as both the noble Baroness and...
Subjects
Compensation Company law Companies Directors Liability Insolvency Workplace pensions Pensions Pension Protection Fund Regulation Pensions Regulator
Legislation
Pensions Bill 2007-08
Link
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