Lords report stage. Part 1 of 2.

Lords report stage. Part 1 of 2.

Lords report stage. Bill, as amended, ordered to be printed (HL Bill 87). Part 2 of 2.

Lords report stage. Bill, as amended, ordered to be printed (HL Bill 87). Part 2 of 2.

My Lords, Amendments 11 and 12 in my name seek broadly the same objective as those of the noble Lord, Lord McKenzie, and would enable a funder to do other things but subject to the regulator having to approve them. The fundamental issue here for the insurance industry is that...

My Lords, Amendments 11 and 12 in my name seek broadly the same objective as those of the noble Lord, Lord McKenzie, and would enable a funder to do other things but subject to the regulator having to approve them. The fundamental issue here for the insurance industry is that...

Moved by

Lord McKenzie of Luton

1: Clause 4, page 3, line 17, at end insert—

“( ) the scheme’s member engagement strategy.”

Moved by

Lord McKenzie of Luton

1: Clause 4, page 3, line 17, at end insert—

“( ) the scheme’s member engagement strategy.”

My Lords, this revisits an amendment debated in Committee and requires the scheme’s member-engagement strategy to be one of the pieces of information that must be submitted to the Pensions Regulator as part of the application for authorisation. As such, it would then sit alongside the scheme and the scheme...

My Lords, this revisits an amendment debated in Committee and requires the scheme’s member-engagement strategy to be one of the pieces of information that must be submitted to the Pensions Regulator as part of the application for authorisation. As such, it would then sit alongside the scheme and the scheme...

My Lords, I strongly support the case made by the noble Lord, Lord McKenzie. In my experience, in a defined benefit situation the trustee is rightly prescriptive with regard to the steps that need to be taken to satisfy a reasonable test of an engagement and communication strategy. It is...

My Lords, I strongly support the case made by the noble Lord, Lord McKenzie. In my experience, in a defined benefit situation the trustee is rightly prescriptive with regard to the steps that need to be taken to satisfy a reasonable test of an engagement and communication strategy. It is...

My Lords, I begin by responding to the point that the noble Lord, Lord McKenzie, made in his introduction about whether, if one was dealing with a start-up, it would have to provide accounts. Of course, it does not, because it cannot, so that bit of Clause 4(2) would not...

My Lords, I begin by responding to the point that the noble Lord, Lord McKenzie, made in his introduction about whether, if one was dealing with a start-up, it would have to provide accounts. Of course, it does not, because it cannot, so that bit of Clause 4(2) would not...

My Lords, I am extremely grateful to the Minister for that response. It ended up a lot more positive than when it started and where it looked as though it was heading originally.

The noble Lord reiterated what he said at an earlier point in our deliberations about statutory guidance being...

My Lords, I am extremely grateful to the Minister for that response. It ended up a lot more positive than when it started and where it looked as though it was heading originally.

The noble Lord reiterated what he said at an earlier point in our deliberations about statutory guidance being...

Moved by

Lord Freud

2: Clause 7, page 5, line 29, at end insert—

“( ) The first regulations that are made under subsection (4) are subject to affirmative resolution procedure.”

Moved by

Lord Freud

2: Clause 7, page 5, line 29, at end insert—

“( ) The first regulations that are made under subsection (4) are subject to affirmative resolution procedure.”

My Lords, these amendments put the noble Lord, Lord McKenzie, not just ahead but well ahead—because he and other noble Lords expressed concern in Committee about the Bill’s approach to regulation. With many regulations subject to negative resolution, they felt that they would not be subject to adequate scrutiny. Noble...

My Lords, these amendments put the noble Lord, Lord McKenzie, not just ahead but well ahead—because he and other noble Lords expressed concern in Committee about the Bill’s approach to regulation. With many regulations subject to negative resolution, they felt that they would not be subject to adequate scrutiny. Noble...

My Lords, obviously I welcome the Minister’s amendments, which are a very appropriate response to our discussions in Committee. The compromise that he has struck is useful—and not just in these circumstances. It is actually not a bad idea for legislation to start adopting some of these things because it...

My Lords, obviously I welcome the Minister’s amendments, which are a very appropriate response to our discussions in Committee. The compromise that he has struck is useful—and not just in these circumstances. It is actually not a bad idea for legislation to start adopting some of these things because it...

My Lords, I thank the Minister for the introduction of these amendments, which are very welcome. He has been true to his word and we thank him for taking us through the process of dealing with the regulations. One of our criticisms of the Bill was the plethora of regulation-making...

My Lords, I thank the Minister for the introduction of these amendments, which are very welcome. He has been true to his word and we thank him for taking us through the process of dealing with the regulations. One of our criticisms of the Bill was the plethora of regulation-making...

My Lords, I thank your Lordships for your understanding. I thank again the whole House and its committees, which made the point forcefully

about making all these substantial regulations subject to the negative procedure. This was an occasion where we went back. There was a good suggestion—I am sure it...

My Lords, I thank your Lordships for your understanding. I thank again the whole House and its committees, which made the point forcefully

about making all these substantial regulations subject to the negative procedure. This was an occasion where we went back. There was a good suggestion—I am sure it...

I do not want to prolong this but may I just check one point? The noble Lord said that the Henry VIII provisions would be used only in respect of Acts passed in this same Session of Parliament. The wording sent to me says,

“an Act passed before or in the...

I do not want to prolong this but may I just check one point? The noble Lord said that the Henry VIII provisions would be used only in respect of Acts passed in this same Session of Parliament. The wording sent to me says,

“an Act passed before or in the...

To make it clear, it incorporates legislation that now exists and the legislation that we will prospectively pass with this Bill.

To make it clear, it incorporates legislation that now exists and the legislation that we will prospectively pass with this Bill.

Moved by

Lord Freud

3: Clause 7, page 5, line 30, leave out “Regulations under this section” and insert “Any subsequent regulations under subsection (4), and regulations under subsections (2) and (3),”

Moved by

Lord Freud

3: Clause 7, page 5, line 30, leave out “Regulations under this section” and insert “Any subsequent regulations under subsection (4), and regulations under subsections (2) and (3),”

Moved by

Lord Freud

4: Clause 8, page 6, line 14, at end insert—

“( ) The first regulations that are made under this section are subject to affirmative resolution procedure.”

5: Clause 8, page 6, line 15, at beginning insert “Any subsequent”

Moved by

Lord Freud

4: Clause 8, page 6, line 14, at end insert—

“( ) The first regulations that are made under this section are subject to affirmative resolution procedure.”

5: Clause 8, page 6, line 15, at beginning insert “Any subsequent”

Moved by

Baroness Drake

6: After Clause 8, insert the following new Clause—

“Scheme funder of last resort

Notwithstanding the provisions of section 8, the Secretary of State shall make provision for a funder of last resort, to manage any cases where the Master Trust has insufficient resources to meet the cost of complying...

Moved by

Baroness Drake

6: After Clause 8, insert the following new Clause—

“Scheme funder of last resort

Notwithstanding the provisions of section 8, the Secretary of State shall make provision for a funder of last resort, to manage any cases where the Master Trust has insufficient resources to meet the cost of complying...

My Lords, a key purpose of the Bill is to protect the pension pots of ordinary people from being raided in the event of a master trust pension scheme failing. At the moment, the considerable

costs, including administrative costs incurred when a failing scheme is wound up and the members...

My Lords, a key purpose of the Bill is to protect the pension pots of ordinary people from being raided in the event of a master trust pension scheme failing. At the moment, the considerable

costs, including administrative costs incurred when a failing scheme is wound up and the members...

My Lords, I support this amendment, to which I have put my name, and would like to add to the very eloquent case made by the noble Baroness, Lady Drake; namely that it is very important that we provide protection for members when a master trust fails and give confidence...

My Lords, I support this amendment, to which I have put my name, and would like to add to the very eloquent case made by the noble Baroness, Lady Drake; namely that it is very important that we provide protection for members when a master trust fails and give confidence...