We on these Benches have no complaints in principle with the orders, but we have a number of questions. Following the noble Lord, Lord Skelmersdale, and to save the Minister time, I believe that the Government have announced today that they are pursuing an appeal on the court ruling on...

We on these Benches have no complaints in principle with the orders, but we have a number of questions. Following the noble Lord, Lord Skelmersdale, and to save the Minister time, I believe that the Government have announced today that they are pursuing an appeal on the court ruling on...

I am yet again grateful to the Minister for explaining these orders so clearly. Although putting them all into one speech makes life just a tiny bit more complicated than it would otherwise be, I pretty well understood what he said. The noble Lord ranged widely over the background to...

I am yet again grateful to the Minister for explaining these orders so clearly. Although putting them all into one speech makes life just a tiny bit more complicated than it would otherwise be, I pretty well understood what he said. The noble Lord ranged widely over the background to...

I thank both noble Lords who have participated in this debate and for what I think is their support for these orders. I am delighted that the noble Lord, Lord Skelmersdale resisted—

I thank both noble Lords who have participated in this debate and for what I think is their support for these orders. I am delighted that the noble Lord, Lord Skelmersdale resisted—

rose to move, That the Grand Committee do report to the House that it has considered the Pension Protection Fund (Pension Compensation Cap)Order 2007. The noble Lord said: I shall speak also to the Occupational Pension Schemes (Levies)(Amendment) Regulations 2007 and the Occupational Pension Schemes (Levy Ceiling) Order 2007. As...

rose to move, That the Grand Committee do report to the House that it has considered the Pension Protection Fund (Pension Compensation Cap)Order 2007. The noble Lord said: I shall speak also to the Occupational Pension Schemes (Levies)(Amendment) Regulations 2007 and the Occupational Pension Schemes (Levy Ceiling) Order 2007. As...

I forgot to ask this. There is a report in the current edition of Personal Pensions, stating that both the Pension Protection Fund and the Pensions Regulator rule out the possibility of a merger. It quotes the Pension Protection Fund extensively as saying that it is not in favour of...

I forgot to ask this. There is a report in the current edition of Personal Pensions, stating that both the Pension Protection Fund and the Pensions Regulator rule out the possibility of a merger. It quotes the Pension Protection Fund extensively as saying that it is not in favour of...

I did not mean to be grudging and I apologise to the noble Lord if it came across that way. I was about to say I am delighted that he resisted the temptation to talk about payable tax credits, and I shall certainly resist the temptation to remind him that...

I did not mean to be grudging and I apologise to the noble Lord if it came across that way. I was about to say I am delighted that he resisted the temptation to talk about payable tax credits, and I shall certainly resist the temptation to remind him that...

The point of my question and the answer the Minister has just given is that there is something like a £200 million gap between the ceiling at the top and the actual gross levy at the bottom. Therefore one must begin to wonder whether the ceiling is a bit on...

The point of my question and the answer the Minister has just given is that there is something like a £200 million gap between the ceiling at the top and the actual gross levy at the bottom. Therefore one must begin to wonder whether the ceiling is a bit on...

I understand the noble Lord’s point, but that presupposes that the involvement of private equity would lead to the weakening of employers. Often it might be argued that the involvement of private equity could have the reverse impact. It is difficult to generalise on these things, although I acknowledge that...

I understand the noble Lord’s point, but that presupposes that the involvement of private equity would lead to the weakening of employers. Often it might be argued that the involvement of private equity could have the reverse impact. It is difficult to generalise on these things, although I acknowledge that...

That is correct. The noble Lord, Lord Oakeshott, asked about the number of schemes. In my introduction, I said that there were 147 schemes covering a total of 102,000 scheme members in an assessment period at the end of February 2007. A further 80 schemes are expected to enter an...

That is correct. The noble Lord, Lord Oakeshott, asked about the number of schemes. In my introduction, I said that there were 147 schemes covering a total of 102,000 scheme members in an assessment period at the end of February 2007. A further 80 schemes are expected to enter an...

Perhaps I can help the Minister here. Even if, overall, private equity is helpful, I think everyone would agree that introducing a lot of debt into a company means there is more risk if things go wrong. The reason it is relevant to pension funds, given that most defined-benefit pension...

Perhaps I can help the Minister here. Even if, overall, private equity is helpful, I think everyone would agree that introducing a lot of debt into a company means there is more risk if things go wrong. The reason it is relevant to pension funds, given that most defined-benefit pension...

We have to look at this over a longer period. Particularly in the early years, there will be a build-up of schemes in the assessment phase and potentially then under the protection of the fund. I would imagine that there will be a convergence of the levy and the ceiling...

We have to look at this over a longer period. Particularly in the early years, there will be a build-up of schemes in the assessment phase and potentially then under the protection of the fund. I would imagine that there will be a convergence of the levy and the ceiling...

Must the Minister be quite so grudging?

Must the Minister be quite so grudging?

I do not know whether it is. I shall certainly seek advice on whether there is anything meaningful that I can say other than the assurance that I gave in relation to the review currently under way and write to the noble Lord. The noble Lord, Lord Skelmersdale, asked about...

I do not know whether it is. I shall certainly seek advice on whether there is anything meaningful that I can say other than the assurance that I gave in relation to the review currently under way and write to the noble Lord. The noble Lord, Lord Skelmersdale, asked about...

The noble Lord is quite right, I did not deal with that. I will try to do so now. The ceiling is one of the protections that are available to ensure that the PPF can only call upon a certain level of funding. It is the cap on which a...

The noble Lord is quite right, I did not deal with that. I will try to do so now. The ceiling is one of the protections that are available to ensure that the PPF can only call upon a certain level of funding. It is the cap on which a...

I commented on the fact that the ceiling order was a ceiling. The Minister will remember. The ceiling order constructed a ceiling, and I do not think he has answered my question about how close to the ceiling the actual takings of the PPF were last year.

I commented on the fact that the ceiling order was a ceiling. The Minister will remember. The ceiling order constructed a ceiling, and I do not think he has answered my question about how close to the ceiling the actual takings of the PPF were last year.

They are not against it?

They are not against it?

Draft SI on Pension Protection Fund (Pension Compensation Cap). Lords debate on a motion to consider. Agreed to on question. Debated with draft SIs on Occupational Pension Schemes (Levies) (Amendment), and Occupational Pension Schemes (Levy Ceiling). Grand Committee held in the Moses Room.

Draft SI on Pension Protection Fund (Pension Compensation Cap). Lords debate on a motion to consider. Agreed to on question. Debated with draft SIs on Occupational Pension Schemes (Levies) (Amendment), and Occupational Pension Schemes (Levy Ceiling). Grand Committee held in the Moses Room.

Draft SI on Pensions Act 2004 (ppf payments and fas payments) (consequential provisions)(SI 2006/343). Lords debate on motion to approve. Agreed to on question. (Debated with draft SI on pensions protection fund (pension compensation cap)(SI 2006/347)

Draft SI on Pensions Act 2004 (ppf payments and fas payments) (consequential provisions)(SI 2006/343). Lords debate on motion to approve. Agreed to on question. (Debated with draft SI on pensions protection fund (pension compensation cap)(SI 2006/347)

rose to move, That the draft order laid before the House on 9 January be approved [14th Report from the Joint Committee]. The noble Lord said: My Lords, in moving this order I shall speak also to the Pension Protection Fund (Pension Compensation Cap) Order 2006. I remind noble Lords that the Pension Protection Fund,...

rose to move, That the draft order laid before the House on 9 January be approved [14th Report from the Joint Committee]. The noble Lord said: My Lords, in moving this order I shall speak also to the Pension Protection Fund (Pension Compensation Cap) Order 2006. I remind noble Lords that the Pension Protection Fund,...

My Lords, I beg to move the Motion standing in my name on the Order Paper. Moved, That the draft order laid before the House on 11 January be approved [14th Report from the Joint Committee].—(Lord Evans of Temple Guiting.) On Question, Motion agreed to.

My Lords, I beg to move the Motion standing in my name on the Order Paper. Moved, That the draft order laid before the House on 11 January be approved [14th Report from the Joint Committee].—(Lord Evans of Temple Guiting.) On Question, Motion agreed to.