Pensions Bill [HL]
Debate between Baroness Drake and Baroness Garden of Frognal(13 years, 1 month ago)
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Baroness Garden of Frognal
My Lords, I shall speak also to Amendments 29 and 31 in this group.
These amendments relate to Schedule 4, which deals with the Pension Protection Fund. This is a complex area of legislation and further consideration has identified a few small changes that are needed to clarify the legislation. All of them are minor and technical in nature.
Amendments 28 and 29 remove the application of Section 143(9) when the board is obtaining a valuation for a scheme applying for a reconsideration to enter the fund. This reference is not relevant in the case of an application for reconsideration where the board’s power to obtain a valuation is discretionary. It will still apply to an initial scheme valuation or determination under Section 143 of the Pensions Act.
Amendments 30 and 31 result from changes made to Section 152 and Schedule 7 to the Pensions Act 2004, which deal with the duty of the board of the Pension Protection Fund to assume responsibility for a scheme on reconsideration and the pension compensation provisions. They simply update some cross-references to include new provisions that would be introduced by the Bill.
My noble friend Lord Freud has written in greater detail to noble Lords who have taken part in this House’s consideration of the Bill and placed a copy of the letter in the Library. I hope that with the detail in that letter and with this concise verbal explanation, noble Lords will feel able to support these amendments. I beg to move.
Baroness Drake
My Lords, I thank the Minister for her explanation and I thank the noble Lord, Lord Freud, for his prior written communications with my noble friend Lord McKenzie. We are happy with the explanations and can see the logic of the amendments. As a past member of the founding board of the Pension Protection Fund I am deeply fond of that organisation, and anything that improves its efficient operations will always have my support.