All 1 Debates between Lord McKenzie of Luton and Viscount Eccles

Mon 24th Feb 2020
Pension Schemes Bill [HL]
Grand Committee

Committee stage:Committee: 1st sitting & Committee: 1st sitting & Committee: 1st sitting : House of Lords & Committee stage

Pension Schemes Bill [HL]

Debate between Lord McKenzie of Luton and Viscount Eccles
Committee stage & Committee: 1st sitting & Committee: 1st sitting : House of Lords
Monday 24th February 2020

(4 years, 10 months ago)

Grand Committee
Read Full debate Pension Schemes Act 2021 View all Pension Schemes Act 2021 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 4-II Second marshalled list for Grand Committee - (24 Feb 2020)
Viscount Eccles Portrait Viscount Eccles
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My Lords, I say in support that, if I were a trustee of a pension scheme, and one, two or more people wanted to transfer out, I would be extremely unhappy if they had not taken independent financial advice. I would see that as a necessary condition of coming to the deal that we were possibly coming to.

Lord McKenzie of Luton Portrait Lord McKenzie of Luton
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My Lords, we should thank the noble Lord, Lord Young, for bringing this amendment which, as he said, mirrors other aspects of pensions legislation. I was unclear whether this sits alongside the pause and triggering events or would supersede it. I hope the former, as it would be the quickest and easiest way to deal with it. Intrinsic to the wording are challenges that have been met in other pension environments about how to deal with or define “advice”, “adequate” and all that, but it is not beyond the wit of noble Lords to cover that off.