Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2018

Baroness Altmann Excerpts

Tuesday 15th January 2019 Lords Chamber

[Baroness Buscombe]

I will be turning to the Northern Ireland regulations shortly. If we leave with no deal it is not possible at that point for our Pensions Regulator to continue to protect assets beyond what will become our borders. That is where there is a great hope that there will be a deal, so that during the implementation period we can make sure that we introduce legislation that will protect our pension assets—the very thing that concerns the noble Baroness. We hope we will be able to bring it before the House prior to the end of the implementation period. Then we could revoke the statutory instruments before your Lordships’ House today.

[Baroness Altmann (Con)]

Might it be helpful if my noble friend went back to the department and asked it to reassure itself that pension assets can be protected in the event of no deal? It strikes me that there may be an issue that has not yet come to light, and that some cross-border issues might need to be addressed a little more carefully.

[Baroness Buscombe]

I take on board my noble friend’s question. We have to be realistic about this. I am sure noble Lords will accept that we cannot impose any legal rights, certainties and protections prior to the end of March, or prior to knowing whether we will have a deal. In the event of a no deal, it would be impossible for us to be certain on that day that we can protect things. I put my hand on my heart and say that in the event of no deal, I am sure that those in my department who are focused on this subject—including my honourable friend in another place, the Minister for Pensions—will do all they can post exit to ensure that we can negotiate and work closely with those with whom we currently have a cross-border relationship, and to reassure them that we can continue in the same vein.

However, I can make no guarantees at the Dispatch Box. It would be wrong for me to seek to try until we have certainty. I repeat: these regulations give legal certainty at the moment when we leave the EU with no deal. I hope that all noble Lords will accept that I have done my best to reassure them that these regulations are in good shape. Again, I thank most particularly the noble Lord, Lord Kirkwood—who sits on the SI Committee and has access to a whole host of regulations—for his support, saying that these regulations are effective. I hope noble Lords will show their support for them.