Pension Schemes Bill [HL]

Lord Fowler Excerpts

Monday 21st November 2016 Lords Chamber

20A: Clause 11, page 7, line 19, leave out “must” and insert “may”

[The Lord Speaker (Lord Fowler)]

My Lords, there is an error in the Marshalled List. Amendment 20A should read: “page 7, line 19, leave out ‘may’ and insert ‘must’”.

[Baroness Bakewell of Hardington Mandeville]

My Lords, I thank the noble Lord the Lord Speaker for putting the House right on that; the error was pointed out to me this morning. I shall speak briefly to the amendment.

All the information requirements relating to scheme processes as set out in Clause 11(4) are integral to a thorough assessment of a master trust’s capacity to run a scheme effectively. Therefore, it should be mandatory for regulations to include provision about the regulations. Master trusts must be effectively run so that members can be sure that their money and futures are secure. Security around master trusts is key to their success. It is much too important to be left to possible regulation; it needs to be enshrined in the Bill. I look forward to hearing what the Minister has to say about the amendment, and I support all the other amendments in the group.