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HANSARDPension Schemes Bill (Seventh sitting)This group of clauses introduces requirements for superfunds that concern funding and investment. Clause 63 places a duty on the responsible body of a superfund to protect…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)This series of clauses sets out requirements for the approval or certification of key superfund personnel. Trustees and actuaries, among others, are already held to account by…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)This is the last grouping that covers the superfund regulatory regime. Clause 88 allows regulations to extend the superfund regime, with or without modification, to structures…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)Before a 2022 High Court ruling, it was widely accepted that the Pensions Ombudsman had the status of a competent court, so that a Pensions Ombudsman determination alone would be…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)I thank all hon. Members for the consensus around these amendments. We will return to the question of indexation shortly with some of the new clauses. I also want to correct the…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)Clause 97 introduces the schedule of amendments that are being made to the Pensions Act 2004. These amendments extend the regulatory functions of the Pensions Regulator to include…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)I beg to move, That the clause be read a Second time.11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)These new clauses deliver proposals that are contained in the final report of the pension investment review by adding a new chapter in part 2 of the Bill. Clause 38 set out the…11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)I beg to move, That the clause be read a Second time.11 Sept 2025HANSARDPension Schemes Bill (Seventh sitting)These new clauses are intended to help schemes affected by the implications of the Virgin Media v. NTL pension trustees court judgments, which found that certain benefit changes…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)I thank the proposers of these new clauses. I will take them in the way they were intended—to spark debate. We have had quite a wide debate and I think there is consensus on the…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)I can absolutely give that guarantee, because that is in the terms of reference of the Pensions Commission. I will come back to the wider question of the commission in one second.…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)Absolutely. I think we will want to look at the impact across a range of measures of engagement. Do dashboards help consolidation of pots? Do they encourage people to save more?…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)The first thing to say is that this is focused on scale. We appreciate that the Bill would lead to major changes to the pensions market—the hon. Member for Torbay is absolutely…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)Despite the hon. Member’s kind invitation, and as he well knows, I am not about to start commenting on the Budget—something I have heard him say himself many times over the years…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)I thank my hon. Friend for his questions. Let me come to the two halves; two different issues are actually being raised in these amendments and I want to make sure that we deal…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)I thank the hon. Member for Torbay, who has just left us, for moving new clause 7. To clarify, it would require the Secretary of State to commission an independent review into the…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)I reiterate my overall approach to the issues being raised in relation to historical cases, but we all recognise the difficult position that members of this particular scheme…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)I am conscious that there was a debate in the main Chamber on this issue before the summer recess, when we were able to go into the issue in much more depth. The debate related to…11 Sept 2025HANSARDPension Schemes Bill (Eighth sitting)That is impressive honesty.11 Sept 2025