Contributions
803 recent contributions in Hansard
HANSARDPension Schemes Bill (Fourth sitting)That is an important question. The communication to members will be standardised, by providing the key information that has to be provided and the option of an opt-out—so it will…04 Sept 2025HANSARDPension Schemes Bill (Fourth sitting)I beg the Committee’s patience, as a number of clauses are grouped here—Members can thank the powers that be for that—and I will run through them all. Clause 21 enables the…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I beg to move amendment 7, in clause 1, page 1, line 6, leave out “for England and Wales”. The amendment would secure that Clause 1 applies to a pension scheme for local…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)Before I turn to the amendments, I should briefly outline the reform of the local government pension scheme, for which chapter 1 provides the legislative underpinning. The LGPS is…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I thank everyone who has spoken. I am grateful for the welcome for the Bill as a whole, for this chapter and for the amendments that particularly relate to Scotland. As the hon.…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I beg to move amendment 9, in clause 1, page 1, line 16, at end insert— “(ba) enabling the responsible authority, in prescribed circumstances, to give a direction to an asset pool…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)We turn now to three technical amendments concerning the powers to direct asset pools, which I mentioned in my previous speech. Amendment 9 ensures that a pool must comply with…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I beg to move amendment 15, in clause 1, page 2, line 34, leave out from “company” to end of line 40 and insert “limited by shares and registered in the United Kingdom which is…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)It is for those forming the pooling companies to agree their own arrangements. The hon. Member rightly raises the question whether people are shareholders or clients of a pool.…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I will try to confine my remarks to the amendment and the points made about it; I am not going to encourage us to focus on the grouping provided. I thank the hon. Member for Wyre…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I will give a very short speech because the hon. Member for Aberdeen North has just made every single point that I was going to make. I understand the motivation behind the…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)Clause 2 sets out how assets will be managed in the LGPS under the reformed system of asset pooling. It requires that asset-pooling regulations introduced under clause 1 include…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)That is the only way that I have seen taken up by local authorities, and it is the main one that local authorities are discussing, although, as I have said, that is a decision for…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)Clause 3 concerns how procurement law relates to the LGPS. New clause 21 is intended to replace clause 3, and I will endeavour to explain why it is a technical but valuable…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I absolutely would. I have been making exactly those points to anyone who will listen.04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I will be very straight with the hon. Lady, in answer to her fair question. It would obviously be preferable if the clause were not changing between Second Reading and Report, so…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)Thank you for the learning, Sir Christopher. Clause 4 enables the Government to make regulations that require LGPS administering authorities to undertake and publish an…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)Schedule 3 to the Public Service Pensions Act 2013 has already conferred powers on the Secretary of State to make regulations about the administration, management and winding up…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I am happy to give that commitment. I am not aware of any administering authorities in Scotland that would be affected, but I am happy to take that point away. Question put and…04 Sept 2025HANSARDPension Schemes Bill (Third sitting)I thank the hon. Member for Wyre Forest for the amendment and for the points he raised. Amendment 244 would amend clause 5 to allow fund mergers only if the two funds are in the…04 Sept 2025