Speeches by Bell.

“One of the new features of a superfund regime is that there is a responsible body for the superfund that carries out key parts of its operations. Clause 61 sets out a clear framework of policies and procedures that the responsible body of a superfund must ensure is in place, so that the pension scheme is managed and ad…”

“I am grateful to the hon. Member for the new clause. I acknowledge the concerns surrounding the abolition of the Pension Protection Fund admin levy. This is not a new issue; it has obviously been raised significantly by parts of the industry. I broadly support the intent of the new clause. It provides for the expenses …”

“The first reassurance I can give is that this part of the Bill requires only one regulatory framework, because it all sits within the Pensions Regulator and within the defined benefit part of the landscape, as I am aware the hon. Member for Aberdeen North knows. On the hon. Member’s wider point, which is relevant to ma…”

“Never! No. We should clarify what we mean by “industry”: in a lifetime provider model, employers take on a significantly greater administrative burden, because they have to engage with potentially every pension scheme in the country. Admittedly, we are limiting the number of those in future, but still, that is what emp…”

“I beg to move amendment 36, in clause 29, page 27, leave out lines 14 and 15. This amendment clarifies that small pots regulations may confer rights of appeal more broadly than just in relation to the refusal of an application for authorisation.”

“I beg to move amendment 63, in clause 38, page 37, line 11, after “requirement” insert “by reference to the main scale default arrangement” This amendment clarifies how the concept of a main scale default arrangement fits into the approval framework under section 28A.”

“It is a pleasure to serve under you today, Ms McVey. We recommence our consideration of the small pots part of the Bill. I thank all Members for their engagement during the sittings last week. Clause 27 is fundamental. It allows regulations to be made to create an authorisation and supervisory framework for pension sch…”

“It’s very exciting!”

“I just point out that many of the measures in the Bill will support exactly that kind of investment in social housing, including those on scale and the local government pension scheme. On that basis, I think these amendments are unnecessary. Ordered, That the debate be now adjourned.—(Taiwo Owatemi.)”

“I beg to move amendment 92, in clause 38, page 41, line 8, leave out “of the totality”. This amendment is consequential on Amendment 94.”

“It is wonderful to have you in the Chair, Ms Butler. Amendments 92 to 96 are minor amendments that clarify that any asset allocation percentage requirements should be calculated as a percentage of default funds, rather than as a percentage of the total assets of a scheme. That is how the Mansion House accord works and …”

“I beg to move amendment 98, in clause 38, page 42, line 12, leave out “relevant Master Trusts or” and insert— “the trustees or managers of relevant Master Trusts or the providers of”. This amendment clarifies that legal obligations fall on the trustees or managers of relevant Master Trusts or on the providers of group …”

“Clause 29 will make the small pot consolidation framework work in practice, through allowing the small pots regulations to cover a range of operational, administrative, data protection and consumer protection matters. It enables the Pensions Regulator to charge a fee for authorisation and gives applicants the right to …”

“I will start with the Government amendments and then turn to new clause 32. The amendments relate to proposed new section 28C and specify more detail about the role of the regulator in over- seeing the granting and withdrawal of approvals under this section, including a penalty-making power where a provider does not co…”

“I thank hon. Members for their reflections. I agree with the sentiment of what everybody has put forward, including the hon. Member for Mid Leicestershire—apart from his worryingly weak patriotism.”

“The clause provides the flexibility, as I have just said, to increase or decrease the threshold without requiring new primary legislation, enabling the Government to move quickly and efficiently as developments—whether it be wage growth or changes in contribution patterns—change our pensions landscape. Under the clause…”

“I beg to move amendment 44, in clause 38, page 34, line 27, leave out “‘other than an authorised Master Trust scheme’” and insert “‘that is not a relevant Master Trust and’”. This amendment clarifies a verbal ambiguity in the amendment of section 20(1) of the Pensions Act 2008.”

“I am glad we are all thoroughly confused. Three broad approaches have been set out to this small pots problem. The first is the one that the Bill takes forward, which is the multiple default consolidation solution—the automatic sweeping up of small pots into consolidated schemes to make everyone’s lives easier. Members…”

“Let me first respond to the thrust of the comments from the Opposition; I will then come directly to that question. I am conscious that, having sat through Second Reading, most hon. Members have heard my views, and the Government’s views, on this, but let us set out the facts. It is the industry itself that set out the…”

“We now come to the sections of the Bill that bring in the pensions investment review measures, particularly those on setting minimum scale levels required by schemes. Before I briefly describe these amendments, I remind the Committee of the purpose of clause 38, which we will probably be discussing for a substantial pe…”