Torsten Bell
MP for Swansea West · Labour · United Kingdom
“That is a very important question. We need to make sure that those who will retire in 2050 can look forward to the same kind of comfortable retirements that many—not all, but many—of today’s pensioners enjoy, and the honest answer is that we are not on track for that at the moment. This Government are taking a two-stage approach.”
“My hon. Friend and I have discussed this issue on a number of occasions, and she has been an important campaigner for pensioners in her constituency who have been affected by it.”
“The hon. Member will know that a judicial review claim has been filed, and that we cannot comment on live litigation. There are legitimate views on raises in the state pension age, particularly the 2011 acceleration put in place by the coalition Government, but the investigation that is being considered by the Parliamentary and Health Ser…”
“My hon. Friend is a consistent campaigner on these issues in this place and in our regular meetings, and I always learn something from those conversations. I am not going forward with exactly the suggestion he brings forward, but I agree that there is more we can do, not least to provide clarity for trustees.”
“I am incredibly hopeful that this Government are doing a much better job than the previous Government in supporting pensioners, not only by driving up the state pension, but by getting on with the much delayed reforms to our defined-contribution pension system, which the previous Government left on ice.”
“I recognise the hon. Gentleman’s point, and we need to fund the NHS to stop letting down older generations. Taxes have consequences that affect the whole population, including pensioners.”
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“To deter speculators, part 2 also imposes a mandatory deadline of 24 months from authorisation, by which an authorised unconnected multiple-employer CDC scheme must start being operated—it cannot sit there in abeyance. Part 3 of the statutory instrument supplements the meaning of “connected” in section 49(2)(a) of the 2021 Act—one of the better sections. This term is relevant for determining whether a collective money purchase scheme is a single and connected employer scheme or an unconnected multiple-employer scheme, and therefore which of the two legislatives frameworks applies to it. Part 4, including schedules 1 to 6, implements the new authorisation and supervisory regime for unconnected multiple employer collective money purchase schemes under part 1 of the 2021 Act.”
“A trustee also acting as a person who promotes or markets the scheme, or as the chief financial officer for the scheme, detracts from this responsibility and creates a clear conflict of interest. Regulation 5 of the statutory instrument amends the 2021 Act to make a separation of these roles an authorisation criterion. It is the Government’s intention that running an unconnected multiple employer CDC scheme as a closed scheme should always be an option open to trustees, where it is viable to do so and to the extent that it is permitted under wider pensions legislation. Regulation 5 therefore inserts a new authorisation criterion into the 2021 Act to ensure that trustees can choose this option, if appropriate.”
“Regulation 10 also inserts a requirement for the scheme proprietor to prepare, maintain and submit a business plan to the regulator. The new legislative framework will permit schemes that intend to operate on a commercial basis. To mitigate the risks of schemes overpromising to gain a commercial advantage or mis-selling, we are introducing a promotion or marketing authorisation criterion. The requirement is that no person has carried out promotion or marketing of a scheme that is unclear or misleading without rectification, and that the scheme has adequate systems and processes for ensuring that promotion or marketing is clear and not misleading. We want trustees of these schemes to focus entirely on the interests of scheme members, and to have complete autonomy to do so.”
“Part 2 of the statutory instrument amends that Act to create additional authorisation criteria specifically for unconnected multiple employer collective money purchase schemes. We have identified persons who we consider will have an important role in such schemes, and we have brought these people within the scope of the fit and proper persons test, so that they are subject to appropriate scrutiny. It is imperative that our regulations clearly establish who is responsible for a scheme’s business strategy and financial sustainability, and that it is evidenced to the regulator at authorisation. Regulation 10 therefore amends the 2021 Act to require that an unconnected multiple employer CDC scheme has a single scheme proprietor that meets specific criteria and requirements.”
“Currently, pension contributions in defined contribution schemes are going into a savings pot, not a pension, leaving them exposed to the twin challenges of adequacy and risk. The Government believe that CDC schemes have an integral role in helping us address these challenges. The statutory instrument puts in place a number of key measures to ensure that unconnected multiple employer CDC schemes deliver for members. Part 2 of the statutory instrument amends the Pension Schemes Act 2021—we will be hearing more about that—to allow for unconnected multiple employer schemes and to broaden the range of organisations that can set up a CDC scheme. To become authorised, a scheme needs to satisfy the Pensions Regulator that it meets the authorisation criteria, which are listed in section 9(3) of the 2021 Act.”
“I beg to move, That the Committee has considered the draft Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025. That should encourage enthusiasm from everyone. The primary purpose of the draft regulations is to extend the legal framework for collective money purchase schemes, commonly known as collective defined contribution schemes, to allow multiple unconnected employers to participate. Until now, CDC schemes have been restricted to single employers or connected employers. Significant progress has been made in getting more people saving, not least under the previous Conservative Government. We now have 23 million people saving into a workplace pension, but the job is not finished.”
“CDCs are one of the ways—there are others—in which we can make progress on that. I therefore commend this instrument to the Committee. Question put and agreed to.”
“Specifically on communications, for multi employer CDC schemes, the marketing in general will be to employers, not to individuals. That may help allay some concerns about how that is communicated. But even within that, we will definitely want clarity, particularly to savers, about the honesty of what the offer is—this is not a DB scheme; it is not a certain guaranteed income. It is one that is aiming for a target amount, and there can be some fluctuation around that. It is important that we are honest and straight about that, and that those of us who support these schemes are also clear about what they are and are not offering. The pension landscape does need to change—we all agree about that. Fundamentally, we need to move from having savings pots to delivering actual pensions.”
“I thank the hon. Members for Wyre Forest and for Horsham for their consensual approach and the clarity of their support for what is a development of CDC schemes that has had good cross-party support. Communications are very important. The truth is that they are important in all pension schemes—particularly within CDC schemes because they are new, and because there is some complexity sitting behind them. That is why we take this particularly seriously. In response to the questions raised by the hon. Member for Horsham, the regulators will be looking at the overall approach to communication. They are not signing off the individual bits at the initial authorisation. As I said in my opening remarks, the authorisation is not a “one and done”. There will be ongoing monitoring of that.”
“At the heart of this Government’s pension reforms is the goal of bigger and better pension schemes. We are legislating for that in the Pension Schemes Bill by requiring all local government pension scheme assets to be pooled next year, and multi-employer defined contribution schemes to have at least £25 billion-worth of assets. This reform agenda will deliver returns for savers and ensure that schemes have the scale required to invest in productive assets across the country.”
“The LGPS actually has a strong track record of local investment of exactly the kind that my hon. Friend mentions, including in social housing, and we want to build on that record. The Pension Schemes Bill will introduce requirements for local government pension scheme pools to work with strategic authorities, including mayoral strategic authorities, on local investment opportunities— [Interruption.] Before they decided that full-time chuntering was their business of the day, I thought the Conservatives used to be in favour of that. With the highest sustained levels of public investment since the 1970s, Britain will get back in the business of investing in its future once again.”
“I thank the hon. Member for his question. I agree with where he started, but unfortunately he then went on to praise some of the work done under the last Government, when we did not see the investment that he talks about coming through and reaching entrepreneurs, who he rightly says we should do more to support. That is what the Mansion House Accord, which we have now put in place and supported for the private sector, is doing, and what the British Business Bank is doing by bringing forward the British Growth Partnership. We need to see UK pension funds investing in our most innovative, fastest-growing companies.”
“My hon. Friend is always a powerful advocate, both for the fast-growing companies in his constituency and for the right pension policy for the UK as a whole, as we saw when he sat on the Pension Schemes Public Bill Committee. Sterling 20 is a new, investor-led partnership between the UK’s 20 largest pension funds and insurers. It was established at the regional investment summit in Birmingham on 21 October, and we are working closely with the partnership to deliver exactly the kind of investment that my hon. Friend talks about.”
“I can reassure the hon. Member that we are scrapping the attitude of the Conservative party, which blocked any building from happening anywhere in this country year after year. Houses were blocked. Railways were blocked. Anything that involved any difficult choices was blocked by a party that gave up governing long before the general election.”
“What this Government have done to steady the markets is to kick the Conservatives out of office and leave them in opposition for years to come.”
“I obviously recognise the challenges facing those without inflation protection, particularly after the cost of living pressures of recent years, and I think that recognition is shared by Members on both sides of the House. I met a cross-party group of MPs earlier this year to discuss exactly this issue. Reforms in the Pension Schemes Bill give trustees more flexibility to share surpluses in their DB pension schemes with employers, and to negotiate for members to benefit from any such sharing of surpluses. That could include discretionary increases to address the issue raised by my hon. Friend the Member for Llanelli (Dame Nia Griffith).”
“I absolutely recognise the issue that my hon. Friend has raised: any of us in that situation would want those pension increases to continue. She is aware of the legal background, but I should point out that scheme rules govern when inflation-linked increases can be paid. They are not changed retrospectively, but the Pensions Regulator has spelt out that trustees should consider those who are not receiving inflation-linked increases when making their decisions, and should also consider the history of making such awards—particularly in some of the examples that my hon. Friend has given. As I have said, I think that the provisions in the Pension Scheme Bill give trustees more power to argue for those increases.”
“The hon. Lady has mentioned a specific company, although a small number of others are in the same position. I am sure that not only the people running that company but the trustees will have heard the powerful case made by Members on both sides of the House. These decisions must be made in line with the scheme rules, but no one wants savers to see the value of their pensions fall over time, and I hope that employers will take the case being made in the Chamber seriously.”
“The previous Minister for Pensions met representatives of the WASPI campaign in order to hear directly from them about their experiences. She was the first Minister to do so in eight years. I will look into the details of the letter the hon. Gentleman mentions.”
“I thank the hon. Lady for her question. In general, lots of life could do with less “computer says no”, so on that basis we will agree. On the specifics of the question she raises about pension credit, the nature of the system is obviously that it provides a guaranteed level of income; it is not setting out an entitlement like universal credit, so there does have to be a limit somewhere, and I am afraid that that does mean that some people will always be on one side of it. What we do not want to see in a system is too many things in that winner-takes-all perspective—I take the point she raises.”
“I am not absolutely clear whether the particular case that the hon. Gentleman is raising relates to people within the Pension Protection Fund and the financial assistance scheme or to a pre-1997 indexation within a solvent pension scheme, but if he writes to me with the details I will absolutely make sure that I come back to him.”
“(5) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.”— ( John Milne .) This new clause makes provision by regulations for everyone to receive free, impartial pension advice at age 40 and again around five years before their expected retirement. Brought up, and read the First time.”
“(4) Regulations under this section may— (a) make different provision for different descriptions of pension schemes or different descriptions of individuals; (b) confer functions in connection with the provision or oversight of the advice on— (i) the Pensions Regulator, (ii) the Financial Conduct Authority, (iii) the Money and Pensions Service, or (iv) other prescribed bodies; (c) require the provision of funding for the advice service from prescribed sources.”
“(3) The regulations must make provision about— (a) the content and scope of the free, impartial pension advice, which may include, but is not limited to, guidance on— (i) pension types (including both defined contribution and defined benefit schemes), (ii) investment strategies, (iii) charges, (iv) consolidation of pension pots, and (v) retirement income options; (b) the qualifications, independence, and impartiality requirements for any person or body providing advice; (c) the means by which individuals are notified of their entitlement to receive the advice and how they may access it; (d) the roles and responsibilities of pension scheme trustees, managers, and providers in facilitating access to advice; (e) the sharing member information with prescribed persons or bodies subject to appropriate data protection safeguards.”
“New Clause 1 Universal Pension Advice Entitlement “(1) The Secretary of State must by regulations establish a system to ensure that every individual has a right to receive free, impartial pension advice at prescribed times. (2) Regulations under subsection (1) must provide for individuals to be offered advice— (a) at or around the age of 40; and (b) at a prescribed age, not more than six years before the individual's expected retirement age.”
“(5) The power of a Northern Ireland Department to make regulations under this section is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)).”— (Torsten Bell.) This new clause enables regulations made for Northern Ireland (a) to specify further categories of alterations in respect of which the clauses validating otherwise void alterations do not apply and (b) to make incidental, supplem e ntary, transitional or consequential provision relating to any provision of the new Chapter addressing the validity of alterations to pension schemes. Brought up, read the First and Second time, and added to the Bill.”
“(2) In subsection (1) ‘specified’ means specified in the regulations; and a specified description of purported alterations may be framed by reference to features of the alterations or of the schemes purportedly altered by them (or a combination of both). (3) A Northern Ireland Department may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of this Chapter (other than section ( Powers to amend Chapter 1 etc: Great Britain ) and this section). (4) Regulations made under this section are subject to negative resolution within the meaning given by section 41(6) of the Interpretation Act (Northern Ireland) 1954.”
“New Clause 30 Powers to amend Chapter 1 etc: Northern Ireland “(1) A Northern Ireland Department may by regulations amend any of sections ( Sections (Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes) to (Powers to amend Chapter 1 etc: Northern Ireland): interpretation and scope ), ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ) and ( Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases ) for the purpose of providing for purported alterations of any specified description not to be within the scope of remediation under either or both of sections ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ) and ( Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases ).”
“(2) The alteration is be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been a valid alteration so far as those requirements are concerned.”— (Torsten Bell.) This new clause makes provision for Northern Ireland corresponding to NC25. Brought up, read the First and Second time, and added to the Bill.”
“New Clause 29 Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases “(1) This section applies to any potentially remediable alteration purportedly made to the rules of— (a) a scheme which has been wound up before this section comes into force, (b) a scheme for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance with Chapter 3 of Part 3 of the Pensions (Northern Ireland) Order 2005 (see Article 145 of that Order), or (c) a scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (SI 2005/1986) and in respect of which payments are required to be made under section 286 of the Pensions Act 2004.”
“1)) , or (b) the scheme is operating as a closed scheme under Article 137 of that Order. (7) The powers of the Board of the Pension Protection Fund under Article 118 and 139 of the Pensions (Northern Ireland) Order 2005 to give directions include power to give a direction to the trustees or managers of the scheme requiring them— (a) to make a request under subsection (3)(a) in relation to a potentially remediable alteration to the scheme, and (b) to take any necessary action to enable or facilitate the making of a decision by the actuary as to whether to give the confirmation described in subsection (3)(b) in relation to that alteration.”— (Torsten Bell.) This new clause makes provision for Northern Ireland corresponding to NC24. Brought up, read the First and Second time, and added to the Bill.”
“(4) A scheme actuary who has received a request under subsection (3)(a) in relation to a potentially remediable alteration to a scheme— (a) may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case: (b) may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject-matter of the request. (5) A condition mentioned in subsection (3) may be met by action taken before (as well as action taken after) this section comes into force. (6) Subsection (7) applies to a scheme if — (a) there is an assessment period in relation to the scheme within the meaning of Chapter 3 of Part 3 of the Pensions (Northern Ireland) Order 2005 (SI 2005/255 (N.I.”
“(3) The conditions are— (a) that the trustees or managers of the scheme have made a request in writing to the scheme actuary for the actuary to consider whether or not, on the assumption that it was validly made, the alteration would have prevented the scheme from continuing to satisfy the statutory standard, and (b) that the scheme actuary has confirmed to the trustees or managers in writing that in the actuary’s opinion it is reasonable to conclude that, on the assumption that it was validly made, the alteration would not have prevented the scheme from continuing to satisfy the statutory standard. In this subsection ‘the statutory standard’ means the statutory standard for a contracted-out scheme under section 8A of the Pension Schemes (Northern Ireland) Act 1993 as it had effect at the time the alteration was purportedly made.”
“(2) If the conditions mentioned in subsection (3) are met in relation to it, the alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made, and so as having always been a valid alteration so far as those requirements are concerned.”
“Northern Ireland generally has its own pensions legislation which is separate from the legislation applying to England and Wales and Scotland. Brought up, read the First and Second time, and added to the Bill. New Clause 28 Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes “(1) This section applies to any potentially remediable alteration purportedly made to an NI scheme other than one to which section ( Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases ) applies.”
“(8) An alteration purporting to have been made to the rules of an NI scheme is excluded from the scope of remediation under sections ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ) and ( Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases ) if any question relating to the validity of the alteration, so far as relating to the requirements of paragraph (2)(a) and (b) of regulation 42— (a) has been determined by a court before this section comes into force in legal proceedings to which the trustees or managers were a party, (b) was in issue on or before 5 June 2025 in legal proceedings to which the trustees or managers were a party, but has been settled by agreement between the parties at any time before this section comes into force, or (c) was in issue on or before 5 June 2025 in legal proceedings to which the trustees or managers were a party, and remains in issue when this section comes into force.”— (Torsten Bell.) This new clause makes provision for Northern Ireland corresponding to NC23.”
“(7) In subsection (6)(c) ‘positive action’, in relation to a purported alteration, means— (a) notifying any members of the scheme in writing to the effect that the trustees or managers consider the alteration to be void (by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42) and that the scheme will be administered on the basis that it has no legal effect, or (b) taking any other step in relation to the administration of the scheme, in consequence of the trustees or managers considering the alteration to be void, which has (or will have) the effect of altering payments to or in respect of members of the scheme.”
“(6) An alteration purporting to have been made to the rules of an NI scheme is a ‘potentially remediable alteration’ if— (a) by virtue of section 33(1) and paragraphs (1) and (2) of regulation 42 (as they had effect at the time), the alteration could not be made unless the requirements of paragraph (2)(a), (b) and (c) of regulation 42 (as they then had effect) had been met, (b) it was treated by the trustees or managers of the scheme, after it was purportedly made, as a valid alteration, (c) no positive action has been taken by the trustees or managers of the scheme on the basis that they consider the alteration to be void (and so of no legal effect) by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42, and (d) it is not excluded from the scope of remediation under section ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ) Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases ) (see subsection (7)).”
“22)) (professional advisers), or (b) if there is no person so appointed, a Fellow of the Institute and Faculty of Actuaries appointed by the trustees or managers of the scheme to carry out the functions of the scheme actuary under section ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ). (4) ‘Section 33(1)’ refers to section 33(1) of the Pension Schemes (Northern Ireland) Act 1993 (prohibition of alterations to rules of contracted-out schemes in certain circumstances). (5) ‘Regulation 42’ refers to regulation 42 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 (SR 1996 No. 493).”
“(2) ‘NI scheme’ means an occupational pension scheme that was a salary-related contracted-out scheme in Northern Ireland; and for this purpose an occupational pension scheme was a salary-related contracted-out scheme in Northern Ireland at any time if the scheme was contracted-out at that time by virtue of satisfying section 5(2) of the Pension Schemes (Northern Ireland) Act 1993 (as it then had effect). (3) ‘Scheme actuary’, in relation to an NI scheme, means— (a) the person for the time being appointed as actuary for the scheme under Article 47 of the Pensions (Northern Ireland) Order 1995 (SI 1995/3213 (N.I.”
“New Clause 27 Sections ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ) to ( Power to amend Chapter 1 ): interpretation and scope “(1) The provisions of this section have effect for the purposes of this section and sections ( Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes ) to ( Powers to amend Chapter 1 etc: Northern Ireland ).”
“(6) Regulations under subsection (4) are subject to the affirmative procedure if they contain provision made under subsection (5); otherwise they are subject to the negative procedure.”— (Torsten Bell.) This new clause enables regulations made for England and Wales or Scotland (a) to specify further categories of alterations in respect of which the clauses validating otherwise void alterations do not apply and (b) to make incidental, supplementary, transitional or consequential provision relating to any provision of the new Chapter addressing the validity of alterations to pension schemes. Brought up, read the First and Second time, and added to the Bill.”
“(2) In subsection (1) ‘specified’ means specified in the regulations; and a specified description of purported alterations may be framed by reference to features of the alterations or of the schemes purportedly altered by them (or a combination of both). (3) Regulations under subsection (1) are subject to the negative procedure. (4) The Secretary of State may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of this Chapter (other than this section and section ( Powers to amend Chapter 1 etc: Northern Ireland )). (5) Regulations under subsection (4) may amend any Act passed before or in the same Session as this Act.”
“New Clause 26 Power to amend provisions of Chapter 1 etc: Great Britain “(1) The Secretary of State may by regulations amend any of sections ( Sections (Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes ) to ( Powers to amend Chapter 1): interpretation and scope ), ( Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes ) and ( Validity of certain alterations to GB salary-related contracted out pension schemes: wound up schemes and other special cases ) for the purpose of providing for purported alterations of any specified description to be outside the scope of remediation under either or both of sections ( Validity of certain alterations to salary-related contracted-out pension schemes: subsisting schemes ) and ( Validity of certain alterations to salary-related contracted-out pension schemes: wound up schemes and other special cases ).”
“(2) The alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been a valid alteration so far as those requirements are concerned.”— (Torsten Bell.) This new clause deals with cases where it would not now be practicable for the confirmation described in NC24(3)(b) to be obtained in relation to a potentially remediable alteration. In such cases the clause retrospectively deems the alteration to have been validly made so far as the requirements of regulation 42(2)(a) and (b) are concerned. Brought up, read the First and Second time, and added to the Bill.”
“New Clause 25 Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases “(1) This section applies to any potentially remediable alteration purportedly made to the rules of— (a) a scheme which has been wound up before this section comes into force, (b) a scheme for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance with Chapter 3 of Part 2 of the Pensions Act 2004 (see section 161 of that Act), or (c) a scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (SI 2005/1986) and in respect of which payments are required to be made under section 286 of the Pensions Act 2004.”
“If the actuary confirms that it is reasonable to conclude that at that time the alteration would not have prevented the scheme from continuing to meet the statutory standard for contracted-out schemes, then the alteration is retrospectively deemed by subsection (2) to have been validly made, so far as the requirements of regulation 42(2)(a) and (b) are concerned. Brought up, read the First and Second time, and added to the Bill.”
“(7) The powers of the Board of the Pension Protection Fund under section 134 and section 155 of the Pensions Act 2004 to give directions includes power to give a direction to the trustees or managers of the scheme requiring them— (a) to make a request under subsection (3)(a) above in relation to a potentially remediable alteration to the scheme, and (b) to take any necessary action to enable or facilitate the making of a decision by the scheme actuary as to whether to give the confirmation described in subsection (3)(b) above in relation to that alteration.”— (Torsten Bell.) This new clause enables the trustees or managers of a scheme to ask the scheme actuary to consider the position of an alteration when it was (purportedly) made.”
“(6) Subsection (7) applies to a scheme if — (a) there is an assessment period in relation to the scheme within the meaning of Part 2 of the Pensions Act 2004, or (b) the scheme is operating as a closed scheme under section 153 of that Act.”
“(4) A scheme actuary who has received a request under subsection (3)(a) in relation to a potentially remediable alteration to a scheme— (a) may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case; (b) may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject-matter of the request. (5) A condition mentioned in subsection (3) may be met by action taken before (as well as action taken after) this section comes into force.”