Source: British Parliament News
01 July 2020
The Pensions Schemes Bill completed its report stage, a chance to closely scrutinise elements of the bill and make changes, on Tuesday 30 June.
Members discussed a range of subjects including the financial contribution of an employer to the running costs of a pension scheme and the requirement of pension schemes to make available information on the diversity of the trustee board.
There were four votes (divisions) on proposed changes (amendments) to the bill.
Members considered a change (amendment 32) to require Secretary of State notices to Collective Defined Contribution scheme trustees to include a report on its fairness.
Member voted 270 in favour of this amendment and 246 against, so the change was made.
A second vote was held on a change (amendment 52) to ensure that a pensions dashboard service does not include a provision for financial transaction activities.
Members voted 281 in favour and 244 against, so the change was made.
A third vote took place on a change to require the single financial guidance body (the Money and Pensions Service) to provide a pensions dashboard service to deal with information from occupational and personal pensions schemes and also include state pension information in its pensions dashboard service.
Members voted 270 in favour and 236 against, so the change was made.
A final vote was held on a change which would ensure that open and active schemes which receive receiving regular, significant cash contributions are treated differently to closed schemes.
Members voted 263 in favour and 227 against, so the change was made.
Third reading, a chance for members to make sure the eventual law is effective, workable and without loopholes, is yet to be scheduled.
Lords committee stage day four: Wednesday 4 March
The committee stage of this bill took place in Grand Committee, away from the chamber. In Grand Committee, any member can take part and decisions on amendments (changes) can be made but no votes can take place.
Members discussed a range of subjects including:
compensation payments under the Pension Protection Fund
tax changes to the National Health Service Pension Schemes
automatic enrolment age and sex equality impacts
multiple employer pension schemes
climate change risk.
Lords committee stage day three: Monday 2 March
Members discussed the:
regulation of pension dashboard services by the Financial Conduct Authority
requirement of managers to ensure the accuracy of occupational pension scheme information
governance of pension schemes respect of climate change risk.
Lords committee stage day two: Wednesday 24 February
Members discussed a range of topics including:
provision of information to the Pensions Regulator
publicly-owned pensions dashboard service review
automatic enrolment contributions.
Lords committee stage day one: Monday 24 February
Members discussed subjects including:
intergenerational fairness among its members in connection to the amount of benefits paid
sanctions for avoidance of employer debt
a publicly-owned pensions dashboard service.
Lords second reading: Tuesday 28 January
Baroness Stedman-Scott (Conservative), Parliamentary Under Secretary at the Department for Work and Pensions, opened the debate and responded on behalf of the government.
Pension Schemes Bill summary
This bill aims to:
establish a framework for setting up, operating and regulating collective money purchase schemes in the UK
confer new powers to the Pensions Regulator in order to respond earlier when employers put the viability of their pension schemes at risk
set up a system for pensions dashboards, a consumer-friendly digital interface to display information about an individual’s pensions savings.