Pensions Bill — Pensions Protection Lifeboat Fund — 18 Apr 2007 at 15:45

Stewart Jackson MP, Peterborough voted in the minority (Aye).

New clause tabled by the Conservatives

New Clause 41 - Pensions Protection Lifeboat Fund

‘(1) There shall be established as soon as reasonably practicable a Pension Protection Lifeboat Fund (“the Lifeboat Fund”) which shall be administered by the Board of the Pension Protection Fund (“the Board”).

(2) The purpose of the Lifeboat Fund shall be to make supplementary payments to persons who are qualifying members of qualifying schemes as defined by the Financial Assistance Scheme Regulations 2005 (S.I. 2006/1986) (or who would be qualifying members if the qualifying age for the Financial Assistance Scheme were set at the level of the qualifying scheme retirement age), in addition to the sums payable in any event under those regulations.

(3) The supplementary payments made to any person in accordance with subsection (2) shall equal the amount that, taken together with any amounts payable to that person under the Financial Assistance Scheme and amounts payable to that person as scheme benefits under the qualifying pension scheme in respect of which he is a qualifying member of the Financial Assistance Scheme (or would be a qualifying member if the qualifying age for the Financial Assistance Scheme were set at the level of the qualifying scheme retirement age), is the amount that would be payable to that person if that qualifying pension scheme was accepted into the Pension Protection Fund.

(4) The Secretary of State shall make such loans to the Lifeboat Fund as are necessary to allow the discharge of its functions and in particular its obligation to make supplementary payments under subsection (2).

(5) The Secretary of State shall make such loans from time to time having regard to—

(a) requests for such loans received from the Board;

(b) the amount of assets transferred or to be transferred to the Lifeboat Fund under the Scheme (as defined in section [Transfer of unclaimed assets] (“the Scheme”));

(c) the level of any claims on the Lifeboat Fund in respect of assets transferred to it under the Scheme.

(6) Loans made in accordance with this section must be repaid to the Secretary of State as soon as, in the reasonable opinion of the Board, it is prudent to do so having regard to—

(a) the obligations of the Lifeboat Fund;

(b) the amount of assets transferred or to be transferred to the Lifeboat Fund under the Scheme; and

(c) the level of claims on the Lifeboat Fund in respect of assets transferred to it under the Scheme.

(7) Loans made under this section shall be interest free.

(8) The assets of the Lifeboat Fund shall be held separately from the assets of any other fund under the control of the Board.

(9) The Secretary of State may by regulations make further provision in connection with the Lifeboat Fund.

(10) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of either House of Parliament.’.— [Mr. Hammond.]

The House having divided: Ayes 260, Noes 282.

This Amendment was subsequently re-introduced in the Lords, and voted down again in the Commons.

Debate in Parliament | Source |

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Party Summary

Votes by party, red entries are votes against the majority for that party.

What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.

What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.

What is Turnout? This is measured against the total membership of the party at the time of the vote.

PartyMajority (No)Minority (Aye)BothTurnout
Con0 174 (+2 tell)089.8%
DUP0 6066.7%
Independent0 20100.0%
Lab281 (+2 tell) 15084.7%
LDem0 58092.1%
PC0 2066.7%
SDLP1 0033.3%
SNP0 2033.3%
UUP0 10100.0%
Total:282 260086.0%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

Sort by: Name | Constituency | Party | Vote

NameConstituencyPartyVote
Frank CookStockton NorthLab (minister)aye
Jeremy CorbynIslington NorthLabaye
David DrewStroudLab (minister)aye
Frank FieldBirkenheadLab (minister)aye
Mark FisherStoke-on-Trent CentralLabaye
Kate HoeyVauxhallLabaye
Kelvin HopkinsLuton NorthLab (minister)aye
John Martin McDonnellHayes and HarlingtonLabaye
Michael MeacherOldham West and RoytonLabaye
Gordon PrenticePendleLab (minister)aye
Alan SimpsonNottingham SouthLabaye
Gisela StuartBirmingham, EdgbastonLab (minister)aye
Robert WareingLiverpool, West Derbywhilst Labaye
Mike WoodBatley and SpenLabaye
Tony WrightCannock ChaseLab (minister)aye

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