Pensions Bill — Performance of the Personal Accounts Delivery Authority — 18 Apr 2007 at 17:15

New clause 7 - tabled by the Conservative MP, Nigel Waterson

Performance of the Personal Accounts Delivery Authority

(1) In discharging its functions under this Part of the Act, the Authority shall ensure that its actions and advice support the following objectives for the scheme

(a) ensuring that the overall outcome, taking account of the impact on the existing market, is an increase in the number of people saving and the overall amount being saved;

(b) optimising levels of participation and contribution among the target group;

(c) setting an investment strategy in the best interests of members;

(d) minimising burdens on employers;

(e) minimising the impact on other high-quality pension provision;

(f) assuring security of administration;

(g) governing in the best interests of members and beneficiaries;

(h) ensuring that the board acts impartially, prudently, responsibly and honestly;

(i) delivering appropriate levels of choice;

(j) achieving charges that are fair and reasonable;

(k) ensuring the funds are invested in the best interests of the members.

(2) Her Majesty may from time to time by Order in Council make provision for amending the objectives set out in subsection (1).

(3) No recommendation shall be made to Her Majesty to make an Order in Council under subsection (2) above unless a draft of the Order has been approved by resolution of each House of Parliament.. [Mr. Waterson.]

The House divided: Ayes 217, Noes 293.

Debate in Parliament | Source |