Pensions Bill — Occupational Pensions — Restriction of Charges — 17 Mar 2014 at 17:45

The majority of MPs voted to restrict management and transaction charges for occupational pensions.

MPs were considering the Pensions Bill.^[1] The motion rejected in this vote by the majority of MPs was:

• Amendment (a) proposed to Lords amendment 9.

Lords amendment 9^[2] sought to include a new clause titled "Disclosure of information about transaction costs to members etc" into the Pensions Bill^[2]. It would have required the Secretary of State to make regulations require those running occupational pensions schemes to provide more information on their transaction and administration costs.

Amendment (a)^[3] altered the Lords amendment, while maintaining its key principles. More examples of the kinds of information which may be required to be disclosed were given, and it was stated that disclosure would be required at least annually. Additionally amendment (a) introduced a new subclause stating:

• The Secretary of State must lay before Parliament regulations to restrict such management and transaction charges no later than 30 April 2015

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• [1] Parliament's webpage on the Pensions Bill
• [2] Lords Amendments to the Pensions Bill
• [3] Amendment sheet for Commons Consideration of Lords Amendments to the Pensions Bill on 17 March 2014

Debate in Parliament | Source |