Pension Schemes Bill [HL] — Report — Amendment 71 — 30 Jun 2020 at 20:45
Moved by Baroness Bowles of Berkhamsted
71: Clause 123, page 118, line 4, at end insert-“(2) In exercising any powers to make regulations, or otherwise to prescribe any matter or principle, under Part 3 of the Pensions Act 2004 (scheme funding) as amended by Schedule 10, the Secretary of State must ensure that-(a) schemes that are expected to remain open to new members, either indefinitely or for a significant period of time, are treated differently from schemes that are not;(b) scheme liquidity is balanced with scheme maturity;(c) there is a correlation between appropriate investment risk and scheme maturity; (d) affordability of contributions to employers is maintained;(e) affordability of contributions to members is maintained;(f) the closure of schemes that are expected to remain open to new members, either indefinitely or for a significant period of time, is not accelerated; and(g) trustees retain sufficient discretion to be able to comply with their duty to act in the best interests of their beneficiaries.”Member’s explanatory statementThe liquidity profile of an open and active scheme that is receiving regular, significant cash contributions is very different from a closed scheme. This amendment seeks to ensure that they are treated differently accordingly.
Ayes 263, Noes 227.
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 is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Content)||Minority (Not-Content)||Turnout|
|Lord Cameron of Dillington||Crossbench (front bench)||no|
|Baroness Finlay of Llandaff||Crossbench (front bench)||no|
|Lord Hogan-Howe||Crossbench (front bench)||no|
|Lord Kakkar||Crossbench (front bench)||no|
|Lord Patel||Crossbench (front bench)||no|
|Lord Powell of Bayswater||Crossbench (front bench)||no|
|Lord Stirrup||Crossbench (front bench)||no|
|Lord Thurlow||Crossbench (front bench)||no|
|Lord Walker of Aldringham||Crossbench||no|
|Lord Holmes of Richmond||Non-affiliated (front bench)||no|
|Lord Taylor of Warwick||Non-affiliated||no|