"My Lords, this is a very simple amendment. The use of the word “the” assumes that a fee will apply and that, effectively, this legislation is laying that down. Should not it be best left to the Secretary of State or the regulator to determine whether or not a fee …..." Lord Flight - View Speech
"My Lords, should Amendment 12 be in the Act? Generally the Government and the Secretary of State have responsibility to see that something like TPR is funded and it is not solely a master trust issue. I question whether this should be in the Bill...." Lord Flight - View Speech
"My Lords, I am interested to note that my amendment has resulted in a clear statement by the Government that a fee will be charged and that it will be provided for in the Bill. I beg leave to withdraw the amendment...." Lord Flight - View Speech
"My Lords, it is actually extremely unlikely—in fact, virtually impossible—that members will suffer if the manager of a master trust gets into difficulties. The assets attributable to the pension fund members are segregated from the assets of the manager. How valuable or otherwise they are will depend upon how well …..." Lord Flight - View Speech
"Is it not very simple? The manager of the master trust would go bust just like any other business can go bust. It would go into liquidation and, to the extent that it owed debts to the suppliers of electricity or other such things, they would suffer...." Lord Flight - View Speech
"The issue is an administrative one, in that you have people’s pension fund money, and the manager has got into trouble and, let us say, gone into liquidation. What administration would make sure that a new manager takes over and continues to investment-manage those pots of money? There have been …..." Lord Flight - View Speech
"My Lords, I believe this clause has aroused most concern in the industry, particularly the insurance industry. A number of organisations, particularly life offices, undertake a range of business activities in addition to simply sponsoring a master trust. The clause suggests that the scheme funder or sponsor must set itself …..." Lord Flight - View Speech
"My Lords, Amendment 29 and 40 are amendments to opposition Amendments 28 and 39. They would both add after “members’ funds”,
“, beyond the normal capped pension scheme charges,”.
The point is really very simple: without this change, the opposition amendments would have the undesirable —and I think unintended—effect of …..." Lord Flight - View Speech
"My Lords, I am sure there is general support across the House for the Bill, and I congratulate my noble friend Lady Altmann on being very much its instigator. I take a slightly more positive view, in that it seems to be a case of the market actually responding rather …..." Lord Flight - View Speech
"My Lords, the issue has been raised before, but housing associations, as well as councils, are suffering major rent arrears. When the Government have sorted out the meaning of all the data, I would just ask that they do not rule out returning to providing direct payment of housing subsidies …..." Lord Flight - View Speech