argyrotsipi/train-dataset huggingface dataset:
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Frederick Richard Penn Curzon (Conservative, Centre-right): My Lords, I am grateful to the noble Lord, Lord Vaux, for tabling these amendments to Clause 109, which brings us back to an issue that we debated at some length in Grand Committee. It would be helpful to consider these amendments together, as they seek to make the declaration of a dividend or share buyback the subject of a notice and accompanying statement to the Pensions Regulator and trustees of the pension scheme. In the case of a share buyback, this notification would be required where the value of the assets of the scheme was less than the amount of the liabilities. In the case of a dividend, notification would be required if the amount of the dividend exceeded the annual deficit repair contribution and the amount of the annual deficit repair contribution was less than a percentage of the scheme’s deficit. That percentage would be specified by the Pensions Regulator I understand where the noble Lord is coming from, but I will address his concern with an explanation of Clause 109. The purpose of the clause is to make sure that the Pensions Regulator and trustees of a defined benefit pension scheme have prior knowledge about corporate transactions or events of which they would otherwise have been unaware and that pose a risk to the scheme and ultimately the Pension Protection Fund. The clause would also ensure that the trustees work with employers to mitigate the effect of such risks The Pensions Regulator and the trustees of the pension scheme are able to access information about dividends and share buybacks already. There are well-established processes whereby the regulator is able to get the information that it needs on dividends and similar payments as it assesses covenant strength and the ability of the employer to make contributions to deal with any deficit. Adding additional notifications of the kind that the noble Lord is suggesting is unlikely to be of any help. What it would certainly do is put an unnecessary burden on both employers and the regulator The regulator simply would not have the resources to deal with these additional notifications. That is not a trivial point: let us remember that it is a risk-based regulator and must focus its resources where it can do most good. We think that this focus is best directed at ensuring that recovery plans are robust. That is the best way to ensure that schemes are treated fairly. It is the strength of the recovery plan that is key here. Of course there will be occasions when dividends are paid without the regulator’s knowledge, but even if the regulator had been able to prevent that from happening, that would not help the scheme. That is because there is no requirement for the sponsoring employer to pay anything into any scheme deficit other than what is set out in the recovery plan.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Rosalind Altmann (Conservative, Centre-right): My Lords, I have little to add to the wise words of the noble Baroness, Lady Drake, on Amendment 52. There are significant dangers should there be an easy transaction button on a pensions dashboard right from day one. However, perhaps I may speak briefly to my own amendments, which have been kindly supported by the noble Baroness, Lady Bowles: Amendments 56 and 59 Amendment 56 is probing in nature and seeks to amend Section 119 of the Pensions Act 2004 to provide that regulations may be imposed that would require information from occupational pension schemes to dashboards to be accurate and up to date. Further, the amendment would ask the regulator to impose requirements for regular data audits, accuracy checks and error correction reports.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Transportation
George Young (Conservative, Centre-right): My Lords, I will add a brief footnote to the powerful case made by the noble Baroness, Lady Bowles. She referred to the Railways Pension Scheme. As Secretary of State for Transport from 1995 to 1997, I am familiar with the scheme, which has grown in the intervening years to be one of the UK’s largest funds and which I believe to be well run I shared with my noble friend Lady Stedman-Scott the concerns of the RPS; namely, as the noble Baroness, Lady Bowles, has said, that the draft DB funding code that will emerge as a result of this legislation would oblige the various schemes under the RPS to de-risk with lower returns. As the noble Baroness has explained, these would have to be made good by the industry, if it could afford it, or its employees, or the schemes would be closed to new members I was encouraged by my noble friend’s helpful reply, dated 17 June, which said: "Those employers and schemes who are already following good practice and planning for the long term should not need to change and we would not expect such schemes to require significant additional funding." However, I shared the letter with the RPS and, despite this, it believes that the powers in the Bill are too loosely expressed and that more specificity would ensure that the subsequent regulations got off on the right track. If the Minister cannot accept the amendment, can he make a commitment that there will be a distinction between open and closed schemes, to be followed up in the subsequent regulations? Will he ask his officials to discuss these concerns further with interested parties in an endeavour to find an acceptable way through as the Bill completes its passage through both Houses?
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Rosalind Altmann (Conservative, Centre-right): My Lords, I support Amendment 71, to which I have added my name. I have little to add to the excellent words of the noble Baroness, Lady Bowles, and my noble friend Lord Young of Cookham I stress to my noble friend the Minister that this is a really important amendment. The Government’s recent White Paper called for pension scheme funding which enables the best deal for members, supports the economy and does not place extra burdens on business. If those are the objectives—and I think they are the right ones—they will be at odds with the draft DB funding code that may emerge from this legislation, which seems to want to drive DB schemes on a path to so-called de-risking, aiming for a particular date of maturity. This concept is simply inappropriate for an open scheme The regulatory approach for schemes such as USS or the Railways Pension Scheme would see their ability to invest for the long term, which must be in the members’ best interest, become much more difficult. There does not seem to be sufficient recognition of the difference in liquidity profile and investment horizon of an open, relatively immature scheme compared to a closed scheme. Indeed, this would pose an existential threat to the survival of all remaining 1,000 or so open schemes. In the face of quantitative easing, increasing exposure to gilts and fixed income assets makes little sense while central bank policy is designed to force bond yields lower. Forcing schemes to compete with central banks to buy ever more expensive bonds is the most expensive way to fund these pension commitments The Bank of England’s pension scheme is an ideal example. It follows a lowest-risk approach, investing solely in gilts and other such supposedly safe assets. It does not match its liabilities, but it is open and entails a contribution rate of between 40% and 50% of pensionable salary. Should such pension contributions be required without any upside potential for a diversified investment strategy that can take advantage of the wide range of investment options available from infrastructure assets, building housing for rental and other areas where pension schemes with a long-term horizon are ideally placed to take advantage—for example, our own infrastructure, in which other countries’ pension schemes have significantly invested—schemes such as RPMI would require such significant contribution increases that members could not afford it and would opt out, and employers could probably not afford it either Therefore, I urge my noble friend to look carefully at this really important issue and to recognise explicitly that there are different needs for open DB schemes relative to those that are otherwise closed.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): I join both noble Lords in expressing condolences to the families of those killed and in wishing a speedy recovery to those injured. I also join them in praising our emergency services, who ran towards danger to help those people whose lives were in danger, in particular the unarmed policeman who went to help. The noble Lords are both right to point out that I am very constrained in what I can say, and I thank them for understanding that constraint. The noble Lord, Lord Paddick, made the point that we have the best police and security services in the world. I wholeheartedly agree, as I do on policing by consent Both noble Lords pointed out that this was yet another lone attack. There have been 25 terrorist attacks thwarted since 2017, which is a tribute to the police involved The noble Lord, Lord Rosser, asked about more resources. He will have heard my right honourable friend the Home Secretary say yesterday that an additional £90 million will be in place this year for CT policing, because we need the resources in place for police to be able to respond to these dreadful events. As for other types of policing, 20,000 additional police officers are due to be recruited over the next few years. On community policing, it is the PCC who decides on the type of policing required for a particular area; it is a decision at local level, and that is absolutely right The noble Lord, Lord Rosser, also asked about lessons learned from Fishmongers’ Hall and cited the Counter-Terrorism and Sentencing Bill; that is one thing. In February this year the Security Minister announced plans to introduce the legislative Protect duty. The proposals would require certain operators of public venues and organisations to consider their preparedness for and protection from a terrorist attack The noble Lord, Lord Paddick, mentioned on a couple of occasions the need for community engagement, and I could not agree more. This problem cannot be solved by any one agency or by government. As the noble Lord said, it is not just about legislation; we need interventions at all levels of society, including public vigilance and confidence in reporting to the police The noble Lord, Lord Rosser, asked about the Serious Violence Taskforce. In the last few months it was replaced by the National Policing Board, which is an excellent forum for these sorts of things—the interventions we can make for our communities—to be not just discussed but actioned The noble Lord, Lord Paddick, asked when the Government will appoint an independent reviewer of Prevent. The process is under way and we aim for that review to be complete in September next year.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Jonathan Caine (Conservative, Centre-right): My Lords, in the aftermath of every terrorist incident there is inevitably speculation about whether more could have been done to prevent it. Does my noble friend agree that, by its very nature, intelligence is not an exact science, but rather requires many—often very difficult—assessments? Will she reiterate this Government’s fullest possible support for the police and the intelligence agencies? Overall, they do such a fantastic job in seeking to keep us safe from the ongoing terrorist threat.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): I am sure that the noble Lord will realise that I cannot talk about any details of this case. On the terrorist threat, the noble Lord, Lord Rosser, asked about additional money for counterterrorism policing, and I pointed out that there is an additional £90 million this year and that we intend to recruit 20,000 more police officers over the next few years. Of course, it is about how that resource is deployed. As my noble friend Lord Caine said, intelligence is a very difficult science. I pay tribute to our intelligence services which, despite some of these attacks, have kept us safe from 25 terrorist attacks over the last three years.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): The answer to the first question is yes; the CT budget is always ring-fenced. I do not know whether the right reverend Prelate saw last night on the television the solidarity with which different faith communities in Reading came together immediately. It seems to be really crucial that different faiths come together in the immediate aftermath of things like that, to stand together against terror.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): My Lords, as the noble Baroness will know, I cannot make any comment on the individual from Sunday’s tragic events. She is absolutely right that enough resource must be given to prisons to put in place programmes—often multiagency programmes—to rehabilitate individuals and provide theological teachings to correct some of the more warped teachings they may have learned. On the ISC, I do not know the answer to that, so I will not pretend to know. I do not know when it is next due to meet, but I can certainly take that back.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): My Lords, I have already gone through the figures for CT policing and for policing in general. I am sure the noble Baroness will have heard them. I am confident that our security and intelligence services have the resources they need. I concur with what the noble Lord, Lord Paddick, said about keeping people under surveillance. Not everything can be solved by legislation, but intelligence-led information is incredibly important. It will be at the heart of how we go forward so that people who are a danger to themselves and to others do not slip through the net.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Sayeeda Warsi (Conservative, Centre-right): My Lords, I endorse the comments of all the Front-Benchers and particularly those of the noble Lord, Lord Paddick. The challenge of the lone wolf attack was addressed recently by Met Assistant Commissioner Neil Basu. It is a real and growing threat. How can the Government seek the support of a community that it needs to deal with these challenges when it simply refuses to work with that community? My noble friend is aware from her own connections with the community that this is an issue, especially when this refusal of the Government to engage is ideological and political and neither factual nor practical. To tackle terrorism we need to work together. When and how is the Government’s policy of disengagement going to change?
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Technology
Susan Williams (Conservative, Centre-right): The noble Lord makes a valid point. Technology has its place in keeping us safe. We need to advance that technology in a way that strikes a balance between privacy and protection. Sometimes by breaching people’s privacy, you give them their freedom. There is so much advanced technology available to help keep us safe and it is important that we use it.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): The noble Lord is right to ask that question. He will have heard my right honourable friend the Home Secretary talking about the events of Sunday. I cannot tell him in exact minutes, but the response was extremely quick. Some of the officers were student officers and ran towards the danger to help those in need I think the noble Lord is trying to come back. I cannot hear him; I think he has been muted. This is the beauty of Virtual Proceedings. I cannot speak about the armed response but it does appear that, on Sunday, the response was very quick, very brave and mitigated what could have been a far worse event.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: International Affairs
Susan Williams (Conservative, Centre-right): My Lords, the noble Lord points to a crucial issue: those datasets for law enforcement purposes and national security need to be in place after our departure from the European Union. We have EU and other structures to use, depending on whether a negotiated outcome is agreed or not.
Reading Terrorist Attack — House of Lords, 2020-06-23
Topic: Law and Crime
Susan Williams (Conservative, Centre-right): The noble Lord is right to point out that we need the resources to tackle people who are either a danger to others or assessed as possibly being a danger to others. I pointed out earlier, in answer to the question on police officers and CT policing, that both have had a big uplift in their resources, but it is about the deployment of those resources and the intelligence that adds to the mix in ensuring that we can tackle some of the people who pose a real danger to our communities.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Government Operations
Frederick Richard Penn Curzon (Conservative, Centre-right): My Lords, in moving Amendment 3 I will also speak to the other government amendments grouped with it. I begin by thanking my noble friend Lord Blencathra and the Delegated Powers and Regulatory Reform Committee, including the ever- helpful clerk team, for their quick work in scrutinising the Bill. As always, they have made important recommendations and the Government have sought to accept as many of them as possible. In last week’s debate, my noble friend Lord Callanan stated that we would listen to the concerns expressed and consider them carefully. We have done so The amendments tabled by the Government have taken on board the concerns raised by the committee and by noble Lords on the number of Henry VIII powers in Clause 1 on moratoriums. As a result, we have tabled amendments that will remove three of the Henry VIII powers in Clause 1 from the Bill: those in new Sections A10(4), A11(5) and A13(9). We have also tabled amendments that will restrict the power in new Section A6(4) so that it can be used only to add to existing requirements, rather than to amend them.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Government Operations
Janet Evelyn Fookes (Conservative, Centre-right): My Lords, before I speak to Amendment 48 in my name, I thank the Minister for taking on board so many of the issues raised by the Delegated Powers Committee and the Constitution Committee about the extensive use of delegated powers. I believe in giving credit where it is due and do so now However, I was seeking a little more in Amendment 48. This amends Clause 21, which requires the Secretary of State to keep the regulations made under Clause 18 under "constant review" and, if satisfied that they are no longer needed or proportionate to their purpose, to make new ones amending or revoking. That sounds fine at first, but what does "constant review" really mean? Who is going to do the constant reviewing—a very busy Minister with other things on his mind, or his very busy civil servants? My amendment seeks to keep them on the straight and narrow, so to speak, by suggesting that the Secretary of State should review these amendments every three months and report to Parliament. I hope that my noble friend might take this on board, but I am not holding my breath.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Government Operations
Richard Balfe (Conservative, Centre-right): My Lords, I want to say a few words in support of Amendment 48, tabled by the noble Baroness, Lady Fookes. I know from experience that when you have a requirement to report on anything without a time limit, there is always the tendency not to do it. There is always something more pressing, and even if the Minister raises it, the civil servant will say, "Well, no one has actually asked for it, Minister, and we have got this or that." The only way to keep a piece of legislation or a policy under review is to have it timetabled. Whether it is every three months, four months or six months, the key point is that you have a timetable and you have a requirement to report at the specific point of that timetable, because then it gets into the system I urge the Minister, thinking not of himself but of Ministers in years to come, to accept this amendment or a close variant of it, that, crucially, puts in a time limit. A refusal today could snooker us when trying to get reports in the future, as we end up with parliamentary questions such as, "When is the Minister proposing to review?" and answers saying, "He or she is certainly thinking about it", but not getting the review. I urge the Minister, looking to all our political futures, to accept some sort of time limitation. As such, I am very happy to support the amendment tabled by the noble Baroness.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Government Operations
Joyce Anelay (Conservative, Centre-right): My Lords, last week in Committee I expressed my concern about the Government’s extensive use of Henry VIII powers and I was one voice among many. Today, I welcome the Government’s amendments in this group, most of which respond positively to the concerns expressed in Committee. For example, in Clause 1, Amendments 5, 8 and 11, and Amendment 76 to Schedule 1, narrow or remove the Henry VIII power. Another couple of examples of changes can be found in Amendment 69 to Clause 42 and Amendment 72 to Clause 43. They convert the negative procedure for regulations into the "made affirmative" or—as the noble Baroness, Lady Northover, has just said—affirmative procedure.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Labor
Lucy Neville-Rolfe (Conservative, Centre-right): My Lords, I come to this from a slightly different point of view, and I rise to express some concern at the scale of amendments on pensions in this already finely balanced Bill. They may make life difficult for investors, creditors and the forces of enterprise that we need if our economy is ever going to recover from the dreadful coronavirus crisis. While understanding and accepting the government amendments and agreeing on the need for vigilance— in the words of the noble Lord, Lord Hain—I urge the Minister to go no further and not to accept Amendment 15. It gives too much power to the Pension Protection Fund and could have the perverse consequences of delay, burden and cost to pension funds and to businesses that are in trouble but have a sustainable future.