argyrotsipi/train-dataset huggingface dataset:
Birmingham Commonwealth Games Bill [HL] — House of Lords, 2020-02-25
Topic: Macroeconomics
John Warren Shipley (Liberal Democrats, Centre to centre-left): My Lords, I was not able to speak at Second Reading but I have listened carefully to the debate on this group of amendments. I hope that, when the Minister replies, a number of points that have been raised will be clarified. I support the amendments in this group. In particular Amendments 11 and 3, which broadly cover the same issue of how to raise more income at a local level, should be supported by the Government. The questions that have been asked about a tourist tax, a hotel bedroom tax or a lottery are all about the same thing: how to get more local income raised. My concern is whether the council taxpayers of Birmingham could be faced with a big bill—or else, big cuts in services—if there are difficulties for Birmingham in raising its 25% contribution. I hope the Minister will be able to clarify this; she needs to explain it to the Committee I also seek the Minister’s confirmation that the 25% contribution will include all costs that fall to the city council, or other public bodies, outside the formal structure of the governance of the Games—things such as extra street-cleaning, refuse disposal, information services, policing and emergency planning. There is a long list of them; I assume the Government have discussed it with Birmingham and that these matters have been agreed. It is important that the Minister clarifies what is included in the 25% contribution and what lies outside it I am sure we all accept that financial and other long-term benefits will accrue to Birmingham, so a local contribution to the cost of the Games is clearly appropriate. However, I have not really understood why 25% is the right figure or what discussion there has been about that. If it is not the right figure, what is the Government’s contingency plan to make up the deficit? As a number of noble Lords have pointed out, in her reply at Second Reading the Minister said that the Government had agreed to underwrite the organisation and delivery of the Games. The critical word is underwrite, but it requires clarification. Does that underwriting include any shortfall on Birmingham’s 25% contribution if the income streams do not deliver the expected sums?
Birmingham Commonwealth Games Bill [HL] — House of Lords, 2020-02-25
Topic: Government Operations
Donald Foster (Liberal Democrats, Centre to centre-left): Before the Minister sits down, the one issue that she really has not addressed is the nature of the underwriting agreement between the Government and Birmingham City Council. Could she dwell on that and in particular answer the question asked by the noble Lord, Lord Hunt: who is the funder of last resort in the event that things go wrong?
Birmingham Commonwealth Games Bill [HL] — House of Lords, 2020-02-25
Topic: Labor
Dominic Hubbard (Liberal Democrats, Centre to centre-left): Just to be clear, the noble Lord has made a point that is so reasonable that I do not think anyone could disagree with it. Is it expected that subcontractors, et cetera, will meet the living wage? Is it a normal thing that will be expected of anyone who gets a contract? I think that is the essence of it.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Government Operations
John Kevin Sharkey (Liberal Democrats, Centre to centre-left): My Lords, I shall speak briefly to government Amendments 1, 3 to 7, 9 to 12 and 14 to 31, as well as to my related Amendment 2. First, I thank the Minister and her team for their close engagement with us on the Bill and their time, patience and occasional willingness to change their minds The government amendments are a good example of mind-changing. As the Minister said, they remove the instances in Part 1 of first-use-only affirmative procedures; that is a very good thing. The DPRRC’s report on the Bill in February this year was concerned about the use of these procedures. It pointed out that the powers in the regulations remain exactly the same on subsequent use. In Committee, I strongly urged the Government to remove this type of procedure; I very much welcome the fact that they have now done this. All the subsequent uses of the negative procedure have been withdrawn by these amendments However, one negative procedure remains: what is left of Clause 11(8) in line 18 on page 7. This is the subject of my probing Amendment 2. Subsection (8), as amended by government Amendment 3, prescribes the negative resolution procedure for regulations under Clause 11(2)(e). Subsection (2)(e) seems a little opaque. It seems to allow the Secretary of State to add persons or categories to those whose fitness and propriety TPR must assess. On 22 June, the Government confirmed to me in writing that this was the case. They believed that this was largely an operational matter and that the negative procedure provided "appropriate scrutiny as well as opportunity for debate if desired". This is a mischaracterisation of the negative procedure, which in practice barely merits the label "scrutiny" at all. Possibly because I did not ask them to, the Government did not address why subsection (2)(e) was necessary at all or give examples of what kind of persons or categories of persons are envisaged in subsection (2)(e) and what role they may play in the schemes themselves. Any additional involvement of these persons or categories of persons may give them significant influence over the conduct of the schemes It is obviously desirable to have these new entrants assessed for fitness and propriety. The issue here is the Secretary of State’s decision to add persons or categories to the list without constraint, restriction or proper scrutiny. I would be grateful if the Minister could address these points when she replies.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Government Operations
Sharon Bowles (Liberal Democrats, Centre to centre-left): My Lords, like other noble Lords, I appreciate the government amendments to make regulations by the affirmative procedure. Having thanked the Minister for that, I will move on to speak on noble Lords’ amendments Amendment 2, in the name of my noble friend Lord Sharkey, would delete reference to negative procedure regulations being used to change the rules around fit and proper persons. It has been laid out how that might change who becomes a fit and proper person. My question is: would it also affect who might not become a fit and proper person and potentially elaborate further if it is found that people are doing things that should disqualify them? I sense that that might be a possibility. Although, under Clause 11(3)(b), regulators can take into account other such matters as they consider appropriate—I presume that that can be in the negative sense as well as the positive—it would be useful to know whether such powers in other areas as well as this are, in general, used. I detect that regulators are often reluctant to go beyond things that they can specifically point to in regulations. If that is the case, maybe the Minister has an excuse to have these powers. That is the area that I am interested in, but it would certainly be a much more significant move for this to be made by the affirmative, rather than the negative, procedure The noble Baroness, Lady Altmann, has tabled an amendment about data that I support, but like her I think that it is probably best to have just one debate on data. I will make my intervention on that later I also support the intention of Amendment 33 on diversity. I recognise, as the noble Lord, Lord Balfe, did, that it links to the wider issue of how trustees are appointed and where from. Many trustee appointments will link back to present or former workforces and therefore carry through any historical lack of diversity for quite a long time. Despite the fact that there might be costs to professional trustees, I still think that there should be scope to ensure that there are more additional independent external trustees, without necessarily going to people who are so embroiled in the making of regulations. It should be possible to find objective people who are not necessarily charging the equivalent of full professional rates Finally, my Amendment 45 is a simple one that says that regulations may not create a regulator. That might not be the intention, but Clause 51(3)(a) says that regulations may "confer a discretion on a person" A discretion to do what: to allow, not allow or approve certain things? What kind of things and what kind of person? That could be wide enough to allow or disallow the doing of things regarded as being a regulator, yet there are none of the constraints in the Bill that would normally appear in such circumstances. I therefore seek some clarification about what "discretion" means and what powers it might conceal or cover.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Sharon Bowles (Liberal Democrats, Centre to centre-left): My Lords, I have signed my name to both these amendments, which follow on from significant debate in Committee. I agree with what the noble Baroness, Lady Drake, said about how Amendment 8 bolsters the importance of ensuring adequate finance for the administration of a scheme in all circumstances. It is necessary to have certain requirements specified and agreed in advance rather than to rely on negotiation at what might be a difficult time or, indeed, where it might be impossible. I therefore wholeheartedly support Amendment 8 Amendment 32 is important and reflects the matter of general fairness and, in particular—although it is not specified—intergenerational fairness, which was discussed in Committee. My noble friend Lord Sharkey will explain further, but I wish to make the point that we should remember that CDCs have shared risk, that their strength is that returns can be more predictable, and that there is intergenerational solidarity so that good times and bad are to some extent smoothed. That solidarity cannot be undermined by allowing market highs to be carried away by those who may chose to leave the scheme. It surely must be possible to devise mechanisms, whether by way of buffers, conservative valuations, a delayed retained part or something else, to prevent the problem that those wishing to transfer their pensions out essentially ruin what is left for everybody else. The point is that fairness has to extend over more than a snapshot in time. That is the only way that you will have fairness in the sense of shared risk to all the members.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Barbara Janke (Liberal Democrats, Centre to centre-left): My Lords, I support Amendment 8 but I will address my remarks to Amendment 32. The amendment seeks to ensure fairness for all members of CDC schemes, especially between different generations who may stand to gain or lose from future circumstances, as noble Lords have already referred to. In Committee we debated this issue at length and a number of issues emerged. The Bill states that the scheme provides for intergenerational fairness among its members, specifically in connection with the amount of benefits paid to pensioners, proposed adjustments to annual benefits and cash-equivalent values provided to members wishing to transfer out of the scheme. A requirement of collective money purchase schemes requires outperformance or underperformance to be reflected in the benefits paid to all members. However, there is usually a reluctance to deliver pension cuts, as in the Netherlands example that the noble Lord, Lord Vaux, described in Committee: when the Government intervened temporarily to avoid a cut in pensions, younger members of the scheme lost out as pensions were kept higher than the scheme could afford CDC schemes are required to agree a pension target rather than a firm outcome, and the expectation of pensioners may be different in the event of the underperformance of investments over time. So unless pensions were to be cut, which is a decision that is largely avoided, younger members of the scheme could lose out in the interests of existing pensioners. In the instance of a large number of people choosing to cash in their pensions, as others have said, there is a risk to new and younger entrants to the scheme, particularly if the value of the scheme is significantly reduced Our Amendment 32 seeks to press the Government into being more explicit and much clearer in their commitment to fairness across the board to all members of the scheme by requiring the trustees to make an assessment of the fairness of the scheme. The amendment addresses the interests of transparency and fairness and the welfare of all members of the scheme, and I support them.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Macroeconomics
Sharon Bowles (Liberal Democrats, Centre to centre-left): My Lords, I declare my interests as in the register: I am a non-executive director of London Stock Exchange plc, which has a pension scheme of which I am not a member I have signed both amendments, which are about getting priorities right on the matter of how a company uses spare cash and the importance of paying down deficits, especially if it is over too long a time. If there is spare cash around, deficit reduction should rank ahead of share buybacks and be balanced with regards to dividends. Both those issues have already been well elaborated, especially by the noble Baroness, Lady Altmann, and the noble Lord, Lord Vaux The amendments would not prohibit either of those eventualities; they would make them notifiable events. The regulator could then exercise discretion about whether there were good reasons; for example, checking that, in the circumstances, the quantum of the dividend was acceptable. I am less certain about good reasons for buybacks, but if there were any, they could be discussed. I therefore support the amendment. To deem it excessively cautious would not be to take it as it is intended. Although we say that the matter would need to be investigated, we would expect the Pensions Regulator to be reasonable in all the circumstances. For example, if everybody had fallen into big deficits, obviously the situation would be different, because of what was going on in the markets, from where a company was being a laggard in making up its deficits. However, we must not forget that if those deficits are not repaid and the company is under stress, it will be the workers and the pensioners who lose out in the end. They cannot always be put at the end of the queue.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Barbara Janke (Liberal Democrats, Centre to centre-left): My Lords, I support Amendment 52. I also support the other two amendments tabled by the noble Baroness, Lady Altmann, as a result of the matter being much debated in Committee, I am very grateful to the noble Baroness, Lady Drake, for her clear analysis of the issues involved Many would say that pensions dashboards are long overdue. They enable people to plan their future finances taking account of existing pensions, and to take a long-term view of future financial provision. However, the challenge of producing a dashboard that will adequately cover the complexity of the pensions landscape should not be underestimated. We are talking about millions of people, and the enormous number of lost pensions that we hear about shows both the need for and scope of the task. Given the level of complexity, the scope for scams and fraudulent actions increases and it is therefore essential that members of the public are sufficiently protected As many noble Lords have said, the vulnerability of many people means that they can be much more susceptible to scams and bogus claims and apparently attractive offers from the commercial sector. The additional factor that digital literacy and access can be problematic for some people also needs to be considered. That and the lack of sound advice can lead to bad decisions and life-changing, irreversible mistakes, as we heard from the noble Baronesses, Lady Drake and Lady Altmann, in Committee Pensions is a complicated subject; it is not easily accessible by everyone. Lack of engagement, which has already been talked about, is a result and, as the noble Baroness, Lady Drake, said, people often take the line of least resistance and take wrong decisions that they are unable to change. I hear the arguments made by the noble Baroness, Lady Neville-Rolfe, about innovation. Certainly, it is an important factor, but I feel that the protection of pension holders is more important. Measures to provide full protection should be the subject of further primary legislation rather than secondary legislation, as indicated in the Bill.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
William Bradshaw (Liberal Democrats, Centre to centre-left): My Lords, I too welcome this amendment in the name of my noble friend Lady Bowles to help keep open defined benefit schemes. This is to be applauded, as I believe that they are in the best interests not just of their members but of wider society. Open defined benefit schemes assist UK plc over the long term and reduce the potential burden on the state from inadequate pension provision As we have heard, the genesis of this Bill dates back to corporate failures such as Carillion and BHS. It is right that the Government look to address the shortcomings that led to these failures and the losses that members of those schemes unfortunately suffered—but it is important to learn the right lessons. BHS and Carillion were fundamental examples of pension schemes brought down by a failure of corporate governance to manage those companies properly, not of companies brought down by a failure to manage their pension schemes Like other noble Lords, I understand the Pensions Regulator seeking to protect members’ benefits, but it should look at defined benefit schemes, because they look to the future. They do not just look in the rear- view mirror but have a much wider responsibility to act in the best interests of all members—past, present and future Any moves to significantly reduce those returns by forcing schemes that remain open to new members to start investing in line with the risk profile of closed schemes will have unintended consequences. I shall certainly support the noble Baroness, Lady Bowles, if she decides to call a Division.
Pension Schemes Bill [HL] — House of Lords, 2020-06-30
Topic: Labor
Sharon Bowles (Liberal Democrats, Centre to centre-left): My Lords, I thank all those who have spoken in this debate. I particularly thank the noble Lord, Lord Young, and the noble Baroness, Lady Altmann, for signing the amendment, for making their contributions and for speaking to the Government. It is clear to see that there is support for the amendment from across the House, and I hope that it is also clearer to everyone why preservation of open DB schemes is in the public interest. We are, in fact, in a rather strange situation where the Minister is in agreement with the policy; it is in government policy, but yet there is a significant danger from what the Pensions Regulator has actually said. That is the sole reason why there needs to be something on the face of the Bill that confirms what is government policy The Government have a further opportunity to amend this Bill in a way that they consider is better than my amendment and give guidance in a different way. I would be happy to help, but we have run out of time and I have not heard a suggestion that something will actually be presented at Third Reading. This House does not have any more opportunities with this Bill, and I cannot see anything coming down the track to give us another opportunity that would be in time to make a difference with regard to the Pensions Regulator’s obvious position This is not a new argument: I have spent 10 years in Brussels arguing the toss on these things, on the difference between IORPs and Solvency II, and I know where the pressure comes from the former FSA—now the FCA. Part of this Bill, on CMP schemes, is fixing a problem for one newly privatised employer. Why dump others who have found good ways to make their DB schemes flourish and last? If the Government do not make it clear, that is what will happen: they may well end up being dumped In the first group of amendments, the noble Baroness, Lady Sherlock, said that she did not want CMP schemes to undermine DB schemes. Without this amendment or something like it, they may well have nowhere else to go. This is not a nice-to-have amendment; it is vital. The issue should not be swept into the corner for these pension schemes to die quietly, and I wish to test the view of the House.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Government Operations
Lindsay Granshaw (Liberal Democrats, Centre to centre-left): My Lords, I raised in Committee that there were numerous Henry VIII powers in the Bill, as the Delegated Powers Committee flagged in its devastating report. I am very glad that the Government have responded to the criticisms of the Delegated Powers Committee and the Constitution Committee by bringing forward these amendments, even if they are not comprehensive. I am glad that we have been able to scrutinise the Bill in this House in a way that simply did not happen in the Commons. This Bill is indeed a mixture of emergency and permanent changes. I note particularly that the Government propose affirmative procedures in Amendments 58, 66 and 67, and "made affirmative" procedures in Amendments 68, 69, 72 and 73. The notes say that it is either affirmative or "made affirmative"—although I note what the Minister, said—in Amendment 109. I welcome these amendments. Those serving on the Constitution Committee have tabled Amendments 48 and 50, which bring more precision to this, and I hear what they have to say. Although I welcome what the Government have brought forward, I hope that the Minister can give further assurances.
Corporate Insolvency and Governance Bill — House of Lords, 2020-06-23
Topic: Labor
Sharon Bowles (Liberal Democrats, Centre to centre-left): My Lords, I welcome the amendments tabled by the Government to address the position of the Pension Protection Fund and the Pensions Regulator where there is a relevant scheme. The amendments give them the right to be notified of moratorium events and give the Pension Protection Fund rights to challenge the monitor or directors, vote as a creditor and make representations to the court An amendment on the issue that remains unaddressed was originally tabled in Committee by the noble Baroness, Lady Altmann; we have tabled one on Report with her support. The noble Baroness, with her great experience in pensions, will speak next Amendment 15 concerns the status of pledged assets and whether the court can give permission for their disposal without the Pension Protection Fund’s permission. In the absence of an amendment, those assets are not protected, which unravels the basis on which settlements over funding and deficits are made with trustees The effect of that is twofold: the actual disposal of the assets, which may be unfavourable to the pension scheme; and, even without any of that happening, the fact that such a possibility exists raises doubts about the numerous pledges that underpin contribution agreements. It is far from desirable to have to revisit them but, without any assurance, it would seem necessary for trustees to think about that and seek more cash funding. That would be bad at any time, but when companies are facing more difficult times due to the pandemic and its after-effects, it would be particularly unwelcome. That is the reasoning behind the amendment, and I know that other noble Lords are well able to illustrate the problem further.