Member

In those circumstances, it would of course be critical to ensure that the pension provider was communicating properly with its customers, and the Bill envisages that. Under new Section 28C(10) and (11), regulations may make provision as to procedures in connection with approvals, such as requiring trustees or providers to take steps for ensuring that persons, such as employers, who may be affected in the event of the scheme losing its approval are promptly informed. In a situation where asset allocation requirements were brought in, the Government would rely on those powers to ensure suitable procedures were in place to address the sorts of situations that the noble Viscount may be envisaging. That will of course require, as appropriate, consultation with TPR and FCA, as well as the industry, which is why we need a degree of flexibility in finalising the procedures.