Member

149: After Clause 110, insert the following new Clause— “Transfer of assets and liabilities(1) The Secretary of State may by regulations provide for the transfer of assets or liabilities of the AWE Pension Scheme (without the need for any approval or consent of the trustee company or AWE PLC, or any other person, to the transfer) to—(a) the Secretary of State,(b) a nominee of the Secretary of State or the Treasury, or(c) a company established by the Secretary of State or the Treasury for the purpose of holding the assets or the liabilities pending their disposal or discharge.(2) Where any assets of the AWE Pension Scheme are transferred before regulations under section (Establishment of new public schemes and transfer of rights)(2) are made, regulations under this section must make provision for the purposes of—(a) securing the ability of the trustee company to meet any liability it has, or may have, or(b) securing that any such liability is to be met by the Secretary of State or the Treasury.(3) The regulations may in connection with those purposes, or otherwise in connection with a transfer of assets or liabilities under the regulations—(a) make provision for the Secretary of State or the Treasury to give directions to the trustee company or AWE PLC;(b) exempt the trustee company, or AWE PLC, from liability in connection with acts or omissions pursuant to any such directions;(c) disapply (to such extent as is specified) any specified statutory provision or rule of law;(d) provide for any specified statutory provision to apply (whether or not it would otherwise apply) with specified modifications;(e) impose a moratorium on the commencement or continuation of proceedings or other legal processes of any specified description.(4) “Specified” means specified in the regulations.(5) Regulations under this section may include provision for the making of payments into the Consolidated Fund.”Member's explanatory statement This new clause contains provision about transfer of assets and liabilities of the AWE Pension Scheme and provision securing scheme liabilities are met after assets are transferred. It will be the fifth clause of the new Chapter referred to in the explanatory statement for the amendment in the name of Baroness Sherlock to insert the new clause “Establishment of new public schemes and transfer of rights”.