division_name: Pension Schemes Bill [HL] - <i>Report</i> &#8212; Amendment 71
motion: <p class="italic" pid="b678.4/1" pwmotiontext="unrecognized">Moved by Baroness Bowles of Berkhamsted</p>
  
  <p class="italic" pid="b678.4/2" pwmotiontext="unrecognized">71: Clause 123, page 118, line 4, at end insert&#8212;&#8220;(2) In exercising any powers to make regulations, or otherwise to prescribe any matter or principle, under Part 3 of the Pensions Act 2004 (scheme funding) as amended by Schedule 10, the Secretary of State must ensure that&#8212;(a) schemes that are expected to remain open to new members, either indefinitely or for a significant period of time, are treated differently from schemes that are not;(b) scheme liquidity is balanced with scheme maturity;(c) there is a correlation between appropriate investment risk and scheme maturity;  (d) affordability of contributions to employers is maintained;(e) affordability of contributions to members is maintained;(f) the closure of schemes that are expected to remain open to new members, either indefinitely or for a significant period of time, is not accelerated; and(g) trustees retain sufficient discretion to be able to comply with their duty to act in the best interests of their beneficiaries.&#8221;Member&#8217;s explanatory statementThe liquidity profile of an open and active scheme that is receiving regular, significant cash contributions is very different from a closed scheme. This amendment seeks to ensure that they are treated differently accordingly.</p>
  
  <p pid="b687.0/5" pwmotiontext="yes">Ayes 263, Noes 227.</p>