On the 31st October 2017 the Government’s Financial Guidance and Claims Bill was considered at Report Stage in the House of Lords. Liberal Democrat Peer Lord Sharkey moved an amendment on guidance for individuals before transfer of pension assets to new schemes. Two bishops took part in the vote:
Lord Sharkey moved amendment 24, in clause 3, page 3, line 15, at end to insert:
“( ) In Schedule 3 to the Pensions Schemes Act 2015 (pensions guidance), after paragraph 6(3) insert:
“(3A) In determining what provision to include in the rules, the FCA must include a requirement for the trustees or managers of a relevant pension scheme to ask members of the scheme or survivors of members of the scheme at the point at which they require access to or individual transfer of their pension assets, if they have received the information and guidance available under section 3 of the Financial Guidance and Claims Act 2017 (specific requirements as to the pensions guidance function); and if they have not received such information and guidance the FCA may require the relevant trustee or manager to provide access to such information and guidance before proceeding.””
Contents: 283 | Not Contents: 201 | Result: Government Defeat.
The Bishops of Oxford and St Albans both voted content.