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Lords Amendment: No. 43, in page 76, line 29, after "then" insert
subject to the following subsection".
Mr. Deputy SpeakerI think it would be for the convenience of the House to take at the same time the following two Lords amendments:
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No. 44, in page 76, line 33, at end insert—
(3A) In applying subsection (3) above, the Board may disregard liabilities with priority, in so far as their priority ranks lower than that of the liabilities specified in paragraphs (a) to (c) of the subsection and lower also than liabilities in respect of the expenses of administration.
§ No. 45 in line 38, leave out from "above" to first "the" in line 39.
§ Mr. DeanThese amendments are concerned with schemes which include a priority winding-up rule but accord 205 differing degrees of priority to a number of liabilities, including those listed at paragraphs (a) to (c). They ensure that, in these cases, the Occupational Pensions Board need only satisfy itself as to the adequacy of the schemes resources in relation to the liabilities at paragraphs (a) to (c) and also any others accorded the same or a higher degree of priority. This was always the intention, but a Committee stage amendment had the unintentional side effect of extending the board's responsibilities to include the resources backing liabilities with a lower degree of priority.
§ Question put and agreed to.
§ Subsequent Lords Amendments agreed to.