§ (1) Where the trustees or managers of an occupational pension scheme receive contributions to the scheme from a European employer, the Regulator may in prescribed circumstances issue a notice ("a ring-fencing notice") to the trustees or managers of the scheme directing them to take, or refrain from taking, such steps of a prescribed description as are specified in the notice for the purpose of ring-fencing some or all of the assets or liabilities (or both) of the scheme.
§ (2) In subsection (1), "ring-fencing" has the same meaning as in the Directive.
144GC§ (3) If the trustees or managers of an occupational pension scheme fail to comply with a ring-fencing notice given to them, section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance."
§ On Question, amendment agreed to.
§ Clause 280 [Functions of Regulator in relation to institutions administered in other member States]:
§ Baroness Hollis of Heigham moved Amendments Nos. 329 and 329A:
§ Page 212, line 5, leave out "that member State" and insert "the member State in which the institution has its main administration"
§ Page 212, line 24, leave out "pensions" and insert "pension schemes"
§ On Question, amendments agreed to.
§ Clause 280, as amended, agreed to.
§ Baroness Hollis of Heigham moved Amendment No. 330:
§ After Clause 280, insert the following new clause—