My Lords, I am pleased that the Pensions Dashboards (Prohibition of Indemnification) Bill has now reached its final stage in your Lordships’ House. I thank my noble friend the Minister and his officials for their support, as well as those noble Lords who supported the Bill on Second Reading: my noble friends Lady Altmann and Lord Holmes, who flank me on either side, the noble Baroness, Lady Sherlock, and the noble Lord, Lord Sharkey, all of whom who are present in the Chamber this morning to ensure the safe passage of this legislation. I am also grateful to Mary Robinson for introducing the Bill and expertly steering it through all stages in the other place.
The Bill’s purpose is clear. It will increase protection for pensions savers by making it a criminal offence for trustees and managers of occupational pension schemes to reimburse themselves using assets of the pension scheme for penalties imposed on them due to non-compliance with any relevant pensions dashboard regulations. I hope noble Lords recognise the importance of the Bill and agree to its passage today. I beg to move.