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49

 

House of Commons

 
 

Notices of Amendments

 

given on

 

Thursday 7 July 2011

 

For other Amendment(s) see the following page(s):

 

Pensions Bill [Lords] Committee 40-47

 

Public Bill Committee


 

Pensions Bill [Lords]

 

Rachel Reeves

 

35

 

Page  5,  line  20,  leave out Clause 6.

 

Teresa Pearce

 

36

 

Clause  6,  page  6,  line  14,  at end insert—

 

‘(5A)    

An employer may only give an employee one notice under this section.’.

 

Teresa Pearce

 

37

 

Clause  5,  page  5,  line  19,  at end add—

 

‘(7C)    

The Secretary of State must report to both Houses of Parliament within one year

 

of the commencement of the Universal Credit as set out in the Welfare Reform

 

Act 2011 the trends relating to part-time work that may have emerged.’.

 

Fees and charges

 

Teresa Pearce

 

NC6

 

To move the following Clause:—

 

‘(1)    

The Pensions Act 2008 is amended as follows.

 

(2)    

In section 26(4)(6) after “pay reference period” insert “, taking into account the

 

level of charges.”.’.


 
 

Notices of Amendments: 7 July 2011                     

50

 

Pensions Bill [Lords] continued

 
 

Transfers

 

Teresa Pearce

 

NC7

 

To move the following Clause:—

 

‘(1)    

The Pensions Act 2008 is amended as follows.

 

(2)    

After section 16(2) insert—

 

“(2A)    

The Secretary of State shall make regulations to enable transfers of

 

qualifying pension schemes into and out of the National Employment

 

Savings Trust.”.’.

 

Steve Webb

 

38

 

Clause  15,  page  10,  line  24,  at end insert—

 

‘( )    

Schedule 3 to the 1993 Act (which sets out methods for revaluing accrued

 

benefits for the purposes of section 84 of the 1993 Act) is amended as follows.

 

( )    

After paragraph 1(4) insert—

 

  “(5)  

The sub-paragraphs above are subject to sub-paragraph (6).

 

      (6)  

If paragraph 2A applies to the pension or other benefit, the final salary

 

method is to apply the requirement of the rules of the scheme

 

mentioned in paragraph 2A(1).”

 

( )    

After paragraph 2 insert—

 

“2A(1)  

This paragraph applies to the pension or other benefit if the rules of the

 

scheme under which it is payable contain a requirement that the

 

accrued benefit be revalued by adding to the accrued benefit an

 

amount of at least the relevant amount.

 

      (2)  

“The accrued benefit” has the same meaning as in paragraph 1.

 

      (3)  

“The relevant amount” means the amount which, ignoring paragraph

 

1(5) and (6), would be the additional amount specified in paragraph

 

1(1A), (1B), (1C) or (1D) (as the case may be) were the appropriate

 

higher revaluation percentage and the appropriate lower revaluation

 

percentage to be determined on the following basis.

 

      (4)  

The higher revaluation percentage and the lower revaluation

 

percentage for the revaluation period mentioned in paragraph 2(7) are

 

to be taken to be the percentages which would have been specified in

 

the Secretary of State’s order—

 

(a)    

had the following been substituted for paragraph 2(3)(a)—

 

“(a)    

the percentage increase in the retail prices index

 

for the reference period in relation to the

 

revaluation period (“the inflation percentage”),

 

and”,

 

(b)    

had, in paragraph 2(3A)(a), the words “the percentage which

 

appears to the Secretary of State to be” been omitted,

 

(c)    

had paragraph 2(4) been omitted,

 

(d)    

had, in paragraph 2(5), the words “sub-paragraph (3)(a)” been

 

substituted for “that sub-paragraph”,

 

(e)    

had, in paragraph (b) of the definitions of “the higher

 

maximum rate” and “the lower maximum rate” in paragraph


 
 

Notices of Amendments: 7 July 2011                     

51

 

Pensions Bill [Lords] continued

 
 

2(6), the words “retail prices index” been substituted for

 

“general level of prices”, and

 

(f)    

had the following been inserted after paragraph 2(6)—

 

“(6A)  

In this paragraph “retail prices index” means—

 

(a)    

the general index of retail prices (for all items)

 

published by the Statistics Board (or any

 

predecessor), or

 

(b)    

where that index is not published for a month, any

 

substituted index or figures published by the Board

 

(or any predecessor).””’.

 

Steve Webb

 

39

 

Clause  15,  page  10,  line  27,  leave out ‘subsection (4) substitute—’ and insert

 

‘subsections (3) and (4) substitute—

 

“(3)    

Subsection (2) does not apply to the annual rate of a pension under an

 

occupational pension scheme, or to a part of that rate, if under the rules

 

of the scheme the rate or part is for the time being being increased at

 

intervals of not more than twelve months by at least the relevant

 

percentage.’.

 

Steve Webb

 

40

 

Clause  15,  page  10,  line  33,  leave out from beginning to end of line 36 on page 11

 

and insert—

 

‘(4ZA)    

Subsection (2) does not apply to the annual rate of a pension under an

 

occupational pension scheme, or to a part of that rate, if subsection (4ZB)

 

applies to the rate or part.

 

(4ZB)    

Subject to subsection (4ZD), this subsection applies to the rate or part if,

 

under the rules of the scheme, the rate or part is for the time being being

 

increased, and since the relevant time has always been increased, at

 

intervals of not more than twelve months by at least—

 

(a)    

the percentage increase in the retail prices index for the reference

 

period, being a period determined, in relation to each periodic

 

increase, under the rules, or

 

(b)    

if lower, the default percentage for that period.

 

(4ZC)    

In subsection (4ZB) “the relevant time” means—

 

(a)    

the beginning of 2011 or, if later, the time when the pension

 

became a pension in payment, or

 

(b)    

if the pension was transferred to the scheme from another

 

occupational pension scheme as a pension in payment after the

 

beginning of 2011, the time of the transfer.

 

(4ZD)    

If the pension was transferred to the scheme as mentioned in subsection

 

(4ZC)(b), subsection (4ZB) does not apply to the rate or part unless,

 

immediately before the transfer, subsection (4ZB) (read with this

 

subsection if relevant) applied to the rate or part by reference to the

 

scheme from which the pension was transferred (or would have applied

 

had subsection (4ZB) been in force immediately before the transfer).’.


 
 

Notices of Amendments: 7 July 2011                     

52

 

Pensions Bill [Lords] continued

 
 

Steve Webb

 

41

 

Clause  15,  page  11,  line  39,  leave out ‘(4)’ and insert ‘(3)’.

 

Steve Webb

 

42

 

Clause  15,  page  11,  line  42,  leave out ‘to (4ZD)’ and insert ‘and (4ZB)’.

 

Steve Webb

 

43

 

Clause  15,  page  11,  line  46,  leave out ‘to (4ZD)’ and insert ‘and (4ZB)’.

 

Information about pensions

 

Teresa Pearce

 

NC8

 

To move the following Clause:—

 

‘The Secretary of State shall create a single place where all relevant information

 

of pensions is available for employers and employees.’.

 

Contribution limits

 

Teresa Pearce

 

NC9

 

To move the following Clause:—

 

‘(1)    

The Pensions Act 2008 is amended as follows.

 

(2)    

omit section 70 (Contribution Limits).’.

 

UK personal pension schemes: additional protection

 

Teresa Pearce

 

NC10

 

To move the following Clause:—

 

‘(1)    

The Pensions Act 2008 is amended as follows.

 

(2)    

In section 26(4)(b), at end insert “, ensuring they are protected to the same level

 

as stakeholder terms and conditions.”’.

 


 
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