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| | For other Amendment(s) see the following page(s):
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| | Pensions Bill [Lords] Committee 40-47 |
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| | Page 5, line 20, leave out Clause 6. |
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| | Clause 6, page 6, line 14, at end insert— |
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| | | ‘(5A) | An employer may only give an employee one notice under this section.’. |
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| | Clause 5, page 5, line 19, at end add— |
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| | | ‘(7C) | The Secretary of State must report to both Houses of Parliament within one year |
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| | | of the commencement of the Universal Credit as set out in the Welfare Reform |
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| | | Act 2011 the trends relating to part-time work that may have emerged.’. |
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| | To move the following Clause:— |
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| | | ‘(1) | The Pensions Act 2008 is amended as follows. |
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| | | (2) | In section 26(4)(6) after “pay reference period” insert “, taking into account the |
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| | To move the following Clause:— |
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| | | ‘(1) | The Pensions Act 2008 is amended as follows. |
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| | | (2) | After section 16(2) insert— |
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| | | “(2A) | The Secretary of State shall make regulations to enable transfers of |
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| | | qualifying pension schemes into and out of the National Employment |
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| | Clause 15, page 10, line 24, at end insert— |
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| | | ‘( ) | Schedule 3 to the 1993 Act (which sets out methods for revaluing accrued |
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| | | benefits for the purposes of section 84 of the 1993 Act) is amended as follows. |
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| | | ( ) | After paragraph 1(4) insert— |
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| | | “(5) | The sub-paragraphs above are subject to sub-paragraph (6). |
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| | | (6) | If paragraph 2A applies to the pension or other benefit, the final salary |
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| | | method is to apply the requirement of the rules of the scheme |
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| | | mentioned in paragraph 2A(1).” |
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| | | ( ) | After paragraph 2 insert— |
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| | | “2A(1) | This paragraph applies to the pension or other benefit if the rules of the |
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| | | scheme under which it is payable contain a requirement that the |
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| | | accrued benefit be revalued by adding to the accrued benefit an |
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| | | amount of at least the relevant amount. |
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| | | (2) | “The accrued benefit” has the same meaning as in paragraph 1. |
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| | | (3) | “The relevant amount” means the amount which, ignoring paragraph |
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| | | 1(5) and (6), would be the additional amount specified in paragraph |
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| | | 1(1A), (1B), (1C) or (1D) (as the case may be) were the appropriate |
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| | | higher revaluation percentage and the appropriate lower revaluation |
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| | | percentage to be determined on the following basis. |
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| | | (4) | The higher revaluation percentage and the lower revaluation |
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| | | percentage for the revaluation period mentioned in paragraph 2(7) are |
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| | | to be taken to be the percentages which would have been specified in |
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| | | the Secretary of State’s order— |
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| | | (a) | had the following been substituted for paragraph 2(3)(a)— |
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| | | “(a) | the percentage increase in the retail prices index |
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| | | for the reference period in relation to the |
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| | | revaluation period (“the inflation percentage”), |
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| | | (b) | had, in paragraph 2(3A)(a), the words “the percentage which |
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| | | appears to the Secretary of State to be” been omitted, |
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| | | (c) | had paragraph 2(4) been omitted, |
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| | | (d) | had, in paragraph 2(5), the words “sub-paragraph (3)(a)” been |
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| | | substituted for “that sub-paragraph”, |
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| | | (e) | had, in paragraph (b) of the definitions of “the higher |
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| | | maximum rate” and “the lower maximum rate” in paragraph |
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| | | 2(6), the words “retail prices index” been substituted for |
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| | | “general level of prices”, and |
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| | | (f) | had the following been inserted after paragraph 2(6)— |
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| | | “(6A) | In this paragraph “retail prices index” means— |
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| | | (a) | the general index of retail prices (for all items) |
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| | | published by the Statistics Board (or any |
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| | | (b) | where that index is not published for a month, any |
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| | | substituted index or figures published by the Board |
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| | | (or any predecessor).””’. |
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| | Clause 15, page 10, line 27, leave out ‘subsection (4) substitute—’ and insert |
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| | ‘subsections (3) and (4) substitute— |
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| | | “(3) | Subsection (2) does not apply to the annual rate of a pension under an |
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| | | occupational pension scheme, or to a part of that rate, if under the rules |
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| | | of the scheme the rate or part is for the time being being increased at |
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| | | intervals of not more than twelve months by at least the relevant |
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| | Clause 15, page 10, line 33, leave out from beginning to end of line 36 on page 11 |
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| | | ‘(4ZA) | Subsection (2) does not apply to the annual rate of a pension under an |
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| | | occupational pension scheme, or to a part of that rate, if subsection (4ZB) |
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| | | applies to the rate or part. |
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| | | (4ZB) | Subject to subsection (4ZD), this subsection applies to the rate or part if, |
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| | | under the rules of the scheme, the rate or part is for the time being being |
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| | | increased, and since the relevant time has always been increased, at |
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| | | intervals of not more than twelve months by at least— |
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| | | (a) | the percentage increase in the retail prices index for the reference |
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| | | period, being a period determined, in relation to each periodic |
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| | | increase, under the rules, or |
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| | | (b) | if lower, the default percentage for that period. |
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| | | (4ZC) | In subsection (4ZB) “the relevant time” means— |
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| | | (a) | the beginning of 2011 or, if later, the time when the pension |
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| | | became a pension in payment, or |
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| | | (b) | if the pension was transferred to the scheme from another |
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| | | occupational pension scheme as a pension in payment after the |
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| | | beginning of 2011, the time of the transfer. |
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| | | (4ZD) | If the pension was transferred to the scheme as mentioned in subsection |
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| | | (4ZC)(b), subsection (4ZB) does not apply to the rate or part unless, |
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| | | immediately before the transfer, subsection (4ZB) (read with this |
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| | | subsection if relevant) applied to the rate or part by reference to the |
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| | | scheme from which the pension was transferred (or would have applied |
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| | | had subsection (4ZB) been in force immediately before the transfer).’. |
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| | Clause 15, page 11, line 39, leave out ‘(4)’ and insert ‘(3)’. |
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| | Clause 15, page 11, line 42, leave out ‘to (4ZD)’ and insert ‘and (4ZB)’. |
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| | Clause 15, page 11, line 46, leave out ‘to (4ZD)’ and insert ‘and (4ZB)’. |
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| | | Information about pensions |
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| | To move the following Clause:— |
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| | | ‘The Secretary of State shall create a single place where all relevant information |
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| | | of pensions is available for employers and employees.’. |
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| | To move the following Clause:— |
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| | | ‘(1) | The Pensions Act 2008 is amended as follows. |
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| | | (2) | omit section 70 (Contribution Limits).’. |
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| | | UK personal pension schemes: additional protection |
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| | To move the following Clause:— |
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| | | ‘(1) | The Pensions Act 2008 is amended as follows. |
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| | | (2) | In section 26(4)(b), at end insert “, ensuring they are protected to the same level |
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| | | as stakeholder terms and conditions.”’. |
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