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| | (b) | the requirement in subsection (4) or requirements prescribed |
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| | under subsection (6) (as appropriate), and |
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| | (c) | any further requirements that are prescribed. |
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| | (2) | The scheme must either— |
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| | (a) | provide for a member to be entitled to a pension commencing at |
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| | the appropriate age and continuing for life, or |
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| | (b) | provide for a sum of money to be made available for the |
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| | provision of benefits to a member commencing at the |
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| | appropriate age and continuing for life. |
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| | (3) | The appropriate age is 65 or any higher age prescribed. |
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| | (4) | In the case of a scheme that provides entitlement to a pension as |
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| | mentioned in subsection (2)(a), the annual rate of the pension at the |
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| | |
| | (a) | 1/120th of average qualifying earnings in the last three tax years |
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| | preceding the end of pensionable service, |
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| | |
| | (b) | the number of years of pensionable service, up to a maximum of |
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| | |
| | (5) | Section 13(1) (qualifying earnings) applies for the purposes of subsection |
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| | (4) as if the reference to a pay reference period were a reference to a tax |
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| | |
| | (6) | In the case of a scheme that provides for a sum of money to be made |
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| | available as mentioned in subsection (2)(b), regulations must prescribe |
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| | requirements relating to that sum.”’. |
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| |
| | Certification for non-UK schemes |
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| |
| | |
| To move the following Clause:— |
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| | ‘(1) | Section 28 of the 2008 Act is amended as follows. |
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| | (2) | After subsection (3) insert— |
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| | “(3A) | This section also applies to— |
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| | (a) | a money purchase scheme that is an occupational pension |
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| | scheme within section 18(b); |
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| | (b) | a personal pension scheme of a prescribed description for which |
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| | provision is made under section 27; |
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| | (c) | a hybrid scheme that is an occupational pension scheme within |
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| | section 18(b), to the extent prescribed.” |
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| | (3) | In subsection (4) at the end insert— |
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| | “(d) | for a scheme within subsection (3A), means a prescribed |
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| | |
| | (4) | In paragraphs (e) and (f) of subsection (6) for “section 26 agreements” substitute |
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| | “contribution agreements”. |
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| |
| |
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| | |
| | (a) | for ““section 26 agreements” means the agreement” substitute |
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| | ““contribution agreements” means— |
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| | |
| | (b) | at the end insert “, or |
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| | (b) | any agreement of the same or a similar kind that is |
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| | required, in the case of a scheme within subsection |
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| | (3A)(b), by regulations under section 27.”’. |
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| |
| | Power to exempt certain cross-border employment from enrolment duty |
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| |
| | |
| To move the following Clause:— |
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| | ‘In Part 7 of the Pensions Act 2004 (cross-border activities within European |
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| | Union) after section 292 insert— |
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| | “292A | Exemption from enrolment duty under Part 1 of Pensions Act 2008 |
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| | Regulations may provide for section 2(1), 3(2), 5(2), 7(3), 9(2) or 54 of |
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| | the Pensions Act 2008 (employer’s obligations regarding membership of |
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| | a qualifying scheme) not to apply in relation to a person’s employment |
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| | |
| | (a) | an individual in relation to whom the person is a European |
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| | |
| | (b) | someone whom the person reasonably believes to be such an |
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| | |
| |
| |
| | |
| Clause 17, page 13, line 23, after ‘period’, insert ‘on or after that day’. |
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| |
| | |
| Clause 17, page 13, line 41, after ‘(3)(b)’, insert ‘includes a promise that’. |
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| |
| | |
| Clause 17, page 13, line 42, leave out ‘includes a promise that’. |
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| |
| | |
| Clause 17, page 13, line 44, leave out from beginning to end of line 4 on page 14 |
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| |
| | ‘(b) | the rate or amount of a benefit will represent a particular proportion of the |
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| | |
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| |
| |
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| |
| | |
| Clause 17, page 14, line 4, at end insert— |
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| | ‘( ) | But a pension is not prevented from being a cash balance benefit merely because |
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| | under the scheme there is a promise that— |
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| | (a) | the rate or amount of a benefit payable in respect of a deceased member |
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| | will be a particular proportion of the rate or amount of a benefit which |
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| | was (or would have been) payable to the member; |
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| | (b) | the amount of a lump sum payable to a member, or in respect of a |
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| | deceased member, will represent a particular proportion of the available |
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| | |
| |
| |
| | |
| |
| | |
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| To move the following Clause:— |
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| | ‘(1) | The Secretary of State shall commission a review of measures enabled to help |
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| | former employees of Allied Steel and Wire. |
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| | (2) | The review should be written by an independent board of experts with the aim of |
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| | ensuring the best treatment of former employees of Allied Steel and Wire and will |
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| | make recommendations for future support for former employees. |
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| | (3) | This review should be conducted and report back within six months of Royal |
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| | |
| |
| |
| | |
| Clause 30, page 19, line 20, leave out subsection (2). |
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| |
| | Order of the House [20 JUNE 2011] |
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| | That the following provisions shall apply to the Pensions Bill [Lords]— |
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| | |
| | 1. | The Bill shall be committed to a Public Bill Committee. |
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| | Proceedings in Public Bill Committee |
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| | 2. | Proceedings in the Public Bill Committee shall (so far as not previously |
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| | concluded) be brought to a conclusion on Tuesday 19 July 2011. |
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| | 3. | The Public Bill Committee shall have leave to sit twice on the first day on |
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| | |
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| |
| |
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| | Consideration and Third Reading |
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| | 4. | Proceedings on consideration shall (so far as not previously concluded) be |
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| | brought to a conclusion one hour before the moment of interruption on the |
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| | day on which those proceedings are commenced. |
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| | 5. | Proceedings on Third Reading shall (so far as not previously concluded) be |
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| | brought to a conclusion at the moment of interruption on that day. |
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| | 6. | Standing Order No. 83B (Programming committees) shall not apply to |
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| | proceedings on consideration and Third Reading. |
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| | |
| | 7. | Any other proceedings on the Bill (including any proceedings on |
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| | consideration of any message from the Lords) may be programmed. |
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| |
| | Order of the Committee [5 July 2011] |
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| | |
| | (1) | the Committee shall (in addition to its first meeting at 10.30 am on Tuesday |
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| | |
| | (a) | at 4.00 pm on Tuesday 5 July; |
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| | (b) | at 9.00 am and 1.00 pm on Thursday 7 July; |
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| | (c) | at 10.30 am and 4.00 pm on Tuesday 12 July; |
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| | (d) | at 9.00 am and 1.00 pm on Thursday 14 July; |
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| | (e) | at 10.30 am and 4.00 pm on Tuesday 19 July; |
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| | (2) | the proceedings shall be taken in the following order: Clause 1; Schedule 1; |
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| | Clause 2; Schedule 2; Clause 3; Schedule 3; new Clauses relating to Part 1; |
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| | new Schedules relating to Part 1; Clauses 4 to 14; new Clauses relating to Part |
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| | 2; new Schedules relating to Part 2; Clauses 15 to 18; Schedule 4; Clauses 19 |
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| | to 24; new Clauses relating to Part 3; new Schedules relating to Part 3; Clause |
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| | 25; Schedule 5; new Clauses relating to Part 4; new Schedules relating to Part |
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| | 4; Clauses 26 and 27; remaining new Clauses; remaining new Schedules; |
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| | Clauses 28 to 30; remaining proceedings on the Bill; |
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| | (3) | the proceedings shall (so far as not previously concluded) be brought to a |
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| | conclusion at 7.00 pm on Tuesday 19 July. |
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| |
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