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| | Pensions Bill [Lords], As Amended
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| | | The Amendments have been arranged in accordance with the Pensions Bill |
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| | | [Lords] (Programme) (No. 2) Motion to be proposed by Secretary Iain Duncan Smith |
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| | Page 1, line 6 [Clause 1], leave out ‘December 1953’ and insert ‘April 1955’. |
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| | Page 1, line 7 [Clause 1], leave out subsection (3) and insert— |
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| | | ‘(3) | In sub-paragraph (4) leave out “6 April 1959” and insert “6 April 1955”.’. |
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| | Page 1, line 8 [Clause 1], leave out subsection (4). |
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| | Secretary Iain Duncan Smith |
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| | Page 2, line 19 [Clause 1], leave out ‘“1960” substitute “1954”’ and insert ‘“5th |
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| | April 1960” substitute “5th October 1954”’. |
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| | Page 2, line 19 [Clause 1], leave out ‘1954’ and insert ‘1956’. |
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| | Page 23, line 20 [Schedule 1], leave out from ‘(a)’ to end of line 22 and insert |
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| | ‘delete “2024” and replace with “April 2020”.’. |
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| | Page 23, line 31 [Schedule 1], leave out ‘6th December 2018’ and insert ‘6th April |
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| | New Clauses relating to Part 2 |
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| | | Qualifying schemes: administration charges |
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| | Secretary Iain Duncan Smith |
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| | To move the following Clause:— |
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| | | ‘(1) | Section 16 of the 2008 Act (qualifying schemes) is amended as follows. |
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| | | (2) | In subsection (3) for paragraph (a) substitute— |
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| | | “(a) | administration charges due from J while J is an active member |
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| | | exceed a prescribed amount, |
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| | | (aa) | administration charges due from former active members while J |
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| | | is an active member exceed a prescribed amount, |
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| | | (ab) | while J is an active member, the scheme contains provision under |
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| | | which administration charges that will be due from J when J is |
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| | | no longer an active member will exceed a prescribed amount, or |
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| | | will do so in particular circumstances,”. |
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| | | (3) | After that subsection insert— |
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| | | “(4) | For the purposes of subsection (3) administration charges are due from a |
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| | | person to the extent that— |
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| | | (a) | any payments made to the scheme by, or on behalf or in respect |
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| | | (b) | any income or capital gain arising from the investment of such |
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| | | (c) | the value of the person’s rights under the scheme, |
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| | | | may be used to defray the administrative expenses of the scheme, to pay |
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| | | commission or in any other way that does not result in the provision of |
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| | | pension benefits for or in respect of members. |
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| | | (5) | In subsection (3)(aa) “former active member” means a person who at |
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| | | some time after the automatic enrolment date was both a jobholder and |
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| | | an active member but is no longer an active member.”’. |
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| | | Obligation to inform scheme members about provider and product options |
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| | To move the following Clause:— |
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| | | ‘Providers of Qualifying Schemes under section 16 of the Pensions Act 2008 |
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| | | (c.30) must, when informing members of their own range of annuity and similar |
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| | | products, explain clearly that alternative and more suitable options from other |
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| | | providers may be available.’. |
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| | | Duty to establish a review into transfers into the National Employment Savings Trust |
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| | To move the following Clause:— |
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| | | ‘Within two years of the passing of this Act the Secretary of State shall establish |
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| | | a review into allowing transfers into the National Employment Savings Trust |
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| | | Duty to review any order on contribution limits in the National Employment Savings Trust |
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| | To move the following Clause:— |
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| | | ‘In section 70 of the 2008 Act (Contribution Limits) at the end of subsection (1) |
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| | | (1A) | Any order under this section shall be reviewed by the Secretary of State within |
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| | | two years of the Pension Scheme being opened to members.’. |
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| | Page 6, line 37 [Clause 6], leave out ‘three’ and insert ‘one’. |
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| | Page 8, line 1 [Clause 8], at beginning insert ‘Subject to subsection (2A),’. |
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| | Page 8, line 4 [Clause 8], at end insert— |
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| | | ‘(2A) | An order made under subsection (2) must not increase the amount in section |
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| | | (a) | the general level of earning; or |
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| | | (b) | in percentage terms by more than the percentage increase in the Lower |
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| | | Earnings Limit for national insurance purposes.’. |
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| | Secretary Iain Duncan Smith |
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| | Page 11, line 40 [Clause 14], leave out ‘In section 30(5) of the 2008 Act’ and |
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| | | ‘( ) | Section 30 of the 2008 Act is amended as follows. |
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| | Secretary Iain Duncan Smith |
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| | Page 11, line 41 [Clause 14], at end insert— |
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| | | ‘( ) | In subsection (6)(b) omit “(in accordance with section 20(1))”.’. |
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| | New Clauses relating to the meaning of money purchase benefits |
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| | | Definition of money purchase benefits |
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| | Secretary Iain Duncan Smith |
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| | To move the following Clause:— |
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| | | ‘(1) | In section 181 of the Pension Schemes Act 1993 (interpretation), in the definition |
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| | | of “money purchase benefits” in subsection (1), for “which are not average salary |
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| | | benefits” substitute “which fall within section 181B”. |
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| | | (2) | After section 181A of that Act insert— |
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| | | “181B | Money purchase benefits: supplementary |
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| | | (1) | This section applies for the purposes of the definition of “money |
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| | | purchase benefits” in section 181(1). |
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| | | (2) | A benefit other than a pension in payment falls within this section if its |
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| | | rate or amount is calculated solely by reference to assets which (because |
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| | | of the nature of the calculation) must necessarily suffice for the purposes |
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| | | of its provision to or in respect of the member. |
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| | | (3) | A benefit which is a pension in payment falls within this section if— |
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| | | (a) | its provision to or in respect of the member is secured by an |
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| | | annuity contract or insurance policy made or taken out with an |
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| | | (b) | at all times before coming into payment the pension was a benefit |
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| | | falling within this section by virtue of subsection (2). |
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| | | (4) | For the purposes of subsection (2) it is immaterial if the calculation of the |
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| | | rate or amount of the benefit includes deductions for administrative |
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| | | (5) | In this section references to a pension do not include income withdrawal |
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| | | or dependants’ income withdrawal (within the meaning of paragraphs 7 |
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| | | and 21 of Schedule 28 to the Finance Act 2004).” |
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| | | (3) | In section 99 of the Pensions Act 2008 (interpretation) in the definition of “money |
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| | | purchase benefits” for “which are not average salary benefits” substitute “which |
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| | | fall within section 99A”. |
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| | | (4) | After that section insert— |
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| | | “99A | Money purchase benefits: supplementary |
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| | | (1) | This section applies for the purposes of the definition of “money |
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| | | purchase benefits” in section 99. |
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| | | (2) | A benefit other than a pension in payment falls within this section if its |
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| | | rate or amount is calculated solely by reference to assets which (because |
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| | | of the nature of the calculation) must necessarily suffice for the purposes |
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| | | of its provision to or in respect of the member. |
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| | | (3) | A benefit which is a pension in payment falls within this section if— |
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| | | (a) | its provision to or in respect of the member is secured by an |
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| | | annuity contract or insurance policy made or taken out with an |
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| | | (b) | at all times before coming into payment the pension was a benefit |
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| | | falling within this section by virtue of subsection (2). |
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| | | (4) | For the purposes of subsection (2) it is immaterial if the calculation of the |
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| | | rate or amount of the benefit includes deductions for administrative |
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| | | (5) | In this section references to a pension do not include income withdrawal |
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| | | or dependants’ income withdrawal (within the meaning of paragraphs 7 |
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| | | and 21 of Schedule 28 to the Finance Act 2004).” |
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| | | (5) | In paragraph 1(2) of Schedule 10A to the Building Societies Act 1986 |
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| | | (disclosures about directors etc), in the definition of “money purchase benefits”, |
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| | | for “which are not average salary benefits” substitute “which fall within |
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| | | (6) | In that Schedule, after paragraph 1 insert— |
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| | | “1A(1) | This paragraph applies for the purposes of the definition of “money |
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| | | purchase benefits” in paragraph 1(2). |
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| | | (2) | A benefit other than a pension in payment falls within this paragraph |
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| | | if its rate or amount is calculated solely by reference to assets which |
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| | | (because of the nature of the calculation) must necessarily suffice for |
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| | | the purposes of its provision to or in respect of the director. |
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| | | (3) | A benefit which is a pension in payment falls within this paragraph |
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