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Report Stage Proceedings: 18 October 2011                

1012

 

Pensions Bill [Lords] continued

 
 

Transitional

 

Secretary Iain Duncan Smith

 

Added  NC4

 

To move the following Clause:—

 

‘(1)    

The Secretary of State may by regulations make transitional provision in relation

 

to the coming into force of the amendments in section [Definition of money

 

purchase benefits].

 

(2)    

That provision includes in particular—

 

(a)    

provision disapplying the amendments in section [Definition of money

 

purchase benefits] in relation to an occupational or personal pension

 

scheme which is wound up before the coming into force of that section;

 

(b)    

provision disapplying the amendments in section [Definition of money

 

purchase benefits] to any extent, or as regards any period, in respect of

 

an occupational or personal pension scheme in relation to which those

 

amendments would otherwise have applied on the coming into force of

 

that section;

 

(c)    

provision modifying the application of an enactment in respect of an

 

occupational or personal pension scheme in relation to which the

 

amendments in section [Definition of money purchase benefits] apply on

 

the coming into force of that section;

 

(d)    

provision requiring trustees or managers of an occupational pension

 

scheme in relation to which the amendments in section [Definition of

 

money purchase benefits] apply on the coming into force of that section

 

to obtain an actuarial valuation of a description specified in the

 

regulations.

 

(3)    

In subsection (2) “occupational pension scheme” and “personal pension scheme”

 

have the meanings given by section 1 of the Pension Schemes Act 1993.’

 


 

Consequential and supplementary

 

Secretary Iain Duncan Smith

 

Added  NC5

 

To move the following Clause:—

 

‘(1)    

The Secretary of State may by regulations make consequential or supplementary

 

provision in relation to the amendments made by section [Definition of money

 

purchase benefits].

 

(2)    

In section 307 of the Pensions Act 2004 (modification of Act) in subsection (2)

 

after paragraph (b) insert—

 

“(ba)    

Part 3 (scheme funding),”.’

 



 
 

Report Stage Proceedings: 18 October 2011                

1013

 

Pensions Bill [Lords] continued

 
 

Power to make further provision

 

Secretary Iain Duncan Smith

 

Added  NC6

 

To move the following Clause:—

 

‘(1)    

The Secretary of State may by regulations amend for any purpose the definition

 

of “money purchase benefit” in the Pension Schemes Act 1993, the Pensions Act

 

2008 or Schedule 10A to the Building Societies Act 1986.

 

(2)    

Regulations under subsection (1) may in particular amend the provisions inserted

 

by section [Definition of money purchase benefits] above).

 

(3)    

Regulations under this section may include transitional, consequential or

 

supplementary provision.’

 


 

Regulations

 

Secretary Iain Duncan Smith

 

Added  NC7

 

To move the following Clause:—

 

‘(1)    

Regulations under this Part may—

 

(a)    

make different provision for different cases (including different

 

provision for pension schemes of different descriptions);

 

(b)    

provide for a person to exercise a discretion in dealing with any matter;

 

(c)    

amend Acts (as well as other enactments);

 

(d)    

have retrospective effect.

 

(2)    

Regulations under this Part must be made by statutory instrument.

 

(3)    

A statutory instrument containing regulations under this Part which amend an Act

 

may not be made unless a draft of the instrument has been laid before, and

 

approved by resolution of, each House of Parliament.

 

(4)    

A statutory instrument containing any other regulations under this Part is subject

 

to annulment in pursuance of a resolution of either House of Parliament.’

 



 
 

Report Stage Proceedings: 18 October 2011                

1014

 

Pensions Bill [Lords] continued

 
 

Remaining new clause

 

Uprating of the state pensions

 

Hywel Williams

 

Not called  NC8

 

To move the following Clause:—

 

‘Section 150 of the Social Security Administration Act 1992 is amended as

 

follows—

 

After subsection (2)(a), insert—

 

“(aa)    

that the general level of prices assessed by the Secretary of State

 

shall include both the Retail Prices Index and the Consumer

 

Prices Index, and the higher of the two indices must be used to

 

calculate the annual uprating of the state pensions; and”.’.

 


 

Secretary Iain Duncan Smith

 

Agreed to  17

 

Page  22,  line  1  [Clause  32],  at end insert—

 

‘( )    

sections [Transitional] to [Regulations];’.

 

Bill read the third time on division and passed with amendments.

 


 
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