|
|
| |
| |
|
| |
| |
| New Amendments handed in are marked thus  |
|
| Amendments which will comply with the required notice period at their next appearance
|
|
| |
| |
| | The Amendments have been arranged in accordance with the Order of the |
|
| | |
| |
| |
| | |
| Clause 29, page 15, line 18, leave out ‘of which the person is an active member.’. |
|
| |
| | |
| Clause 29, page 15, line 18, at end insert ‘and which meets the quality |
|
| requirements set out by the Secretary of State in regulations.’. |
|
| |
| | |
| Clause 29, page 15, line 21, at end insert ‘and to set out quality requirements in |
|
| relation to such accounts.’. |
|
| |
| |
| | |
| Schedule 16, page 85, line 17, leave out paragraph 1(4)(e). |
|
| |
| | |
| Schedule 16, page 88, line 34, leave out ‘may’ and insert ‘shall’. |
|
|
|
| |
| |
|
| |
| | |
| Schedule 16, page 88, line 38, at end insert— |
|
| | ‘(c) | other aspects relating to the quality and good standing of the scheme.’. |
|
| |
| | |
| Schedule 16, page 90, line 20, at end insert— |
|
| | ‘(3A) | The regulations must provide for quality req uirements in relation to governance, |
|
| | administration and other relevant matters relating to the quality and good standing |
|
| | |
| |
| |
| | |
| Clause 34, page 18, line 16, at end insert— |
|
| | ‘(5) | Regulations under this section shall be made only for the purposes of resolving |
|
| | inconsistencies or making technical adjustments or both, and may not be made to |
|
| | achieve substantive changes in policy. In particular, they shall not be made to |
|
| | exempt entire classes of business or businesses, such as small and medium-sized |
|
| | businesses, from automatic enrolment. |
|
| | (6) | Regulations under this section shall be laid before and approved by resolution of |
|
| | both Houses of Parliament.’. |
|
| |
| |
| | |
| Clause 35, page 18, line 42, at end insert— |
|
| | ‘(3A) | In this section “administration charges” shall be defined in regulations by the |
|
| | Secretary of State after public consultation and taking advice from the Financial |
|
| | Conduct Authority and the Pensions Regulator to ensure that the definition takes |
|
| | into consideration the Financial Conduct Authority’s definition of “ongoing |
|
| | charges”, and shall include annual management charges, legal fees, |
|
| | administrative fees, audit fees, marketing fees, directors’ fees, regulatory fees and |
|
| | |
| | (3B) | Such charges, together with any transaction charges incurred by the funds in |
|
| | which qualifying schemes are invested, shall be declared to the Pensions |
|
| | Regulator, which shall maintain a public register thereof. The Secretary of State |
|
| | shall define “transaction costs” in regulations after public consultation and taking |
|
| | advice from the Financial Conduct Authority and the Pensions Regulator. The |
|
| | Secretary of State shall by regulation set the standards by which pension schemes |
|
| | must declare charges and transaction costs for the purposes of the register and for |
|
| | declaration to their members and their members’ employers. The standard shall |
|
| | be reviewed every three years. In addition, the Secretary of State shall have power |
|
| | to make regulations ordering other disclosure arrangements on charges. |
|
| | (3C) | Regulations under this section shall be laid down and approved by resolution of |
|
| | both Houses of Parliament.’. |
|
|
|
| |
| |
|
| |
| | |
| Clause 35, page 18, line 42, at end insert— |
|
| | ‘(3A) | For the purposes of section 16, the definition of qualifying schemes shall include |
|
| | schemes in relation to which at the date of Royal Assent there are “deferred |
|
| | members” meaning members that have accrued rights in the scheme, but whose |
|
| | contributions are no longer being paid into by them or on their behalf, and who |
|
| | have not yet begun to draw pension benefits from the scheme.’. |
|
| |
| |
| | |
| Clause 36, page 19, line 21, at end insert— |
|
| | |
| |
| | |
| Clause 36, page 19, line 22, leave out from ‘scheme’ to ‘are’ in line 23 and insert |
|
| |
| | (ii) | all the benefits accruing in respect of his or her |
|
| | |
| |
| |
| | |
| Clause 45, page 23, line 36, after ‘section 3’, insert ‘17(5)’. |
|
| |
| |
| | Pension Protection Fund: increased compensation cap for people with long service |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘See Schedule [Pension Protection Fund: increased compensation cap for people |
|
| | with long service] for amendments increasing the Pension Protection Fund |
|
| | compensation cap for people with long pensionable service.’. |
|
| |
|
|
| |
| |
|
| | Review in relation to women born on or after 6 April 1951 |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘The Government shall conduct a review to determine whether all women born |
|
| | on or after 6 April 1951 should be included within the scope of the new state |
|
| | pension arrangements established by this Act. Such a review shall be conducted |
|
| | within six months of Royal Assent of this Act and a report thereof laid before |
|
| | |
| |
| | Review of phasing the transition of a 35-year full pension requirement via an interim |
|
| | |
| |
| | |
| To move the following Clause:— |
|
| | ‘The Government shall conduct a review to determine the costs and benefits of |
|
| | phasing the transition to a 35-year full pension requirement via an interim |
|
| | requirement of 30 years. Such a review shall be conducted within six months of |
|
| | Royal Assent of this Act and a report thereof laid before Parliament.’. |
|
| |
| | Review on gradual transition from certain benefit arrangements based on age. |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘(1) | In relation to women without a national insurance contribution record who relied |
|
| | on a husband’s national insurance contributions and would under existing |
|
| | arrangements have accrued a benefit based on such spousal contributions, the |
|
| | Government shall conduct a review to determine the costs and benefits of |
|
| | permitting women within 15 years of state pension age as at 6 April 2016 to retain |
|
| | their accrued rights. Such a review shall be conducted within six months of Royal |
|
| | Assent of this Act and a report thereof laid before Parliament. |
|
| | (2) | The review shall also consider whether similar provision should be made in |
|
| | relation to sections 9 and 10 of this Act.’. |
|
| |
|
|
| |
| |
|
| | National Employment Savings Trust transfers |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘(1) | In relation to NEST, the Government must by 31 December 2013 notify the |
|
| | European Commission that it wishes to lift the ban on transfers and the |
|
| | |
| | (2) | The Secretary of State must make a statement to Parliament within 14 days of the |
|
| | Government notifying the European Commission in accordance with subsection |
|
| | |
| |
| | Fiduciary duty of independent trustees |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘Any scheme which is a qualifying scheme and which is not already overseen by |
|
| | independent trustees shall be required from a date to be appointed by the |
|
| | Secretary of State to appoint a board of independent trustees, the powers and |
|
| | duties of which shall be set out in regulations to be laid before and approved by |
|
| | resolutions of both Houses of Parliament. The board of independent trustees shall |
|
| | have fiduciary duty towards members of the scheme overseen by them, which |
|
| | duty shall take precedence over any duty to the shareholders in, or other owners |
|
| | of, the operators of the scheme. In relation to any matters of member interest, |
|
| | decisions of the board of independent trustees shall be binding on the board of |
|
| | directors or other analogous management board of any undertaking operating a |
|
| | |
| |
| | Promotion of good value in scheme size |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘The fiduciary duty of pension scheme trustees in qualifying schemes shall |
|
| | include a duty to consider whether the scheme has sufficient scale to deliver good |
|
| | value for members. Where trustees take the view that the scheme has insufficient |
|
| | scale, they must consider whether merger with another scheme would be in the |
|
| | members’ interests. The Pensions Regulator shall have power to direct merger of |
|
| | pensions schemes where it would be in the interests of the members of each of the |
|
| | relevant schemes for merger to take place. The Pensions Regulator shall exercise |
|
| | this power in accordance with a methodology on which it has publicly consulted |
|
| | and which has been agreed with the Secretary of State. It shall keep this |
|
|
|
| |
| |
|
| | methodology under regular review and revise it when necessary, subject to |
|
| | further consultation and agreement from the Secretary of State.’. |
|
| |
| | |
| |
| | |
| To move the following Clause:— |
|
| | ‘Any qualifying money purchase scheme must direct its savers to an independent |
|
| | annuity brokerage service or offer such brokerage services itself. Pension |
|
| | schemes shall ensure that any brokerage service selected or provided meets best |
|
| | practice in terms of providing members with an assisted path through the annuity |
|
| | process, ensuring access to most annuity providers, and minimising costs. The |
|
| | standards meeting best practice on decumulation shall be defined by the Pensions |
|
| | Regulator after public consultation, reviewed every three years, and updated, if |
|
| | required, subsequent to such reviews.’. |
|
| |
| | Equal provision of survivor benefits for same-sex couples |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘(1) | Paragraph 18 to Schedule 9 of the Equality Act 2010 (work: exceptions) is |
|
| | |
| | (2) | Omit sub-paragraph (1).’. |
|
| |
| | Review of section 29 provisions and regulations |
|
| |
| | |
| To move the following Clause:— |
|
| | ‘The Secretary of State must review the effect of section 29 and any regulations |
|
| | made under it within three years of Royal Assent.’. |
|
| |
|
|
| |
| |
|
| |
| |
| | |
| To move the following Schedule:— |
|
| | ‘Pension Protection Fund: increased compensation cap for people with long |
|
| | |
| | |
| | |
| | 1 | Schedule 7 to the Pensions Act 2004 (pension compensation provisions) is |
|
| | |
| | 2 | In paragraph 26 (the compensation cap), for the definition of “the |
|
| | compensation cap” in sub-paragraph (7) substitute— |
|
| | ““the compensation cap” has the meaning given by paragraph 26A;”. |
|
| | 3 | After paragraph 26 insert— |
|
| | “26A (1) | This paragraph gives the meaning of “the compensation cap” for the |
|
| | purposes of paragraph 26. |
|
| | (2) | The amount of the compensation cap for a person depends on the |
|
| | person’s age and length of pensionable service at the time when the |
|
| | person first becomes entitled to the relevant compensation. |
|
| | (3) | “The compensation cap” for a person who has 20 or fewer years of |
|
| | pensionable service at that time is the standard amount. |
|
| | (4) | “The compensation cap” for a person who has more than 20 years |
|
| | of pensionable service at that time is— |
|
| | (a) | the standard amount, plus |
|
| | (b) | for each additional year, an amount found by multiplying |
|
| | the standard amount by 3%. |
|
| | (5) | A person has an “additional year” for each whole year of |
|
| | pensionable service that exceeds 20 years of pensionable service. |
|
| | (6) | If the total amount calculated under sub-paragraph (4)(b) would |
|
| | exceed the standard amount, it is to be treated as being equal to the |
|
| | |
| | (7) | In sub-paragraphs (3) and (4) “the standard amount”— |
|
| | (a) | for a person who is 65 years old at the relevant time, means |
|
| | the amount specified by the Secretary of State by order, |
|
| | |
| | (b) | for a person of any other age at the relevant time, means the |
|
| | amount specified under paragraph (a) as adjusted in |
|
| | accordance with actuarial adjustment factors published by |
|
| | |
| | (8) | In any case where the Board is satisfied that, under the admissible |
|
| | rules, a person is entitled to benefits that are not attributable to a |
|
| | particular period of pensionable service, the Board may for the |
|
| | purposes of this paragraph treat the person as having a length of |
|
|