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Lords Amendments to the Pensions Bill


 
 

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35

Page 98, line 43, at end insert—

 

    “( )  

In paragraph 24(2), at the end insert “of the periodic compensation at

 

that time”.”

36

Page 99, line 3, at end insert—

 

            

“In paragraph 18(2) of Schedule 5 to the Pensions Act 2008, for “the

 

compensation cap” to the end substitute “a modified version of the

 

compensation cap in paragraph 26A of Schedule 7 to the Pensions Act

 

2004”.”

37

Page 99, leave out lines 6 to 10

38

Page 101, line 18, at end insert—

 

“Part 4

 

Transitional provision: schemes undergoing assessment or winding up on

 

the commencement date

 

Schemes undergoing assessment on the commencement date

 

15  (1)  

This paragraph applies in relation to an eligible scheme that is

 

undergoing assessment on the commencement date.

 

            

 

            

Continue to use the old cap as the basis of assessment

 

      (2)  

For the purposes of the following, ignore any effect that this Schedule

 

has on the compensation which would be payable if the Board assumed

 

responsibility for the scheme in accordance with Chapter 3 of Part 2 of

 

the Pensions Act 2004—

 

(a)    

any provision in which the definition of “protected liabilities” in

 

section 131 of that Act applies, and

 

(b)    

any provision in which the definition of “protected benefits

 

quotation” in section 151(8) of that Act applies.

 

            

 

            

Going forwards, pay pensions on the basis of the new cap

 

      (3)  

For the purposes of section 138(2) of the Pensions Act 2004 take into

 

account any effect that this Schedule has on the compensation which

 

would be payable if the Board assumed responsibility for the scheme in

 

accordance with Chapter 3 of Part 2 of that Act on the assessment date.

 

Schemes that begin winding up before the commencement date

 

16  (1)  

This paragraph applies in relation to an eligible scheme that is being

 

wound up if the winding up began (or is treated as having begun) before

 

the commencement date.

 

            

 

            

Use the old cap when working out the preferential liabilities (generally)

 

      (2)  

For the purposes of sections 73 and 73A of the Pensions Act 1995, ignore

 

any effect that this Schedule  has on the compensation which would be

 

payable if the Board assumed responsibility for the scheme in

 

accordance with Chapter 3 of Part 2 of the Pensions Act 2004.

 

            


 
 

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Going forwards, pay pensions on the basis of the new cap during assessment

 

      (3)  

If for any period the scheme is being wound up and is also undergoing

 

assessment (“the overlap period”), sub-paragraph (4) applies.

 

      (4)  

For the purposes of section 73A of the Pensions Act 1995 as it applies in

 

relation to the overlap period, take into account any effect that this

 

Schedule has on the compensation which would be payable if the Board

 

assumed responsibility for the scheme in accordance with Chapter 3 of

 

Part 2 of the Pensions Act 2004.

 

Meaning of “undergoing assessment”

 

17         

For the purposes of this Part of this Schedule an eligible scheme is

 

“undergoing assessment” if an assessment period has begun in relation

 

to the scheme but has not yet ended.

 

Meaning of “eligible scheme”

 

18         

Section 126(4) of the Pensions Act 2004 (list of provisions in relation to

 

which regulations may provide that a scheme remains an “eligible

 

scheme”) is to be treated as including a reference to this Part of this

 

Schedule.

 

Part 5

 

Interpretation and power to make further transitional provision

 

Interpretation

 

19         

In this Schedule “the commencement date” means the date on which it

 

comes fully into force.

 

20         

Other expressions used in this Schedule have the same meaning as in

 

Part 2 of the Pensions Act 2004.

 

Further transitional provision

 

21         

The inclusion of Parts 3 and 4 of this Schedule does not prevent

 

transitional provision being made by order under section 51(7).

 

22  (1)  

In relation to a case involving multiple benefits, transitional provision

 

made by order under section 51(7) may, in particular—

 

(a)    

disapply or modify any provision of this Schedule;

 

(b)    

make provision similar to any provision of this Schedule.

 

      (2)  

For these purposes, “a case involving multiple benefits” means a case

 

mentioned in paragraph 26(9) of Schedule 7 to the Pensions Act 2004.

 

23  (1)  

Transitional provision made by order under section 51(7) may, in

 

particular, make provision in relation to compensation payable under

 

Chapter 1 of Part 3 of the Pensions Act 2008 (compensation sharing on

 

divorce etc) that is similar to any provision of Part 3 of this Schedule.

 

      (2)  

Regulations under paragraph 18 of Schedule 5 to the Pensions Act 2008

 

which restrict an amount payable to a person in any period by reference

 

to a modified version of the compensation cap in paragraph 26A of

 

Schedule 7 to the Pensions Act 2004 (inserted by Part 1 of this Schedule)


 
 

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may also make provision similar to any provision of Part 3 of this

 

Schedule.”


 
 

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