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| | On Consideration of Lords Amendments to the Pensions Bill |
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| | Secretary Iain Duncan Smith |
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| | To move, That this House disagrees with the Lords in their Amendment. |
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| | To move, That this House agrees with the Lords in their Amendment. |
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| | As an Amendment to the Lords Amendment:— |
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| | Line 31, leave out subsection (2) and insert— |
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| | | ‘(2) | The Secretary of State shall by regulations make provision to require disclosure, |
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| | | at least annually, of the management and transaction charges incurred by each |
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| | | investment portfolio managed by or on behalf of a work-based scheme. |
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| | | (3) | Regulations under subsections (1) and (2) may provide for the disclosure of— |
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| | | (a) | fees and performance fees paid to investment managers; |
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| | | (b) | commissions and bid offer spreads paid to brokers; |
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| | | (c) | bid-offer spreads paid to foreign exchange counterparties; |
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| | | (d) | fees, revenue splits and bid-offer spreads paid to custodian banks; |
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| | | (e) | interest on cash balances and profits from stock lending retained by fund |
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| | | (f) | transaction costs in underlying funds; |
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| | | (g) | fees paid to in-house or third party scheme administrators; |
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| | | (h) | fees paid to professional advisors (eg actuaries, legal advisers, auditors, |
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| | | investment consultants etc.); |
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| | | (i) | initial charges, bid-offer spreads, exit charges, other fees and rebates |
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| | | charged on investments in pooled funds; and |
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| | | (j) | any other management and transaction charges that the Secretary of State |
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| | | from time to time considers appropriate. |
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| | | (4) | The Secretary of State must lay before Parliament regulations to restrict such |
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| | | management and transaction charges no later than 30 April 2015.’. |
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| | | Order of the House [17 June 2013] |
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| | | That the following provisions shall apply to the Pensions Bill: |
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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 Thursday 11 July 2013. |
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| | | 3. | The Public Bill Committee shall have leave to sit twice on the first day on |
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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 Lords Amendments or on any further messages from the |
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| | | Lords) may be programmed. |
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