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577

 

SUPPLEMENT TO THE VOTES AND PROCEEDINGS

 
 

Monday 17 March 2014

 

Proceedings

 

on Consideration of Lords Amendments

 

Pensions Bill


 

On Consideration of Lords Amendments to the Pensions Bill

 


 

Lords Amendment No. 1

 

Secretary Iain Duncan Smith                                                                              

Agreed to on division

 

To move, That this House disagrees with the Lords in their Amendment.

 

Lords Amendment accordingly disagreed to.

 

Gregg McClymont                                                                                                

Not selected

 

To move, That this House agrees with the Lords in their Amendment.

 

 

Lords Amendments 2 to 8 Agreed to.

 


 

Lords Amendment No. 9

 

                                                             Agreed to

 

As an Amendment to the Lords Amendment:—

 

Gregg McClymont

 

Negatived on division  (a)

 

Line  31,  leave out subsection (2) and insert—

 

‘(2)    

The Secretary of State shall by regulations make provision to require disclosure,

 

at least annually, of the management and transaction charges incurred by each

 

investment portfolio managed by or on behalf of a work-based scheme.


 
 

Proceedings on Consideration of Lords Amendments: 17 March 2014 

578

 

Pensions Bill, continued

 
 

(3)    

Regulations under subsections (1) and (2) may provide for the disclosure of—

 

(a)    

fees and performance fees paid to investment managers;

 

(b)    

commissions and bid offer spreads paid to brokers;

 

(c)    

bid-offer spreads paid to foreign exchange counterparties;

 

(d)    

fees, revenue splits and bid-offer spreads paid to custodian banks;

 

(e)    

interest on cash balances and profits from stock lending retained by fund

 

managers;

 

(f)    

transaction costs in underlying funds;

 

(g)    

fees paid to in-house or third party scheme administrators;

 

(h)    

fees paid to professional advisors (eg actuaries, legal advisers, auditors,

 

investment consultants etc.);

 

(i)    

initial charges, bid-offer spreads, exit charges, other fees and rebates

 

charged on investments in pooled funds; and

 

(j)    

any other management and transaction charges that the Secretary of State

 

from time to time considers appropriate.

 

(4)    

The Secretary of State must lay before Parliament regulations to restrict such

 

management and transaction charges no later than 30 April 2015.’.

 

 

Lords Amendments 10 to 38 Agreed to.

 


 
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