Session 2013 - 14
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Other Bills before Parliament






Monday 17 March 2014




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—



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 



Pensions Bill, continued



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



fees and performance fees paid to investment managers;



commissions and bid offer spreads paid to brokers;



bid-offer spreads paid to foreign exchange counterparties;



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



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





transaction costs in underlying funds;



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



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


investment consultants etc.);



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


charged on investments in pooled funds; and



any other management and transaction charges that the Secretary of State


from time to time considers appropriate.



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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Revised 18 March 2014