Session 2014 - 15
Internet Publications
Other Bills before Parliament


 
 

Public Bill Committee:                               

234

 

, continued

 
 

“consultation requirement” includes—

 

(a)    

a requirement to publish a draft;

 

(b)    

a requirement under section 333E(2)(b) or (c) of FSMA;

 

“FSMgraphicA” means the Financial Services and Markets Act 2000.

 

15         

Expenses incurred by the Financial Conduct Authority before the day on which

 

this Act is passed in anticipation of the conferral of functions on it by virtue of

 

the amendments made by this Schedule are to be treated as if they had been

 

incurred on or after that day.”

 

Member’s explanatory statement

 

The Schedule inserted by this amendment sets out the legislative framework for the giving of

 

pensions guidance to pension scheme members with a right or entitlement to cash balance benefits

 

or other money purchase benefits by inserting a new Part 20A into the Financial Services and

 

Markets Act 2000 and making consequential amendments.

 

As Amendments to Steve Webb’s proposed New Schedule (NS2):—

 

Nigel Mills

 

(a)

 

Line  21,  after “Treasury’s”, insert “and the Department for Work and Pensions’”

 

Nigel Mills

 

(b)

 

Line  22,  after “Treasury”, insert “and the Department for Work and Pensions”

 

Nigel Mills

 

(c)

 

Line  24,  after “Treasury”, insert “and the Department for Work and Pensions”

 

Nigel Mills

 

(d)

 

Line  36,  after “(3)”, insert “subject to the condition in subsection (3A)”

 

Nigel Mills

 

(e)

 

Line  38,  at end insert—

 

“(3A)    

The following people may not give pension guidance—

 

(a)    

persons set out in section 154(1) of the Finance Act 2004;

 

(b)    

persons whose main business is the operation or management of pension

 

schemes;

 

(c)    

persons whose main business is the provision of products or other

 

arrangements that provide or are capable of providing income for persons

 

in retirement;

 

(3B)    

A person shall not be excluded by subsection (3A) solely for the reason of

 

providing a Pension Scheme for the employees of that Person.”

 

Nigel Mills

 

(f)

 

Line  72,  after “(e)”, insert “Subject to the condition in subsection (1A)”


 
 

Public Bill Committee:                               

235

 

, continued

 
 

Nigel Mills

 

(g)

 

Line  74,  at end insert—

 

“(1A)    

The following persons may not be designated under section (1)(e)—

 

(a)    

persons set out in section 154(1) of the Finance Act 2004;

 

(b)    

persons whose main business is the operation or management of Pension

 

Schemes;

 

(c)    

persons whose main business is the provision of products or other

 

arrangements that provide or are capable of providing income for persons

 

in retirement;

 

(1B)    

A person shall not be excluded by subsection (1A) solely for the reason of

 

providing a Pension Scheme for the employees of that person.”

 

Nigel Mills

 

(h)

 

Line  129,  at end insert—

 

“(1A)    

The standards in subsection (1) must include—

 

(a)    

a guidance session provided by a designated guidance provider should in

 

general be planned to have a duration of at least 30 minutes;

 

(b)    

individuals in receipt of guidance should be provided with joining

 

instructions at least 14 days prior to the guidance session which sets out

 

the information needed to make the session effective, including the

 

preparation by the individual of a statement of their financial affairs and

 

sources of income in retirement.”

 

 

Order of the House [2 September 2014]

 

That the following provisions shall apply to the the Pension Schemes Bill:—

 

Commital

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Thursday 6 November 2014.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Consideration and Third Reading

 

4.    

Proceedings on Consideration shall (so far as not previously concluded) be

 

brought to a conclusion one hour before the moment of interruption on the

 

day on which those proceedings are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption of that day.

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on Consideration and Third Reading.


 
 

Public Bill Committee:                               

236

 

, continued

 
 

Other Proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of Lords Amendments or any further message from the Lords)

 

may be programmed.

 

 

Order of the Committee [21 October 2014]

 

That—

 

(1)  

the Committee shall (in addition to its first meeting at 8.55 a.m. on Tuesday

 

21 October) meet—

 

(a)  

at 2.00 pm on Tuesday 21 October;

 

(b)  

at 11.30 am and 2.00 pm on Thursday 23 October;

 

(c)  

at 9.25 am and 2.00 pm on Tuesday 28 October;

 

(d)  

at 11.30 am and 2.00 pm on Thursday 30 October;

 

(e)  

at 9.25 am and 2.00 pm on Tuesday 4 November;

 

(f)  

at 11.30 am and 2.00 pm on Thursday 6 November;

 

(2)  

the Committee shall hear oral evidence in accordance with the following

 

Table:

 

TABLE

 

Date

Time

Witness

 
 

Tuesday 21

Until no later than

The Pensions Regulator

 
 

October

9.30 am

  
 

Tuesday 21 October

Until no later than

Pension Protection Fund;

 
  

10.15 am

Financial Conduct Authority

 
 

Tuesday 21 October

Until no later than

Pensions Advisory Service;

 
  

11.00 am

Money Advice Service

 
 

Tuesday 21 October

Until no later than

Royal Society of Arts;

 
  

3.00 pm

Cardano; First Actuarial;

 
   

KPMG

 
 

Tuesday 21 October

Until no later than

Aon Hewitt; Financial

 
  

4.00 pm

Services Consumer Panel;

 
   

Confederation of British

 
   

Industry

 
 

Thursday 23

Until no later than

Mr Dominic Lindley; Which?;

 
 

October

12.15 pm

Trades Union Congress

 
 

Thursday 23

Until no later than

Pensions Policy Institute;

 
 

October

1.00 pm

Dr Ros Altmann; Age UK

 
 

Thursday 23

Until no later than

Association of British

 
 

October

3.00 pm

Insurers; Dr Debbie Harrison;

 
   

National Association of

 
   

Pension Funds

 
 

Thursday 23

Until no later than

Mr John Greenwood;

 
 

October

4.00 pm

Strategic Society Centre;

 
   

Towers Watson

 
 

Thursday 23

Until no later than

Department for Work and

 
 

October

4.45 pm

Pensions

 

 
 

Public Bill Committee:                               

237

 

, continued

 
 

(3)  

proceedings on consideration of the Bill in Committee shall be taken in the

 

following order: Clauses 1 to 8; Schedule 1; Clauses 9 to 12; Schedule 2;

 

Clause 13; Schedule 3; Clauses 15 to 37; Schedule 4; Clauses 38 to 45;

 

Clause 14; new Clauses; new Schedules; remaining proceedings on the Bill;

 

(4)  

the proceedings shall (so far as not previously concluded) be brought to a

 

conclusion at 5.00 p.m. on Thursday 6 November.

 


 
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