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| New Amendments handed in are marked thus  |
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| Amendments which will comply with the required notice period at their next appearance
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| | The Amendments have been arranged in accordance with the Order of the |
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| | Committee [21 October 2014]. |
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| Clause 5, page 3, line 4, after “circumstances” insert “and meets any other |
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| requirements that may be specified in regulations” |
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| | Member’s explanatory statement
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| | Under clause 5(6), discretions to vary the benefit which are only capable of being used for reasons |
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| | related to a member’s individual circumstances are disregarded when establishing whether or not |
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| | there is a full pensions promise. This amendment allows the Secretary of State to specify in |
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| | regulations other requirements that must be met in order for these discretions to be disregarded. |
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| Clause 8, page 4, line 23, leave out “that use expressions defined by this Part” and |
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| insert “to do with Parts 1 and 3”. |
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| | Member’s explanatory statement
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| | The amendment changes the words used to describe Schedule 1 to the Bill. This is necessary given |
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| | other material that is being inserted into Schedule 1. |
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| That clause 8 be transferred to the end of line 6 on page 15 |
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| | Member’s explanatory statement
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| | The Bill needs restructuring in light of the proposed Government amendments. There are a number |
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| | of motions to transfer provisions around. Collectively they are designed to move Part 2 of the Bill |
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| | to after Part 3 and to move clause 8 and Schedule 1 to the end of what is currently Part 2. |
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| Schedule 1, page 19, line 2, at end insert “, or |
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| | (c) | a shared risk scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits.” |
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| | Member’s explanatory statement
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| | This text is taken from paragraph 4 of Schedule 4 to the Bill, which is left out by amendment 40. |
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| Schedule 1, page 19, line 4, at end insert— |
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| | “““collective benefit” has the meaning given by section 19 of the Pension |
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| | Member’s explanatory statement
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| | This amendment inserts the definition of a collective benefit for the purposes of the Pension |
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| Schedule 1, page 19, line 13, at end insert— |
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| | “9A | In section 37 (payment of surplus to employer), in subsection (1A)— |
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| | (a) | after “does not apply in the case of” insert “— |
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| | “(b) | any payments out of funds held for the purposes of |
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| | providing collective benefits under the scheme (but |
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| | see section (Payment of amounts out of collective |
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| | benefit funds) of the Pension Schemes Act 2014).”” |
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| | Member’s explanatory statement
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| | The amendment disapplies section 37 of the Pensions Act 1995 in respect of collective benefits. |
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| Schedule 1, page 19, line 24, leave out paragraphs 13 and 14 and insert— |
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| | “13 | In section 73 (preferential liabilities on winding up), for subsection (2) |
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| | “(2) | This section applies to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme, |
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| | | unless subsection (2A) provides for the scheme to be exempt. |
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| | (2A) | A scheme is exempt from this section if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, or |
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| | (b) | a prescribed scheme or a scheme of a prescribed description.” |
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| | 14 | In section 75 (employer debt where deficiency in assets on winding up etc), for |
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| | subsection (1) substitute— |
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| | “(1) | This section applies in relation to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme, |
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| | | unless subsection (1A) provides for the scheme to be exempt. |
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| | (1A) | A scheme is exempt from this section if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, |
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| | (b) | a scheme under which all the benefits that may be provided |
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| | (c) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits, or |
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| | (d) | a prescribed scheme or a scheme of a prescribed description. |
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| | (a) | some of the benefits that may be provided under a scheme are |
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| | collective benefits and some are not, and |
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| | (b) | the scheme does not fall within paragraph (c) or (d) of |
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| | | the scheme is to be treated for the purposes of this Part as two separate |
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| | schemes, one relating to the collective benefits and the other relating |
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| | 14A(1) | Section 87 (schedules of payments to money purchase schemes) is amended as |
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| | (2) | For subsection (1) substitute— |
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| | “(1) | This section applies to an occupational pension scheme that is a |
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| | (a) | all the benefits that may be provided are money purchase |
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| | (b) | all the benefits that may be provided are money purchase |
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| | benefits or collective benefits, |
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| | | other than a scheme falling within a prescribed class or description.” |
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| | (3) | In subsection (2)(a), after “members of the scheme” insert “in respect of |
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| | money purchase benefits”. |
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| | (4) | In the heading, for “to money purchase schemes” substitute “in respect of |
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| | money purchase benefits under certain schemes”. |
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| | 14B | For the italic cross-heading above section 87 substitute “Schemes providing |
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| | money purchase benefits”. |
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| | 14C | In the heading to section 88 (schedules of payments to money purchase |
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| | schemes: supplementary), for “to money purchase schemes” substitute “in |
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| | respect of money purchase benefits under certain schemes”.” |
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| | Member’s explanatory statement
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| | The text in new paragraphs 14A to 14C is taken from paragraphs 8 to 10 of Schedule 4 to the Bill, |
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| | which is left out by amendment 40. |
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| Schedule 1, page 19, line 40, at end insert— |
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| | “““collective benefit” has the meaning given by section 19 of the Pension |
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| | Member’s explanatory statement
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| | This text is taken from paragraph 13 of Schedule 4 to the Bill, which is left out by amendment 40. |
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| Schedule 1, page 19, line 44, at end insert— |
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| | “““occupational”, in relation to a defined benefits scheme, shared risk |
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| | scheme or defined contributions scheme, means an occupational |
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| | pension scheme of that description;”” |
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| | Member’s explanatory statement
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| | This amends the Pensions Act 1995 to include definitions of terms used in amendment 31. |
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| Schedule 1, page 20, line 35, at end insert— |
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| | “22A | In section 17 (power of the Regulator to recover unpaid contributions), in |
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| | (a) | in paragraph (b) of the definition of “due date”, for “to money |
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| | purchase schemes” substitute “in respect of money purchase benefits |
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| | (b) | in paragraph (a) of the definition of “employer contribution”, for “to |
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| | money purchase schemes” substitute “in respect of money purchase |
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| | benefits under certain schemes”.” |
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| | Member’s explanatory statement
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| | This text is taken from paragraph 11 of Schedule 4 to the Bill, which is left out by amendment 40. |
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| Schedule 1, page 21, line 16, leave out paragraphs 24 to 28 and insert— |
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| | “24 | In section 38 (contribution notices where avoidance of employer debt), for |
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| | subsection (1) substitute— |
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| | “(1) | This section applies in relation to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme, |
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| | | unless subsection (1A) provides for the scheme to be exempt. |
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| | (1A) | A scheme is exempt from this section if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, |
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| | (b) | a scheme under which all the benefits that may be provided |
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| | (c) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits, or |
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| | (d) | a prescribed scheme or a scheme of a prescribed description. |
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| | (a) | some of the benefits that may be provided under a scheme are |
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| | collective benefits and some are not, and |
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| | (b) | the scheme does not fall within paragraph (c) or (d) of |
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| | | the scheme is to be treated for the purposes of this section and sections |
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| | 38A to 42 as two separate schemes, one relating to the collective |
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| | benefits and the other relating to the other benefits.” |
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| | 25 (1) | Section 43 (financial support directions) is amended as follows. |
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| | (2) | For subsection (1) substitute— |
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| | “(1) | This section applies in relation to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme, |
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| | | unless subsection (1A) provides for the scheme to be exempt. |
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| | (1A) | A scheme is exempt from this section if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, |
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| | (b) | a scheme under which all the benefits that may be provided |
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| | (c) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits, or |
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| | (d) | a prescribed scheme or a scheme of a prescribed description. |
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| | (a) | some of the benefits that may be provided under a scheme are |
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| | collective benefits and some are not, and |
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| | (b) | the scheme does not fall within paragraph (c) or (d) of |
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| | | the scheme is to be treated for the purposes of this section and sections |
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| | 43A to 51 as two separate schemes, one relating to the collective |
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| | benefits and the other relating to the other benefits.” |
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| | (3) | In subsection (2), for “such a scheme” substitute “a scheme to which this |
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| | 26 | In section 52 (restoration orders where transactions at an undervalue), for |
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| | subsection (1) substitute— |
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| | “(1) | This section applies in relation to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme, |
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| | | unless subsection (1A) provides for the scheme to be exempt. |
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| | (1A) | A scheme is exempt from this section if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, |
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| | (b) | a scheme under which all the benefits that may be provided |
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| | (c) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits, or |
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| | (d) | a prescribed scheme or a scheme of a prescribed description. |
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| | (a) | some of the benefits that may be provided under a scheme are |
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| | collective benefits and some are not, and |
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| | (b) | the scheme does not fall within paragraph (c) or (d) of |
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| | | the scheme is to be treated for the purposes of this section and sections |
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| | 53 to 56 as two separate schemes, one relating to the collective |
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| | benefits and the other relating to the other benefits.”” |
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| | 27 | In section 90 (codes of practice), in subsection (2)(i), for “money purchase |
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| | schemes” substitute “certain schemes”. |
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| | 28 | In section 126 (schemes eligible for pension protection), for subsection (1) |
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| | “(1) | Subject to the following provisions of this section, in this Part |
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| | references to an “eligible scheme” are to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme. |
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| | (1A) | A scheme is not an eligible scheme if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, |
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| | (b) | a scheme under which all the benefits that may be provided |
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| | (c) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits, or |
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| | (d) | a prescribed scheme or a scheme of a prescribed description. |
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| | (a) | some of the benefits that may be provided under a scheme are |
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| | collective benefits and some are not, and |
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| | (b) | the scheme does not fall within paragraph (c) or (d) of |
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| | | the scheme is to be treated for the purposes of this Part as two separate |
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| | schemes, one relating to the collective benefits and the other relating |
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| | 28A | For section 221 (application of scheme funding rules) substitute— |
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| | “221 | Pension schemes to which this Part applies |
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| | (1) | The provisions of this Part apply to a pension scheme that is— |
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| | (a) | an occupational defined benefits scheme, |
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| | (b) | an occupational shared risk scheme, or |
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| | (c) | an occupational defined contributions scheme, |
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| | | unless subsection (2) provides for the scheme to be exempt. |
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| | (2) | A scheme is exempt from this Part if it is— |
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| | (a) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits, |
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| | (b) | a scheme under which all the benefits that may be provided |
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| | (c) | a scheme under which all the benefits that may be provided |
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| | are money purchase benefits or collective benefits, or |
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| | (d) | a prescribed scheme or a scheme of a prescribed description. |
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| | (a) | some of the benefits that may be provided under a scheme are |
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| | collective benefits and some are not, and |
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| | (b) | the scheme does not fall within paragraph (c) or (d) of |
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| | | the scheme is to be treated for the purposes of this Part as two separate |
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| | schemes, one relating to the collective benefits and the other relating |
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| | (4) | Regulations under subsection (2)(d) may provide for exemptions from |
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| | all or any of the provisions of this Part, but for the purposes of |
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| | subsection (3)(b) a scheme falls within subsection (2)(d) only if it is |
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| | exempt from all of the provisions of this Part.”” |
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| | Member’s explanatory statement
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| | The text is partly taken from paragraphs 6 and 7 of Schedule 4. It also amends the Pensions Act |
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| | 2004 to set out how certain powers of the Pensions Regulator apply in respect of collective benefits |
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| | and makes it clear how the new scheme categories apply in relation to scheme funding and PPF |
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| Schedule 1, page 22, line 9, leave out “in subsection (1)” and insert “subsection (1) |
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| | ( ) | At the appropriate places insert— |
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| | ““collective benefit” has the meaning given by section 19 of the Pension |
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| | ““defined benefits scheme” has the meaning given by section 2 of the |
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| | Pension Schemes Act 2014;” |
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| | ““defined contributions scheme” has the meaning given by section 4 of |
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| | the Pension Schemes Act 2014;” |
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| | ““occupational”, in relation to a defined benefits scheme, shared risk |
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| | scheme or defined contributions scheme, means an occupational |
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| | pension scheme of that description;” |
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| | ““shared risk scheme” has the meaning given by section 3 of the Pension |
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| | Member’s explanatory statement
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| | This amends the Pensions Act 2004 to include definitions of terms used in amendment 35. |
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| Schedule 1, page 22, line 10, at end insert— |
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| | (a) | in paragraph (a), after sub-paragraph (vii) insert— |
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| | “(viii) | regulations made under Part 3 of the Pension |
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| | (b) | in paragraph (b), after sub-paragraph (v) insert— |
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| | “(vi) | regulations made under section (Regulations under |
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| | Part 3: overriding requirements) of the Pension |
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| | Member’s explanatory statement
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| | This inserts additional references into the definition of “relevant legislative provision” in section |
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| | 318 of the Pensions Act 2004 and is consequential on NC11. |
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