Session 2014 - 15
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Other Bills before Parliament


 
 

Public Bill Committee:                               

92

 

, continued

 
 

(8)    

For the purposes of this section, sums or assets held after the death of

 

a member of a registered pension scheme for the purposes of a money

 

purchase arrangement relating to the member under the scheme are

 

“relevant unused uncrystallised funds” if—

 

(a)    

they are unused uncrystallised funds, and

 

(b)    

the member had not reached the age of 75 at the date of the

 

member’s death.

 

(9)    

Paragraph 27E(4) and (5) of Schedule 28 of FA 2004 (meaning of

 

“unused uncrystallised funds”) apply for the purposes of subsection

 

(8)(a).”

 

      (6)  

In section 579D (interpretation of sections 579A to 579D)—

 

(a)    

at the appropriate places insert—

 

““nominees’ income withdrawal” has the meaning given by

 

paragraph 27D of that Schedule;”, and

 

““successors’ income withdrawal” has the meaning given by

 

paragraph 27J of Schedule 28 to FA 2004.”, and

 

(b)    

in paragraph (b) of the definition of “pension under a registered

 

pension scheme” after “dependants’ income withdrawal” insert “, or

 

nominees’ income withdrawal or successors’ income withdrawal,”.

 

      (7)  

The amendments made by sub-paragraphs (2) to (5) have effect in relation to

 

pension paid on or after 6 April 2015.”

 

Member’s explanatory statement

 

This new Schedule provides that persons other than dependants can inherit unused drawdown

 

funds. For deaths before age 75, lump sum death benefits and flexi-access drawdown pensions

 

from these funds can be paid tax free, subject (for example) to the member having sufficient

 

available lifetime allowance.

 

 

Order of the House [29 October 2014]

 

That the following provisions shall apply to the Taxation of Pensions Bill—

 

Committal

 

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 20 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 on that day.

 

6.    

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

 

proceedings on Consideration and Third Reading.


 
 

Public Bill Committee:                               

93

 

, continued

 
 

Other Proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of any message from the Lords) may be programmed.

 

 

Order of the Committee [11 November 2014]

 

That—

 

(1)  

the Committtee shall (in addition to its first meeting at 8.55 am on Tuesday

 

11 November) meet—

 

(a)  

at 9.25 am and 2.00 pm on Tuesday 18 November; and

 

(b)  

at 11.30 am and 2.00 pm pm Thursday 20 November;

 

(2)  

the Committee shall hear oral evidence in accordance with the following

 

Table;

 

TABLE

 

Date

Time

Witnesses

 
 

Tuesday 11

Until no later

Financial Conduct Authority; Financial

 
 

November

than 9.30 am

Services Consumer Panel

 
 

Tuesday 11

Until no later

Citizens Advice; Scottish Widows;

 
 

November

than 10:45 am

Legal & General; Association of

 
   

British Insurers

 
 

Tuesday 11

Until no later

Her Majesty’s Treasury

 
 

November

than 11.25 am

  
 

(3)  

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

 

following order: Clause 1; the Schedule; Clause 2; new Clauses; new

 

Schedules; Clause 3; remaining proceedings on the Bill;

 

(4)  

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

 

conclusion at 5.00 pm on Thursday 20 November.

 


 
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