Session 2014 - 15
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House of Commons

 
 

Tuesday 18 November 2014

 

Public Bill Committee Proceedings

 

Taxation of Pensions Bill


 

[SECOND AND THIRD SITTINGS]


 

Clause 1 Agreed to.

 

Mr David Gauke

 

Agreed to  1

 

Schedule,  page  11,  line  3,  at end insert—

 

  “(2A)  

A lump sum death benefit is also a flexi-access drawdown fund

 

lump sum death benefit if—

 

(a)    

it is paid on the death of a nominee of the member,

 

(b)    

it is paid in respect of nominees’ income withdrawal to

 

which the nominee was at the date of the nominee’s death

 

entitled to be paid from the nominee’s flexi-access

 

drawdown fund in respect of an arrangement relating to the

 

member, and

 

(c)    

it is not a charity lump sum death benefit.

 

    (2B)  

A lump sum death benefit is also a flexi-access drawdown fund

 

lump sum death benefit if—

 

(a)    

it is paid on the death of a successor of the member,

 

(b)    

it is paid in respect of successors’ income withdrawal to

 

which the successor was at the date of the successor’s death

 

entitled to be paid from the successor’s flexi-access

 

drawdown fund in respect of an arrangement relating to the

 

member, and

 

(c)    

it is not a charity lump sum death benefit.”

 

Mr David Gauke

 

Agreed to  2

 

Schedule,  page  11,  line  5,  leave out “or (2)” and insert “, (2), (2A) or (2B)”

 

Mr David Gauke

 

Agreed to  3

 

Schedule,  page  11,  line  10,  leave out “or dependant’s” and insert “, dependant’s,


 
 

:                                             

4

 

, continued

 
 

nominee’s or successor’s”

 

Mr David Gauke

 

Agreed to  4

 

Schedule,  page  35,  line  3,  at end insert—

 

“(da)    

a payment of nominees’ drawdown pension,

 

(db)    

paid to purchase a nominees’ short-term annuity,

 

(dc)    

a payment of successors’ drawdown pension,

 

(dd)    

paid to purchase a successors’ short-term annuity,”

 

Mr David Gauke

 

Agreed to  5

 

Schedule,  page  35,  line  38,  at end insert—

 

“(ba)    

any nominees’ income withdrawal paid to the person from a

 

nominee’s flexi-access drawdown fund in respect of an

 

arrangement relating to the person under a registered pension

 

scheme,

 

(bb)    

any successors’ income withdrawal paid to the person from a

 

successor’s flexi-access drawdown fund in respect of an

 

arrangement relating to the person under a registered pension

 

scheme,”

 

Mr David Gauke

 

Agreed to  6

 

Schedule,  page  35,  line  46,  at end insert—

 

“(da)    

any payment to the person of a nominees’ short-term annuity

 

purchased using sums or assets out of a nominee’s flexi-

 

access drawdown fund in respect of an arrangement relating

 

to the person under a registered pension scheme,

 

(db)    

any payment to the person of a successors’ short-term annuity

 

purchased using sums or assets out of a successor’s flexi-

 

access drawdown fund in respect of an arrangement relating

 

to the person under a registered pension scheme,”

 

Mr David Gauke

 

Agreed to  7

 

Schedule,  page  37,  line  22,  at end insert—

 

“(ba)    

any nominees’ income withdrawal paid to the person from a

 

nominee’s flexi-access drawdown fund in respect of an

 

arrangement relating to the person under a registered pension

 

scheme,

 

(bb)    

any successors’ income withdrawal paid to the person from a

 

successor’s flexi-access drawdown fund in respect of an

 

arrangement relating to the person under a registered pension

 

scheme,”

 

Mr David Gauke

 

Agreed to  8

 

Schedule,  page  37,  line  30,  at end insert—

 

“(da)    

any payment to the person of a nominees’ short-term annuity

 

purchased using sums or assets out of a nominee’s flexi-


 
 

:                                             

5

 

, continued

 
 

access drawdown fund in respect of an arrangement relating

 

to the person under a registered pension scheme,

 

(db)    

any payment to the person of a successors’ short-term annuity

 

purchased using sums or assets out of a successor’s flexi-

 

access drawdown fund in respect of an arrangement relating

 

to the person under a registered pension scheme,”

 

Mr David Gauke

 

Agreed to  9

 

Schedule,  page  39,  line  16,  at end insert—

 

“(ba)    

is paid to the person in respect of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be nominees’ income withdrawal

 

(within the meaning of paragraph 27D of Schedule 28 to FA

 

2004) paid to the person from the person’s nominee’s flexi-

 

access drawdown fund in respect of the arrangement,

 

(bb)    

is paid to the person in respect of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be successors’ income withdrawal

 

(within the meaning of paragraph 27J of Schedule 28 to FA

 

2004) paid to the person from the person’s successor’s flexi-

 

access drawdown fund in respect of the arrangement,”

 

Mr David Gauke

 

Agreed to  10

 

Schedule,  page  39,  line  32,  at end insert—

 

“(da)    

is a payment to the person of an annuity purchased using sums

 

or assets held for the purposes of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be a payment of a nominees’

 

short-term annuity (within the meaning of paragraph 27C of

 

Schedule 28 to FA 2004) purchased using sums or assets out

 

of the person’s nominee’s flexi-access drawdown fund in

 

respect of the arrangement,

 

(db)    

is a payment to the person of an annuity purchased using sums

 

or assets held for the purposes of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be a payment of a successors’

 

short-term annuity (within the meaning of paragraph 27H of

 

Schedule 28 to FA 2004) purchased using sums or assets out

 

of the person’s successor’s flexi-access drawdown fund in

 

respect of the arrangement,”

 

Mr David Gauke

 

Agreed to  11

 

Schedule,  page  41,  line  16,  at end insert—

 

“(ba)    

is paid to the person in respect of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be nominees’ income withdrawal

 

(within the meaning of paragraph 27D of Schedule 28 to FA

 

2004) paid to the person from the person’s nominee’s flexi-

 

access drawdown fund in respect of the arrangement,

 

(bb)    

is paid to the person in respect of an arrangement relating to

 

the person under the scheme and would, if the scheme were a


 
 

:                                             

6

 

, continued

 
 

registered pension scheme, be successors’ income withdrawal

 

(within the meaning of paragraph 27J of Schedule 28 to FA

 

2004) paid to the person from the person’s successor’s flexi-

 

access drawdown fund in respect of the arrangement,”

 

Mr David Gauke

 

Agreed to  12

 

Schedule,  page  41,  line  32,  at end insert—

 

“(da)    

is a payment to the person of an annuity purchased using sums

 

or assets held for the purposes of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be a payment of a nominees’

 

short-term annuity (within the meaning of paragraph 27C of

 

Schedule 28 to FA 2004) purchased using sums or assets out

 

of the person’s nominee’s flexi-access drawdown fund in

 

respect of the arrangement,

 

(db)    

is a payment to the person of an annuity purchased using sums

 

or assets held for the purposes of an arrangement relating to

 

the person under the scheme and would, if the scheme were a

 

registered pension scheme, be a payment of a successors’

 

short-term annuity (within the meaning of paragraph 27H of

 

Schedule 28 to FA 2004) purchased using sums or assets out

 

of the person’s successor’s flexi-access drawdown fund in

 

respect of the arrangement,”

 

Schedule, as amended, Agreed to.

 

Clause 2 Agreed to.

 

New Clauses

 

Mr David Gauke

 

Agreed to  NC1

 

To move the following Clause

 

         

“Death of pension scheme member

 

Schedule (Death of pension scheme member) has effect.”

 


 

Cathy Jamieson

 

Negatived on division  NC2

 

To move the following Clause

 

         

“Pension flexibility: Treasury analysis

 

(1)    

The Chancellor of the Exchequer shall, within six months of this Act receiving

 

Royal Assent, publish and lay before the House of Commons any analysis

 

prepared by the Treasury prior to the publication of the Taxation of Pensions Bill


 
 

:                                             

7

 

, continued

 
 

introduced into the House of Commons on 14 October 2014, relating to the

 

impact of changes made by this Act to the Finance Act 2004 and the Income Tax

 

(Earnings and Pensions) Act 2003.

 

(2)    

The information published under subsection (1) must include—

 

(a)    

the distributional impact, by income decile of the population, of changes

 

made by this Act to the Finance Act 2004 and Income Tax (Earnings and

 

Pensions) Act 2003;

 

(b)    

a behavioural analysis; and

 

(c)    

the financial risk assessment.”

 

[Adjourned until Thursday at 11.30 am


 
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