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Notices of Amendments:                               

914

 

, continued

 
 

(a)    

section (Independent advice: income tax exemption)(3);

 

(b)    

section (Meaning of “flexible benefit”);

 

(c)    

section (Meaning of “cash balance benefit”);

 

(d)    

section (Interpretation of Part 4);

 

(e)    

this Part.”

 

Member’s explanatory statement

 

This amendment ensures that the provisions listed have UK extent. It also replicates the effect of

 

the subsection left out by the amendment, whilst taking account of the changes described in the

 

Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Clause  53,  page  21,  line  24,  at end insert—

 

“( )    

The following extend to Northern Ireland only—

 

(a)    

section (Independent advice in respect of conversions and transfers:

 

Northern Ireland);

 

(b)    

section (Power to require employer to arrange advice for purposes of

 

section (Independent advice in respect of conversions and transfers:

 

Northern Ireland));

 

(c)    

section (Sums or assets that may be designated as available for

 

drawdown: Northern Ireland);

 

(d)    

section (Provision about conversion of certain benefits for drawdown:

 

Northern Ireland);

 

(e)    

section (Provision about calculation of lump sums: Northern Ireland);

 

(f)    

section (Restriction on transfers out of public service defined benefits

 

schemes: Northern Ireland)(8) and (9).”

 

Member’s explanatory statement

 

This amendment provides for the provisions listed in the amendment to extend to Northern Ireland

 

only.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  26,  at end insert—

 

“( )    

section 43;

 

( )    

section (Independent advice: income tax exemption);

 

( )    

section (Provision about conversion of certain benefits for drawdown:

 

Great Britain);

 

( )    

section (Provision about calculation of lump sums: Great Britain);

 

( )    

section (Provision about conversion of certain benefits for drawdown:

 

Northern Ireland);

 

( )    

section (Provision about calculation of lump sums: Northern Ireland);

 

( )    

section (Rights to transfer benefits);

 

( )    

section (Reduction of cash equivalents: funded public service defined

 

benefits schemes: Great Britain)(1) and (4);

 

( )    

section (Public service defined benefits schemes: consequential

 

amendments: Great Britain);

 

( )    

section (Reduction of cash equivalents: funded public service defined

 

benefits schemes: Northern Ireland)(1) and (4);

 

( )    

section (Public service defined benefits schemes: consequential

 

amendments: Northern Ireland);

 

( )    

section (Meaning of “flexible benefit”);


 
 

Notices of Amendments:                               

915

 

, continued

 
 

( )    

section (Meaning of “cash balance benefit”);

 

( )    

section (Interpretation of Part 4);

 

( )    

Schedule 4;

 

( )    

Schedule (Rights to transfer benefits);”

 

Member’s explanatory statement

 

This amendment provides the provisions listed in the amendment to come into force on Royal

 

Assent. The Bill currently provides for clause 43 and Schedule 4 (which are about the giving of

 

pensions guidance) to be brought into force by regulations.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  28,  leave out “, apart from section 49”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  29,  at end insert—

 

“( )    

The following come into force on 6 April 2015—

 

(a)    

section (Independent advice in respect of conversions and transfers:

 

Great Britain);

 

(b)    

section (Power to require employer to arrange advice for purposes of

 

section (Independent advice in respect of conversions and transfers:

 

Great Britain));

 

(c)    

section (Independent advice: consequential amendments - Great

 

Britain);

 

(d)    

section (Independent advice in respect of conversions and transfers:

 

Northern Ireland);

 

(e)    

section (Power to require employer to arrange advice for purposes of

 

section (Independent advice in respect of conversions and transfers:

 

Northern Ireland));

 

(f)    

section (Independent advice: consequential amendments - Northern

 

Ireland);

 

(g)    

section (Sums or assets that may be designated as available for

 

drawdown: Great Britain);

 

(h)    

section (Restrictions on conversion of benefits during winding up etc:

 

Great Britain);

 

(i)    

section (Restriction on payment of lump sums during PPF assessment

 

period: Great Britain);

 

(j)    

section (Sums or assets that may be designated as available for

 

drawdown: Northern Ireland);

 

(k)    

section (Restrictions on conversion of benefits during winding up etc:

 

Northern Ireland);

 

(l)    

section (Restriction on payment of lump sums during PPF assessment

 

period: Northern Ireland);

 

(m)    

section (Restriction on transfers out of public service defined benefits

 

schemes: Great Britain);

 

(n)    

section (Reduction of cash equivalents: funded public service defined

 

benefits schemes: Great Britain)(2) and (3);

 

(o)    

section (Restriction on transfers out of public service defined benefits

 

schemes: Northern Ireland);


 
 

Notices of Amendments:                               

916

 

, continued

 
 

(p)    

section (Reduction of cash equivalents: funded public service defined

 

benefits schemes: Northern Ireland)(2) and (3).”

 

Member’s explanatory statement

 

This amendment provides for the provisions listed in the amendment to come into force on 6 April

 

2015.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  31,  after “regulations” insert “made by the Secretary of

 

State”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 4.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  32,  leave out “4” and insert “3”

 

Member’s explanatory statement

 

This amendment is consequential on amendment 42.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  33,  leave out “, 47 and 49” and insert “and 47”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Clause  54,  page  21,  line  36,  leave out “Regulations may” and insert “The Secretary

 

of State or the Department for Social Development in Northern Ireland may by

 

regulations”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 4.

 

Secretary Iain Duncan Smith

 

Page  28,  line  4,  leave out Schedule 2

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 28.

 

Secretary Iain Duncan Smith

 

Schedule  3,  page  32,  line  10,  leave out paragraphs 3 to 5

 

Member’s explanatory statement

 

The paragraphs left out by this amendment are superseded by NC24 and NS1.

 

Secretary Iain Duncan Smith

 

Schedule  3,  page  36,  line  2,  at end insert—

 

“26A      

In section 13 (improvement notices), in subsection (7)—

 

(a)    

omit the “or” at the end of paragraph (d);


 
 

Notices of Amendments:                               

917

 

, continued

 
 

(b)    

after paragraph (e) insert “, or

 

(f)    

the Pension Schemes Act 2014.”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Schedule  3,  page  38,  line  14,  leave out “In section 90 (codes of practice)” and

 

insert—

 

    “(1)  

Section 90 (codes of practice) is amended as follows.

 

      (2)  

.”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Schedule  3,  page  38,  line  15,  at end insert—

 

    “(3)  

In subsection (6), in the definition of “the pensions legislation”—

 

(a)    

omit the “or” at the end of paragraph (c);

 

(b)    

after paragraph (d) insert—

 

“(e)    

Schedule 18 to the Pensions Act 2014, or

 

(f)    

the Pension Schemes Act 2014.”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Schedule  3,  page  39,  line  20,  at end insert—

 

“34A      

In section 254 (representative of non-European scheme to be treated as

 

trustee), in subsection (3)—

 

(a)    

omit the “or” at the end of paragraph (c);

 

(b)    

after paragraph (d) insert “, or

 

(e)    

the Pension Schemes Act 2014.”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Schedule  3,  page  39,  line  34,  at end insert—

 

“36A      

In section 291 (duty of trustees or managers to act consistently with law of host

 

member state), in subsection (4)—

 

(a)    

omit the “or” at the end of paragraph (c);

 

(b)    

after paragraph (d) insert “, or

 

(e)    

the Pension Schemes Act 2014.”

 

Member’s explanatory statement

 

See Member’s explanatory statement for amendment 32.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  43,  line  30,  leave out “cash balance benefits or other money


 
 

Notices of Amendments:                               

918

 

, continued

 
 

purchase” and insert “flexible”

 

Member’s explanatory statement

 

This amendment provides for the definition of “pensions guidance” to reflect the new language of

 

“flexible benefits” introduced by amendment NC31.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  43,  leave out lines 33 to 36 and insert—

 

““flexible benefit” has the meaning given by section (Meaning of

 

“flexible benefit”) of the Pension Schemes Act 2014;”

 

Member’s explanatory statement

 

This amendment provides that “flexible benefit” in Part 20A of the Financial Services and Markets

 

Act 2000 will have the same meaning as in the Bill - see NC31.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  43,  line  38,  leave out “150(1) of the Finance Act 2004” and insert

 

“1(5) of the Pension Schemes Act 1993”

 

Member’s explanatory statement

 

This amendment is consequential on amendments 56 and 57.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  45,  leave out lines 1 and 2

 

Member’s explanatory statement

 

This amendment removes subsection (3) of new section 333D of the Financial Services and

 

Markets Act 2000. It is not needed as a matter of law (silence produces the same result).

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  45,  line  30,  at end insert—

 

“Co-operation and information sharing

 

333EA

Co-operation and information sharing

 

(1)    

The following must co-operate with one another in matters relating to

 

the giving of pensions guidance—

 

(a)    

each designated guidance provider;

 

(b)    

the Treasury.

 

(2)    

Designated guidance providers and the Treasury may share

 

information for the purposes of subsection (1).”

 

Member’s explanatory statement

 

The new section inserted into the Financial Services and Markets Act 2000 by this amendment

 

requires designated guidance providers and the Treasury to co-operate in delivering pensions

 

guidance and provides that they may share information for this purpose.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  46,  line  35,  at end insert—

 

“( )    

Standards set under this section—

 

(a)    

may make different provision for different cases and may, in

 

particular, make different provision in respect of different


 
 

Notices of Amendments:                               

919

 

, continued

 
 

classes of designated guidance providers or different types of

 

pensions guidance;

 

(b)    

may include incidental, supplemental, consequential or

 

transitional provision.”

 

Member’s explanatory statement

 

This amendment provides for the FCA’s power to set standards in new section 333G of the

 

Financial Services and Markets Act 2000 to include the setting of different standards in different

 

cases and regarding different groups of guidance providers and the making of incidental,

 

supplemental, consequential and transitional provision.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  47,  line  36,  after “person” insert “(other than in section

 

165(11)(d))”

 

Member’s explanatory statement

 

This amendment provides for an amendment to subsection (2) of new section 333H of the Financial

 

Services and Markets Act 2000 such that the connections set out in Schedule 15 to that Act apply.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  48,  line  19,  at end insert—

 

“(4)    

If the power conferred by section 333E(3) to revoke a designation is

 

exercised before the power in subsection (1) the reference in

 

subsection (1) to a designated guidance provider is to be read as a

 

reference to a person who, at the time of the failure to comply, was a

 

designated guidance provider.”

 

Member’s explanatory statement

 

This amendment provides for the FCA’s power to make recommendations in new section 333I of

 

the Financial Services and Markets Act 2000 to be effective where, following failure to comply with

 

the standards, the designation of the guidance provider has been revoked by the Treasury under

 

new section 333E(3).

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  52,  line  22,  leave out from “guidance” to “whether” in line 24

 

Member’s explanatory statement

 

This amendment is consequential on amendment 65.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  52,  line  32,  at end insert—

 

“( )    

For the purposes of subsection (10)(b) “expenses of designated

 

guidance providers”—

 

(a)    

includes expenses incurred by virtue of sections 333G(2),

 

333I, 333L and 333P, and

 

(b)    

where a recommendation or direction has been made by virtue

 

of section 333I(4) or 333M(2), includes expenses of a former

 

designated guidance provider.”

 

Member’s explanatory statement

 

This amendment confirms that the “expenses of designated guidance providers” in subsection

 

(10)(b) of new section 333Q include expenses specified in paragraph (a) and expenses of former

 

guidance providers as specified by paragraph (b).


 
 

Notices of Amendments:                               

920

 

, continued

 
 

Secretary Iain Duncan Smith

 

Schedule  4,  page  52,  line  37,  at end insert—

 

“3A      

In section 1M (FCA’s general duty to consult), after “section 1B” insert “and

 

its duties under section 333N”.

 

3B         

In section 1S (reviews by independent person into discharge of FCA

 

functions), in subsection (3) (excluded functions), after “(4)” insert “or its

 

duties under section 333N(1) and (2)(a)”.”

 

Member’s explanatory statement

 

This amendment provides for amendments to sections 1M and 1S of the Financial Services and

 

Markets Act 2000 in consequence of new section 333N of that Act.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  52,  line  44,  leave out “cash balance benefits or other money

 

purchase” and insert “flexible”

 

Member’s explanatory statement

 

This amendment is consequential on amendments 56 and 57.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  53,  line  9,  leave out “cash balance benefits or other money

 

purchase” and insert “flexible”

 

Member’s explanatory statement

 

This amendment is consequential on amendments 56 and 57.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  53,  leave out lines 12 to 15 and insert—

 

““flexible benefit” has the meaning given by section (Meaning of

 

“flexible benefit”) of the Pension Schemes Act 2014;”

 

Member’s explanatory statement

 

This amendment is consequential on amendments 56 and 57.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  53,  line  23,  at end insert—

 

“4A(1)  

Section 138F (notification of rules) is amended as follows.

 

      (2)  

The existing text becomes subsection (1).

 

      (3)  

After that subsection insert—

 

“(2)    

Subsection (1)(b) does not apply to rules made under or by virtue of

 

section 137FB, 333P or 333Q.””

 

Member’s explanatory statement

 

This amendment provides for an amendment to section 138F of the Financial Services and Markets

 

Act 2000 in consequence of new sections 137FB, 333P and 333Q of that Act.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  54,  line  17,  at end insert—

 

“11A      

In that Schedule, in paragraph 21 (FCA financial penalty scheme), in sub-

 

paragraph (2) (list of “regulated persons” who may benefit from the scheme)—

 

(a)    

omit the “and” at the end of paragraph (c);


 
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