Session 2014 - 15
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Consideration of Bill:                               

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, continued

 
 

(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

 

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.


 
 

Consideration of Bill:                               

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, continued

 
 

(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

 

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.


 
 

Consideration of Bill:                               

1142

 

, continued

 
 

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).

 

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.


 
 

Consideration of Bill:                               

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, continued

 
 

      (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);

 

(b)    

at the end of paragraph (d) insert “, and

 

(e)    

designated guidance providers.”

 

Member’s explanatory statement

 

This amendment provides for an amendment to paragraph 21 of Schedule 1ZA to the Financial

 

Services and Markets Act 2000 in consequence of new section 333F of that Act.

 

Secretary Iain Duncan Smith

 

Schedule  4,  page  55,  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.

 

Crispin Blunt

 

Paul Burstow

 

Schedule  4,  page  46,  line  25,  at end insert—

 

  “(1A)  

Individuals delivering the pensions guidance must ask those receiving the

 

guidance about other potential sources of retirement income in addition to

 

defined contribution pension schemes; this must include an assessment of

 

assets such as housing wealth, savings and investments.”

 

Secretary Iain Duncan Smith

 

Title,  line  3,  at end insert “and provision designed to give people greater flexibility in

 

accessing benefits and to help them make informed decisions about what to do with

 

benefits”

 

 

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.


 
 

Consideration of Bill:                               

1144

 

, continued

 
 

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.

 

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.

 


 
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