You are here: Parliament home page > Parliamentary business > Business Papers > Public Bills before Parliament > Bill home page

Session 2014 - 15
Internet Publications
Other Bills before Parliament

 
 

:                                             

333

 

, continued

 
 

      (5)  

Omit paragraph (5).

 

71         

In Article 19 (freezing orders), in paragraph (4)(g), for “salary related

 

schemes” substitute “benefits other than money purchase”.

 

72         

In Article 20 (consequences of freezing order), in paragraph (7), for sub-

 

paragraphs (a) and (b) substitute—

 

“(a)    

Chapter 1 of Part 4ZA of the Pension Schemes Act (transfer

 

rights: general), or

 

(b)    

Chapter 2 of that Part (early leavers: cash transfer sums and

 

contribution refunds).”

 

73         

In Article 68 (inspection of premises), in paragraph (2)(d)—

 

(a)    

for “Chapter 4 of Part IV” substitute “Chapter 1 of Part 4ZA”;

 

(b)    

for “Chapter 5 of Part IV” substitute “Chapter 2 of Part 4ZA”.

 

74         

In Article 119 (restrictions on winding up, discharge of liabilities etc.), in

 

paragraph (6)(b), for “Chapter 5 of Part IV” substitute “Chapter 2 of Part

 

4ZA”.

 

75         

In Article 122 (payment of scheme benefits), in paragraph (3)(b), for “Chapter

 

5 of Part IV” substitute “Chapter 2 of Part 4ZA”.

 

76  (1)  

Schedule 6 (pension compensation provisions) is amended as follows.

 

      (2)  

In paragraph 20(1)(c), for “Chapter 5 of Part IV” substitute “Chapter 2 of Part

 

4ZA”.

 

      (3)  

In paragraph 32(1)(b), for “Chapter 5 of Part IV” substitute “Chapter 2 of Part

 

4ZA”.”

 

 

Secretary Iain Duncan Smith

 

Agreed to  49

 

Page  28,  line  4,  leave out Schedule 2

 

Secretary Iain Duncan Smith

 

Agreed to  50

 

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

 

Secretary Iain Duncan Smith

 

Agreed to  51

 

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);

 

(b)    

after paragraph (e) insert “, or

 

(f)    

the Pension Schemes Act 2014.”

 

Secretary Iain Duncan Smith

 

Agreed to  52

 

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)  

.”

 
 

:                                             

334

 

, continued

 
 

Secretary Iain Duncan Smith

 

Agreed to  53

 

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.”

 

Secretary Iain Duncan Smith

 

Agreed to  54

 

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.”

 

Secretary Iain Duncan Smith

 

Agreed to  55

 

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.”

 

Secretary Iain Duncan Smith

 

Agreed to  56

 

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

 

purchase” and insert “flexible”

 

Secretary Iain Duncan Smith

 

Agreed to  57

 

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;”

 

Secretary Iain Duncan Smith

 

Agreed to  58

 

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”

 

Secretary Iain Duncan Smith

 

Agreed to  59

 

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

 
 

:                                             

335

 

, continued

 
 

Secretary Iain Duncan Smith

 

Agreed to  60

 

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).”

 

Secretary Iain Duncan Smith

 

Agreed to  61

 

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.”

 

Secretary Iain Duncan Smith

 

Agreed to  62

 

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

 

165(11)(d))”

 

Secretary Iain Duncan Smith

 

Agreed to  63

 

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.”

 

Secretary Iain Duncan Smith

 

Agreed to  64

 

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

 

Secretary Iain Duncan Smith

 

Agreed to  65

 

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

 
 

:                                             

336

 

, continued

 
 

(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.”

 

Secretary Iain Duncan Smith

 

Agreed to  66

 

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)”.”

 

Secretary Iain Duncan Smith

 

Agreed to  67

 

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

 

purchase” and insert “flexible”

 

Secretary Iain Duncan Smith

 

Agreed to  68

 

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

 

purchase” and insert “flexible”

 

Secretary Iain Duncan Smith

 

Agreed to  69

 

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;”

 

Secretary Iain Duncan Smith

 

Agreed to  70

 

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.””

 

Secretary Iain Duncan Smith

 

Agreed to  71

 

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.”

 

Secretary Iain Duncan Smith

 

Agreed to  72

 

Schedule  4,  page  55,  line  44,  leave out “cash balance benefits or other money

 

purchase” and insert “flexible”

 
 

:                                             

337

 

, continued

 
 

Crispin Blunt

 

Paul Burstow

 

Not called  73

 

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

 

Agreed to  1

 

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”

 

Bill, as amended, read the third time, and passed.

 
previous section contents
 
© Parliamentary copyright
Revised 26 November 2014