Session 2014 - 15
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Consideration of Bill:                               

1188

 

, continued

 
 

complied with paragraph (2) or (3),”

 

Member’s explanatory statement

 

This Amendment ensures that a member of a pension scheme does not have to provide information

 

under new regulation 14ZD more than once to the same pension scheme.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  22,  at end insert—

 

“(7A)    

For the purposes of this regulation, the individual is an accruing member of a

 

registered pension scheme on any particular day if—

 

(a)    

the individual is an active member of the scheme on that day as a result

 

of there presently being arrangements for the accrual of benefits to or in

 

respect of the individual under a cash balance arrangement or hybrid

 

arrangement, or

 

(b)    

a relevant contribution is made under the scheme on that day.”

 

Member’s explanatory statement

 

This Amendment inserts a definition of a phrase used in the text inserted by the Amendments

 

making changes in the earlier provisions of new regulation 14ZD. It replaces the text left out by

 

Amendment 19.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  23,  leave out “paid” and insert “made under a registered

 

pension scheme”

 

Member’s explanatory statement

 

This Amendment adjusts the definition of “relevant contribution” in new regulation 14ZD to bring

 

it into line with the definition inserted into new regulation 14ZB by Amendment 17.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  27,  leave out “flexed or any other registered pension”

 

Member’s explanatory statement

 

This Amendment is consequential on Amendment 28 and further adjusts the definition of “relevant

 

contribution” in new regulation 14ZD to bring it into line with the definition inserted into new

 

regulation 14ZB by Amendment 17.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  32,  leave out “flexed or any other registered pension”

 

Member’s explanatory statement

 

This Amendment is consequential on Amendment 28 and further adjusts the definition of “relevant

 

contribution” in new regulation 14ZD to bring it into line with the definition inserted into new

 

regulation 14ZB by Amendment 17.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  34,  leave out “flexed or any other registered pension”

 

Member’s explanatory statement

 

This Amendment is consequential on Amendment 28 and further adjusts the definition of “relevant

 

contribution” in new regulation 14ZD to bring it into line with the definition inserted into new

 

regulation 14ZB by Amendment 17.


 
 

Consideration of Bill:                               

1189

 

, continued

 
 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  39,  leave out “under which the contribution was paid”

 

Member’s explanatory statement

 

This Amendment is consequential on Amendment 28 and further adjusts the definition of “relevant

 

contribution” in new regulation 14ZD to bring it into line with the definition inserted into new

 

regulation 14ZB by Amendment 17.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  49,  line  43,  after “if”, insert “active or contributing etc and”

 

Member’s explanatory statement

 

This Amendment adds words to the title of the new regulation 14ZE to reflect changes to be made

 

in that new regulation by, in particular, Amendment 34.

 

Mr Chancellor of the Exchequer

 

Schedule  1,  page  49,  line  45,  leave out from beginning to end of line 13 on page 50

 

and insert—

 

“(1)    

Paragraphs (2) and (3) apply if—

 

(a)    

under paragraph 8C of Schedule 28, the drawdown pension fund in

 

respect of an arrangement relating to an individual under a registered

 

pension scheme (the “flexed” registered pension scheme) becomes the

 

individual’s flexi-access drawdown fund in respect of the arrangement,

 

and

 

(b)    

on the conversion date, or at any later time, the individual is an accruing

 

member (see paragraph (6)) of the flexed or any other registered pension

 

scheme.

 

(1A)    

In this regulation “the relevant 13-week period” means the period of 91 days

 

beginning with—

 

(a)    

the conversion date if on that date the individual is an accruing member

 

of any registered pension scheme, or

 

(b)    

if not, the first day after that date when the individual is an accruing

 

member of a registered pension scheme.

 

(2)    

The individual must, before the end of the relevant 13-week period, inform the

 

scheme administrator of each other registered pension scheme of which the

 

individual is an accruing member on the first day of the relevant 13-week

 

period—

 

(a)    

of the conversion, and

 

(b)    

of the conversion date or (if applicable) of the conversion’s having

 

occurred more than 2 years before the start of the relevant 13-week

 

period;

 

    

but this is subject to paragraph (5).

 

(3)    

Where, in the case of a particular registered pension scheme other than the flexed

 

scheme, the individual is not an accruing member of that other scheme on the first

 

day of the relevant 13-week period but becomes an accruing member of that other

 

scheme on a day (“the activation day”) after the first day of that period, the

 

individual must, before the end of the 91 days beginning with the activation day,

 

inform the scheme administrator of that other scheme—

 

(a)    

of the conversion, and

 

(b)    

of the conversion date or (if applicable) of the conversion’s having

 

occurred more than 2 years before the activation day;


 
 

Consideration of Bill:                               

1190

 

, continued

 
 

    

but this is subject to paragraphs (4) and (5).”

 

Member’s explanatory statement

 

This amendment makes a change in new regulation 14ZE to simplify the obligations for individuals

 

who have converted their existing drawdown fund to a flexi-access drawdown fund, bringing that

 

regulation into line with new regulation 14ZB as amended by Amendment 12.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  50,  line  15,  leave out “a” and insert “an accruing”

 

Member’s explanatory statement

 

This Amendment, and Amendments 36 and 37, are consequential on Amendment 34 and make

 

changes in new regulation 14ZE to ensure that an individual does not have to tell the scheme

 

administrator if they become an accruing member of the scheme as a result of a recognised

 

transfer.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  50,  line  16,  after “becomes”, insert “an accruing member of that

 

scheme upon or after becoming”

 

Member’s explanatory statement

 

See the explanatory statement for Amendment 35.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  50,  line  16,  at end insert “after the conversion date.”

 

Member’s explanatory statement

 

See the explanatory statement for Amendment 35.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  50,  line  20,  after second “(3)”, insert “, or has previously

 

complied with paragraph (2) or (3),”

 

Member’s explanatory statement

 

This Amendment ensures that a member of a pension scheme does not have to provide information

 

under new regulation 14ZE more than once to the same pension scheme.

 

Mr Chancellor of the Exchequer 

 

Schedule  1,  page  50,  line  21,  at end insert—

 

“(6)    

For the purposes of this regulation, the individual is an accruing member of a

 

registered pension scheme on any particular day if—

 

(a)    

the individual is an active member of the scheme on that day as a result

 

of there presently being arrangements for the accrual of benefits to or in

 

respect of the individual under a cash balance arrangement or hybrid

 

arrangement, or

 

(b)    

a relevant contribution is made under the scheme on that day.

 

(7)    

For the purposes of this regulation, a relevant contribution is made under a

 

registered pension scheme if—

 

(a)    

a relievable pension contribution is paid by or on behalf of the individual

 

under a non-cash-balance money purchase arrangement relating to the

 

individual under the scheme,

 

(b)    

a contribution is paid in respect of the individual by an employer of the

 

individual under a non-cash-balance money purchase arrangement

 

relating to the individual under the scheme, or


 
 

Consideration of Bill:                               

1191

 

, continued

 
 

(c)    

a contribution—

 

(i)    

paid under the scheme by an employer of the individual, and

 

(ii)    

paid otherwise than in respect of any individual,

 

    

becomes held for the purposes of a non-cash-balance money purchase

 

arrangement relating to the individual under the scheme;

 

    

and in this paragraph “non-cash-balance money purchase arrangement” means a

 

money purchase arrangement other than a cash balance arrangement.””

 

Member’s explanatory statement

 

This Amendment defines terms used in the provisions inserted by Amendment 34. The definitions

 

are largely based on the text currently in the Bill of new regulation 14ZD(1)(b) and (8).

 

 

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.

 

Other Proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

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

 


 
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