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Lords Amendments to the Pension Schemes Bill


 
 

 

LORDS amendments to the

Pension Schemes Bill

[The page and line references are to HL Bill 63, the bill as first printed for the Lords.]

Clause 27

Page 11, line 20, leave out first “or”

Page 11, line 20, leave out “any scheme rule” and insert “provision of a scheme”

Page 11, line 23, leave out “scheme rule” and insert “provision of a scheme”

Clause 32

Page 12, line 35, after “document” insert “or have a policy”

Page 12, line 36, after “document” insert “or policy”

Clause 37

Page 14, line 40, leave out “instrument, enactment or rule of law” and insert

“legislative provision, rule of law or provision of a scheme or other instrument”

Clause 45

Page 19, line 10, at beginning insert “which is not a right or entitlement to collective

benefits becoming, or”

Page 19, line 17, at end insert—

““( )    

regulations made under Schedule 17 to the Pensions Act 2014;

( )    

regulations made under Schedule 18 to the Pensions Act 2014;”

Page 19, line 20, at end insert—

““( )    

regulations made under paragraph 17 of Schedule 17 to the

Pensions Act 2014;

( )    

regulations made under paragraph 6 of Schedule 18 to the Pensions

Act 2014;”

 
Bill 16655/4

 
 

2

 

Clause 47

Page 20, line 8, after “members” insert “, and survivors of pension scheme

members,”

Clause 48

Page 20, line 20, after “acquiring” insert “a right or entitlement to”

Page 20, line 21, at end insert—

“( )    

paying a lump sum that would be an uncrystallised funds pension

lump sum in respect of any of the benefits.”

Page 20, line 27, leave out “create exceptions to subsection (1)” and insert—

“(a)    

create an exception to subsection (1) in the case of a member or

survivor whose subsisting rights in respect of safeguarded benefits

under the scheme, or safeguarded benefits under the scheme and

any other schemes, are worth less than a specified amount;

(b)    

create other exceptions to subsection (1).

( )    

Regulations under subsection (3)(a) may, in particular, make provision

about—

(a)    

the valuation of the subsisting rights;

(b)    

the process for determining whether the exception applies.”

Page 20, leave out lines 37 and 38 and insert—

““appropriate independent advice” means advice that—

(a)    

is given by an authorised independent adviser, and

(b)    

meets any other requirements specified in regulations made

by the Secretary of State;

“authorised independent adviser” means a person who—

(a)    

has permission under Part 4A of the Financial Services and

Markets Act 2000, or resulting from any other provision of

that Act, to carry on a regulated activity specified in

regulations made by the Secretary of State, and

(b)    

meets such other requirements as may be specified in

regulations made by the Secretary of State for the purpose

of ensuring that the person is independent;”

Clause 51

Page 22, line 10, after “acquiring” insert “a right or entitlement to”

Page 22, line 11, at end insert—

“( )    

paying a lump sum that would be an uncrystallised funds pension

lump sum in respect of any of the benefits.”

Page 22, line 19, leave out “create exceptions to subsection (1)” and insert—

“(a)    

create an exception to subsection (1) in the case of a member or

survivor whose subsisting rights in respect of safeguarded benefits

under the scheme, or safeguarded benefits under the scheme and

any other schemes, are worth less than a specified amount;

(b)    

create other exceptions to subsection (1).

( )    

Regulations under subsection (3)(a) may, in particular, make provision

about—


 
 

3

 
 

(a)    

the valuation of the subsisting rights;

 

(b)    

the process for determining whether the exception applies.”

 

Page 22, leave out lines 29 and 30 and insert—

 

““appropriate independent advice” means advice that—

 

(a)    

is given by an authorised independent adviser, and

 

(b)    

meets any other requirements specified in regulations made

 

by the Department for Social Development in Northern

 

Ireland;

 

“authorised independent adviser” means a person who—

 

(a)    

has permission under Part 4A of the Financial Services and

 

Markets Act 2000, or resulting from any other provision of

 

that Act, to carry on a regulated activity specified in

 

regulations made by the Department for Social

 

Development in Northern Ireland, and

 

(b)    

meets such other requirements as may be specified in

 

regulations made by the Department for Social

 

Development in Northern Ireland for the purpose of

 

ensuring that the person is independent;”

Clause 55

Page 25, line 1, after “pension” insert “, nominees’ drawdown pension or

successors’ drawdown pension”

Clause 56

Page 25, line 17, leave out “or”

Page 25, line 17, at end insert “, nominees’ drawdown pension or successors’

drawdown pension”

After Clause 59

Insert the following new Clause—

“Sections 55 to 57: consequential amendments

(1)    

In section 101AI of the Pension Schemes Act 1993 (early leavers: cash

transfer sums and contribution refunds - further provisions), in

subsection (8)—

(a)    

in paragraph (a), after sub-paragraph (ix) insert—

“(x)    

section 55 of the Pension Schemes Act 2015;

(xi)    

regulations made under section 56 or 57 of

the Pension Schemes Act 2015;”;

(b)    

in paragraph (b), after sub-paragraph (vii) insert—

“(viii)    

section 55(3) of the Pension Schemes Act

2015;

(ix)    

regulations made under section 56(4) or 57(4)

of the Pension Schemes Act 2015.”

(2)    

In section 67A of the Pensions Act 1995 (the subsisting rights provisions:

interpretation), in subsection (9)—


 
 

4

 
 

(a)    

in paragraph (a), after sub-paragraph (viii) (inserted by section 45

 

of this Act) insert—

 

“(ix)    

section 55 of the Pension Schemes Act 2015;

 

(x)    

regulations made under section 56 or 57 of

 

the Pension Schemes Act 2015;”;

 

(b)    

in paragraph (b), after sub-paragraph (vi) (inserted by section 45 of

 

this Act) insert—

 

“(vii)    

section 55(3) of the Pension Schemes Act

 

2015;

 

(viii)    

regulations made under section 56(4) or 57(4)

 

of the Pension Schemes Act 2015.”

 

(3)    

In section 318 of the Pensions Act 2004 (interpretation), in subsection (3)—

 

(a)    

in paragraph (a), after sub-paragraph (viii) (inserted by Schedule 2

 

to this Act) insert—

 

“(ix)    

section 55 of the Pension Schemes Act 2015;

 

(x)    

regulations made under section 56 or 57 of

 

the Pension Schemes Act 2015;”;

 

(b)    

in paragraph (b), after sub-paragraph (vi) (inserted by Schedule 2 to

 

this Act) insert—

 

“(vii)    

section 55(3) of the Pension Schemes Act

 

2015;

 

(viii)    

regulations made under section 56(4) or 57(4)

 

of the Pension Schemes Act 2015.””

Clause 60

Page 27, line 18, after “pension” insert “, nominees’ drawdown pension or

successors’ drawdown pension”

Clause 61

Page 27, line 36, leave out “or”

Page 27, line 36, at end insert “, nominees’ drawdown pension or successors’

drawdown pension”

After Clause 64

Insert the following new Clause—

“Sections 60 to 62: consequential amendments

(1)    

In section 97AI of the Pension Schemes (Northern Ireland) Act 1993 (early

leavers: cash transfer sums and contribution refunds - further provisions),

in subsection (7)—

(a)    

in paragraph (a), after sub-paragraph (vii) insert—

“(viii)    

section 60 of the Pension Schemes Act 2015;

(ix)    

regulations made under section 61 or 62 of

the Pension Schemes Act 2015;”;

(b)    

in paragraph (b), after sub-paragraph (v) insert—

“(vi)    

section 60(3) of the Pension Schemes Act

2015;


 
 

5

 
 

(vii)    

regulations made under section 61(4) or 62(4)

 

of the Pension Schemes Act 2015.”

 

(2)    

In Article 67A of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/

 

3213 (N.I. 22)) (the subsisting rights provisions: interpretation), in

 

paragraph (9)—

 

(a)    

in sub-paragraph (a), after head (vii) insert—

 

“(viii)    

section 60 of the Pension Schemes Act 2015;

 

(ix)    

regulations made under section 61 or 62 of

 

the Pension Schemes Act 2015;”;

 

(b)    

in sub-paragraph (b), after head (v) insert—

 

“(vi)    

section 60(3) of the Pension Schemes Act

 

2015;

 

(vii)    

regulations made under section 61(4) or 62(4)

 

of the Pension Schemes Act 2015.”

 

(3)    

In Article 2 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255

 

(N.I. 1)) (interpretation), in paragraph (4)—

 

(a)    

in sub-paragraph (a), after head (vii) insert—

 

“(viii)    

section 60 of the Pension Schemes Act 2015;

 

(ix)    

regulations made under section 61 or 62 of

 

the Pension Schemes Act 2015;”;

 

(b)    

in sub-paragraph (b), after head (v) insert—

 

“(vi)    

section 60(3) of the Pension Schemes Act

 

2015;

 

(vii)    

regulations made under section 61(4) or 62(4)

 

of the Pension Schemes Act 2015.””

Clause 66

Page 30, line 46, leave out “subsection” and insert “subsections (2) and”

Page 31, line 5, leave out subsection (4) and insert—

“( )    

After section 95(5) insert—

“(5A)    

Except in such circumstances as may be prescribed in regulations

made by the Secretary of State or the Treasury, subsection (2A) is to

be construed as if paragraph (d) were omitted.””

Page 31, line 17, leave out subsection (9) and insert—

“( )    

Until the coming into force of the first regulations made under a provision

of the Pension Schemes Act 1993 specified in the first column of the table,

regulations made under the provision of that Act specified in the

corresponding entry in the second column apply (with any necessary

modifications) for the purposes of the provision specified in the first

column—

 

New provision of Act

Existing provision of Act

 
 

Section 95(2A)(a)(iii)

Section 95(2)(a)(ii)

 
 

Section 95(2A)(b)(iii)

Section 95(2)(b)(ii)

 
 

Section 95(2A)(c)

Section 95(2)(c)

 
 

Section 95(2A)(d)

Section 95(2)(d)

 
 

Section 95(5A)

Section 95(5)(a).”

 

 
 

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Clause 67

Page 34, leave out lines 1 to 12

Page 34, line 13, leave out “, or paragraph 3(4)(b) of Schedule 2 to,”

Page 35, line 14, leave out “to (d)”

Page 35, line 25, after “acquiring” insert “a right or entitlement to”

Clause 69

Page 37, line 31, leave out “subsection” and insert “subsections (2) and”

Page 37, line 38, leave out subsection (4) and insert—

“( )    

After section 91(5) insert—

“(5A)    

Except in such circumstances as may be prescribed in regulations

made by the Department or the Department of Finance and

Personnel, subsection (2A) is to be construed as if paragraph (d)

were omitted.””

Page 38, line 1, leave out subsection (9) and insert—

“( )    

Until the coming into force of the first regulations made under a provision

of the Pension Schemes (Northern Ireland) Act 1993 specified in the first

column of the table, regulations made under the provision of that Act

specified in the corresponding entry in the second column apply (with any

necessary modifications) for the purposes of the provision specified in the

first column—

 

New provision of Act

Existing provision of Act

 
 

Section 91(2A)(a)(iii)

Section 91(2)(a)(ii)

 
 

Section 91(2A)(b)(iii)

Section 91(2)(b)(ii)

 
 

Section 91(2A)(c)

Section 91(2)(c)

 
 

Section 91(2A)(d)

Section 91(2)(d)

 
 

Section 91(5A)

Section 91(5)(a).”

 

Clause 70

Page 40, line 1, at end insert “a right or entitlement to”


 
 

7

 

Clause 72

Page 40, line 35, after “scheme” insert “or a survivor of a member”

Clause 73

Page 41, line 2, after “scheme” insert “or a survivor of a member”

Clause 74

Page 41, line 34, at end insert—

““nominees’ drawdown pension”, in relation to a survivor, has the

meaning given by paragraph 27B of Schedule 28 to the Finance Act

2004;”

Page 42, line 5, at end insert—

““successors’ drawdown pension”, in relation to a survivor, has the

meaning given by paragraph 27G of Schedule 28 to the Finance Act

2004;”

Page 42, line 6, leave out “an occupational” and insert “a”

Page 42, line 13, at end insert—

““uncrystallised funds pension lump sum” has the meaning given by

paragraph 4A of Schedule 29 to the Finance Act 2004;”

After Clause 77

Insert the following new Clause—

         

“ Public service pension schemes

In Schedule 5 to the Public Service Pensions Act 2013 (meaning of “existing

scheme”), in paragraph 1, after “1972” insert “other than a scheme which

relates to staff of the Secret Intelligence Service or Security Service”.”

Clause 80

Page 45, line 4, leave out “The Secretary of State or the Treasury” and insert “The

appropriate national authority”

Page 45, line 7, after “any” insert “primary or subordinate”

Page 45, line 8, leave out subsection (3) and insert—

“(3)    

In this section—

“appropriate national authority” means—

(a)    

in relation to provision which could be made by an Act of

the Northern Ireland Assembly without the consent of the

Secretary of State (see sections 6 to 8 of the Northern Ireland

Act 1998), the Department for Social Development in

Northern Ireland, and

(b)    

in relation to any other provision, the Secretary of State or

the Treasury;

“primary legislation” means—

(a)    

an Act;


 
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