Session 2016-17
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Other Bills before Parliament


 
 

1

 

House of Commons

 
 

Tuesday 1 November 2016

 

Public Bill Committee

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Savings (Government Contributions) Bill


 

Note

 

This document includes all amendments remaining before the Committee and

 

includes any withdrawn amendments at the end. The amendments have been

 

arranged in accordance with the Order of the Committee [25 October 2016].

 

 


 

Ian Blackford

 

Dr Eilidh Whiteford

 

10

 

Clause  6,  page  3,  leave out lines 36 to 39 and insert—

 

“(2)    

This Act comes into force on the day after the establishment of an Independent

 

Pensions and Savings Commission.”

 

Member’s explanatory statement

 

This amendment would delay the commencement of the products until an independent pensions

 

and savings commission is established.

 



 
 

Public Bill Committee: 1 November 2016                  

2

 

Savings (Government Contributions) Bill, continued

 
 

NEW CLAUSES

 

Peter Dowd

 

Ian Blackford

 

Dr Eilidh Whiteford

 

NC1

 

To move the following Clause—

 

         

“Impact review: automatic enrolment and pensions savings

 

(1)    

HMRC must review the impact of Lifetime ISAs on workplace pensions

 

automatic enrolment and pensions savings within one year of this Act coming

 

into force and every year thereafter.

 

(2)    

The conclusions of the review must be made publicly available and laid before

 

each House of Parliament.”

 

Member’s explanatory statement

 

This new clause would place a duty on HMRC to review annually the impact of Lifetime ISAs on

 

automatic enrolment.

 


 

Peter Dowd

 

NC2

 

To move the following Clause—

 

         

“Lifetime ISAs: Advice for applicants

 

(1)    

The Secretary of State must make provision by regulations for all applicants for

 

a Lifetime ISA to have independent financial advice regarding the decision to

 

save in a Lifetime ISA or through a pension made available to them.

 

(2)    

Any applicant that opts in to the services offered under subsection (1) shall be

 

given a signed declaration by that service provider outlining the financial advice

 

that applicant has received.

 

(3)    

Any provider of a Lifetime ISA must confirm whether the applicant—

 

(a)    

intends to use the Lifetime ISA for the purposes of paragraph 7 (1)(b) of

 

Schedule 1,

 

(b)    

has a signed declaration of financial advice under subsection (2),

 

(c)    

is enrolled on a workplace pension scheme or is self-employed.

 

(4)    

Where the provider determines that the applicant is—

 

(a)    

self-employed and does not participate in a pension scheme,

 

(b)    

not enrolled on a workplace pension scheme,

 

(c)    

does not intend to use the Lifetime ISA for the purposes of paragraph

 

7(1)(b) of Schedule 1, or

 

(d)    

does not have a signed declaration of financial advice under subsection

 

(2)


 
 

Public Bill Committee: 1 November 2016                  

3

 

Savings (Government Contributions) Bill, continued

 
 

    

the provider must provide information to the applicant about the independent

 

financial advice available to them under subsection (1).”

 

Member’s explanatory statement

 

This new clause would place a duty on the Secretary of State to make regulations that ensure all

 

applicants for a Lifetime ISA receive independent financial advice.

 


 

Peter Dowd

 

NC3

 

To move the following Clause—

 

         

“First-time residential purchase: Research and impact assessment

 

(1)    

Within one year of this Act coming into force the Secretary of State must conduct

 

a review into the potential impact of provisions within paragraph 7(1)(b) of

 

Schedule 1 on house prices in the UK.

 

(2)    

The findings of the review must be made publicly available and laid before each

 

House of Parliament.”

 


 

Ian Blackford

 

Dr Eilidh Whiteford

 

NC4

 

To move the following Clause—

 

         

“Advice for applicants

 

(1)    

The Secretary of State must make provision by regulation to ensure all providers

 

of Lifetime ISAs or Help-to-Save accounts provide applicants, at the point of

 

application, with—

 

(a)    

advice about the suitability of the product in question for each individual

 

applicant, and

 

(b)    

information about automatic enrolment and workplace savings

 

schemes.”

 

Member’s explanatory statement

 

This new clause would require advice for those seeking products that also includes information on

 

automatic enrolment and workplace savings.

 


 
 

Public Bill Committee: 1 November 2016                  

4

 

Savings (Government Contributions) Bill, continued

 
 

Order of the House [17 October 2016]

 

That the following provisions shall apply to the Savings (Government Contributions)

 

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 Tuesday 1 November 2016.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Proceedings on Consideration and up to and including Third Reading

 

4.    

Proceedings on Consideration and any proceedings in legislative grand

 

committee shall (so far as not previously concluded) be brought to a

 

conclusion one hour before the moment of interruption on the day on which

 

proceedings on Consideration 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 up to and including 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.

 

 

Order of the Committee [25 October 2016]

 

That—

 

(1)  

the Committee shall (in addition to its first meeting at 10.00 am on Tuesday

 

25 October) meet—

 

(a)  

at 2.00 pm on Tuesday 25 October; 

 

(b)  

at 11.30 am and 2.00 pm on Thursday 27 October;

 

(c)  

at 9.25 am and 2.00 pm on Tuesday 1 November;

 

(2)  

the Committee shall hear oral evidence in accordance with the following

 

Table:

 

TABLE

 

Date

Time

Witness

 
 

Tuesday 25 October

Until no later than

The Tax Incentivised Savings

 
  

10.45 am

Association

 
   

The Association of British

 
   

Insurers

 
 

Tuesday 25 October

Until no later than

The British Banking Association

 
  

11.25 am

Hargreaves Lansdown

 
 

Tuesday 25 October

Until no later than

StepChange

 
  

2.30 pm

Centre for Social Justice

 
 

Tuesday 25 October

Until no later than

Union Pension Services Limited

 
  

3.00 pm

  
 

Tuesday 25 October

Until no later than

Scottish Friendly

 
  

3.30 pm

  
 

Tuesday 25 October

Until no later than

MoneySavingExpert.com

 
  

4.00 pm

The Women’s Budget Group

 

 
 

Public Bill Committee: 1 November 2016                  

5

 

Savings (Government Contributions) Bill, continued

 
 

(3)  

proceedings on consideration of the Bill in Committee shall be taken in the

 

following order: Clause 1; Schedule 1; Clause 2; Schedule 2; Clauses 3 to 6;

 

new Clauses; new Schedules; remaining proceedings on the Bill;

 

(4)  

the proceedings shall (so far as not previously concluded) be brought to a

 

conclusion at 5.00 pm on Tuesday 1 November.

 


 

 

Revised 01 November 2016