Pensions Bill

Page 1, line 17, at end insert—

“(c)   regulations may provide that spouses or partners accompanying
Service personnel abroad shall receive ten additional credited years
backdated to 2000.”

Page 2, line 2, at end insert “and it shall not be less than the entitlement to basic and
state second pension as would be established by a person under the previous
system who had 40 qualifying years based on paid or credited earnings level equal
to the lower earnings threshold”

Page 2, line 5, at end insert—

“( )   Regulations may provide for circumstances in which a person may opt to
have a year treated as a qualifying year if by aggregating income from two
or more jobs, that person’s earnings is equal to or greater than the earnings
factor for that year.”

Page 2, line 5, at end insert—

“( )   Regulations may provide for the transitional rate of the state pension for a
person who is ordinarily resident in the United Kingdom and who reaches
pensionable age before 6 April 2031 to be increased where the person
would have received a higher pension under the previous system based on
their spouse or civil partner’s contribution record.”

Page 2, line 5, at end insert—

“( )   Regulations may provide for the transitional rate of the state pension for a
person who is ordinarily resident in the United Kingdom and who reaches
pensionable age before 6 April 2031 to be increased where the person
would have received a higher pension under the previous system based on
their deceased spouse or deceased civil partner’s contribution record.”

Page 2, line 5, at end insert—

“( )   Regulations shall provide for the transitional rate of the state pension for a
person who is ordinarily resident in the United Kingdom and who reaches
pensionable age before 6 April 2031 to be increased where the person
would have received a higher pension under the previous system based on
their former spouse or civil partner’s contribution record.”

Page 2, line 11, at end insert—

“( )   Within 12 months of the passing of this Act the Secretary of State shall
report to Parliament on a strategy to improve the take-up of National
Insurance Credits.”

Insert the following new Clause—

“Review of phasing the transition of a 35-year full pension requirement via an
interim requirement of 30 years

(1)   The Government shall conduct a review to determine the costs and benefits
of phasing the transition to a 35-year full pension requirement via an
interim requirement of 30 years.

(2)   Such a review shall be conducted within six months of the passing of this
Act and a report thereof laid before both Houses of Parliament.”

Page 2, line 19, at end insert—

“(4)   The level specified by regulations under subsection (1) shall not be less
than the minimum level of basic and state second pension that would have
been payable to an individual with 40 qualifying years.”

Page 2, line 19, at end insert—

“( )   Where the state pension is uprated other than by reference to the triple lock
for any period to 6 April 2020, the regulations shall require a calculation of
the difference between the actual uprating and what uprating by the triple
lock on a cumulative basis would have provided.

Page 2, line 32, at end insert “or, where the person is an active public service
pension scheme member as defined in section 24, this means a qualifying year
beginning on or after 6 April 2018”

Page 2, line 34, after “1978” insert—

“(i)   ”

Page 2, line 35, at end insert—

“(ii)   where the person is an active public service pension
scheme member, ending before 6 April 2018, or”

Page 3, line 18, at end insert “plus the state pension benefits from an employee’s
post-commencement qualifying years up to a maximum of nine years”

Insert the following new Clause—

“Review on gradual transition from certain benefit arrangements based on age

(1)   In relation to women without a national insurance contribution record who
relied on a husband’s national insurance contributions and would under
existing arrangements have accrued a benefit based on such spousal
contributions, the Government shall conduct a review to determine the
costs and benefits of permitting women within 15 years of state pension age
as at 6 April 2016 to retain their accrued rights and such a review shall be
conducted within six months of the passing of this Act and a report thereof
laid before Parliament.

(2)   The review shall also consider whether similar provision should be made
in relation to sections 9 and 10 of this Act.”

Page 26, line 11, at end insert—

“PART 1A

PROVISIONS RELATING TO PUBLIC SERVICE PENSION SCHEMES

2    (1)   Where a person has one or more periods of active public service pension
scheme membership (as defined in section 24) between 6 April 2016 and
6 April 2018, for the purposes of calculating a person’s transitional rate
of state pension, references to “6 April 2016” within this Schedule are to
be amended to whichever of the below dates applies—

(a)   6 April 2018, where that person is a contributing member of a
public service pension scheme on that date or where that person
left active membership of a public service pension scheme on or
after 6 April 2017, or

(b)   6 April 2017, where the person was last a contributing member of
a public service pension scheme between 6 April 2016 and 5 April
2017.

(2)   In calculating a person’s old system and new system state pension
entitlement in Steps 1 and 2 of this Schedule, a person’s total earnings
received during the last tax year prior to 6 April 2018 in which they were
an active public service pension member shall be used for determining
the qualifying years used in each calculation.

(3)   Where a person leaves active membership of a public service pension
scheme during the period 6 April 2016 to 5 April 2018, the “amount to
reflect contracting out under the old system”, as described in paragraph
5, shall be calculated up to and including that person’s last day of active
public service pension scheme membership.”

Page 28, line 33, leave out sub-paragraph (2) and insert—

“( )   The amount to be revalued in accordance with the full rate of the state
pension.”

Page 28, line 33, after “is” insert “more than”

Page 28, line 36, leave out sub-paragraph (3)

Page 28, line 44, leave out “sub-paragraphs (2) and (3)(a)” and insert “sub-
paragraph (2)”

Page 29, line 5, leave out sub-paragraph (5)

Page 4, line 20, at end insert—

“( )   The Government shall conduct a public education programme designed to
educate and inform people about both their pension contributions and
expected outcomes, and will report annually on its progress.”

Page 7, line 22, at end insert—

“( )   Regulations may provide that those entitled to or subject to a pension credit
or a pension debit shall be advised annually of their entitlement.”

Page 8, line 19, leave out subsection (4)

Page 8, line 21, leave out subsection (5)

Page 8, line 27, at beginning insert—

“( )   If a person’s entitlement under this Part to a state pension has been
deferred for a period, that person may receive it as a lump sum, as specified
in regulations.”

Page 8, line 38, at end insert—

“( )   Differing amounts may be specified where a lump sum has been taken.”

Page 10, line 5, at end insert “including those territories where reciprocal
agreements have been reached with Great Britain”

Insert the following new Clause—

“Review of overseas residents’ provisions

(1)   A review of overseas residents’ up-rating entitlement shall be conducted
on a cross-departmental basis within six months of Royal Assent.

(2)   It shall consider in particular whether the savings attributable to non-
entitlement could be more effectively made in other areas of health and
social care, and whether there are potential economic benefits to uprating
the pensions entitlements of overseas residents in line with UK-resident
pensioner’s entitlements.

(3)   The review shall report to the Secretary of State for Work and Pensions, and
a copy of the report shall be laid before Parliament.”

Page 11, line 30, at end insert—

“( )   Before the provisions contained in paragraphs 83 to 86 of Schedule 12 come
into effect the Secretary of State shall set out comprehensive arrangements
for the passporting to benefits for those no longer eligible for the savings
credit.”

Page 49, line 28, at end insert—

“In section 150A (annual up-ratings of benefits) for subsection (2)
substitute—

“(2)   Where it appears to the Secretary of State that whichever is
greater out of the general level of earnings, prices or 2.5% at
the end of the period under review that it was at the beginning
of that period, he shall lay before Parliament the draft of an
order which increases the amount of the single tier pension by
a percentage not less than the percentage which is the greater
of the general level of earnings, prices or 2.5%.””

Page 62, line 25, at end insert—

“In Schedule 4 to the Marriage (Same Sex Couples) Act 2013, omit
paragraphs 11, 12, 13 and 16.”

Page 64, leave out lines 10 and 11

Page 11, line 34, leave out sub-paragraphs (2) to (5)

Page 11, line 34, leave out subsections (2) to (7)

Page 11, line 38, at end insert “but may only do so with the consent of the employee
trustees”

Page 11, line 41, at end insert—

“( )   The power may be used subject to consultation with the trustees of an
occupational pension scheme.”

Page 11, line 44, at end insert—

“( )   a scheme in respect of any of its terms which relate to persons
protected under the terms of the Electricity (Protected Persons)
(England and Wales) Pensions Regulations 1990.”

Page 11, line 44, at end insert—

“(c)   a scheme in respect of any of its terms which relate to persons
protected under the terms of—

(i)   the Electricity (Protected Persons) (England and Wales)
Pension Regulations 1990;

(ii)   the Electricity (Protected Persons) (Scotland) Pension
Regulations 1990;

(iii)   the Electricity (Protected Persons) (Northern Ireland)
Pension Regulations 1992;

(iv)   the Railway Pensions (Protection and Designation of
Schemes) Order 1984;

(v)   the London Transport Pensions Arrangements Order 2000;

(vi)   the Coal Industry (Protected Persons) Pensions Regulations
1994; or

(vii)   the nuclear industry employees protected by Schedule 8 to
the Energy Act 2004.”

Page 11, line 44, at end insert—

“( )   An amount equivalent to the total employees’ and employers’ rebate
granted by the issue of a contracting-out certificate under the Pension
Schemes Act 1993 shall be credited to public service pension schemes, as set
out in Treasury Directions made under this subsection.”

Page 12, line 15, leave out “has the meaning given by that section” and insert “is a
pension scheme as defined in section 1 of the Public Service Pensions Act 2013”

Page 67, line 6, at end insert “except for public service pension schemes where this
means 6 April 2018”

Page 76, line 25, at end insert—

“Pensions Act 2004 (c. 35)

In section 258 of the Pensions Act 2004 (pension protection on transfer of
employment), in subsection (2)(c), for sub-paragraphs (i) and (ii)
substitute “complies with prescribed requirements”.”

Page 77, line 35, after second “the” insert “value of the”

Page 78, line 3, after first “the” insert “value of the”

Page 78, line 10, at end insert—

“(d)   adjust the value of the annual increase in the employer’s national
insurance contributions”

Page 78, line 19, at end insert—

“( )   Where the effect of using the power to increase employee contributions
of the relevant members would be to increase the contributions that the
employer is required to pay, the power may be used to make other
amendments needed to ensure that only the employee contributions are
increased because of the use of the power.

“( )   Where the effect of using the power to alter the future accrual of benefits
for or in respect of the relevant members would be to decrease the
contributions that any members are required to pay, the power may be
used to make other amendments needed to ensure that the contributions
of those members are not decreased because of the use of the power.”

Page 78, line 20, leave out sub-paragraph (5)

Page 79, line 37, at end insert—

“( )   Regulations may require an employer to reach agreement with the
trustees of an occupational pension scheme that the proposed
amendments would comply with the requirements imposed by or under
this Schedule.”

Lord Whitty gives notice of his intention to oppose the Question that Schedule 14 be the
Fourteenth Schedule to the Bill.

Insert the following new Clause—

“PART 1A

OPTION TO BOOST OLD RETIREMENT PENSIONS

Option to boost old retirement pensions

In Schedule (option to boost old retirement pensions)—

Part 1 contains amendments to allow certain people to pay additional
contributions to boost their retirement pensions;

Part 2 contains amendments to allow corresponding legislation to be
put in place for Northern Ireland.”

The above-named Lords give notice of their intention to oppose the Question that Clause 25
stand part of the Bill.

Page 13, line 23, after “expectancy” insert “, evidence of variations in life
expectancy by region, gender, occupation, socio-economic class, healthy life
expectancy, alternative ways of measuring life expectancy, and its impact on the
labour market”

Page 13, line 25, leave out “prepare and”

Page 13, line 25, at end insert—

“( )   Such report shall be prepared by an independent commission.”

Page 13, line 34, at end insert “healthy”

Page 13, line 39, leave out “specified”

Page 13, line 40, at end insert—

“( )   The factors relevant to the review include—

(a)   the change in life expectancies experienced by the decile of the
population with the lowest life expectancies;

(b)   analysis of the reliance on state pension income of that group
compared with other sources of income;

(c)   whether flexibility of early access to an actuarially reduced level
state pension should be introduced;

(d)   the minimum period of notice that should be offered to individuals
affected by changes in their state pension age;

(e)   the economic impact on the labour market;

(f)   other factors specified by the Secretary of State as relevant to the
review.”

Page 14, line 5, at end insert “which shall not be higher than the school leaving age”

The above-named Lords give notice of their intention to oppose the Question that Clause 27
stand part of the Bill.

Page 15, line 13, at end insert—

“which for a widowed parent shall not be less than three years, or until the youngest child of that person at the time of the death had reached the age of 7 years, whichever is the longer period”

Page 15, line 13, at end insert—

“( )   Widowed spouses and partners shall be exempt from full work
conditionality while in receipt of bereavement benefits.”

Page 15, line 16, after “circumstances” insert “or who has received or would be
eligible for carer’s allowance or carer’s credit”

Insert the following new Schedule—

“SCHEDULE

OPTION TO BOOST OLD RETIREMENT PENSIONS

PART 1

GREAT BRITAIN

Social Security Contributions and Benefits Act 1992

1 The Social Security Contributions and Benefits Act 1992 is amended as
follows.

2    (1)   Section 1 (outline of contributory system) is amended as follows.

(2)   In subsection (2)—

(a)   omit “six”;

(b)   in paragraph (d), after “making up entitlement;” insert—

“(da)   Class 3A, payable by eligible people voluntarily
under section 14A with a view to obtaining units
of additional pension;”.

(3)   In subsection (4)(a), for “and 3” substitute “, 3 and 3A”.

3 After section 14 insert—

“Class 3A contributions

14A          Class 3A contributions in return for units of additional pension

(1)   An eligible person is entitled to pay a Class 3A contribution in
return for a unit of additional pension.

(2)   A person is eligible to pay a Class 3A contribution if the person—

(a)   is entitled to a Category A, Category B or Category D
retirement pension or graduated retirement benefit, or

(b)   has deferred entitlement to a Category A or Category B
retirement pension or graduated retirement benefit.

(3)   The amount of a Class 3A contribution needed to obtain a unit of
additional pension is to be determined in accordance with
regulations made by the Treasury.

(4)   Before making those regulations the Treasury must consult the
Government Actuary or the Deputy Government Actuary.

(5)   A person—

(a)   may pay Class 3A contributions on more than one
occasion, but

(b)   may not obtain more than the maximum number of units
of additional pension.

(6)   The maximum number of units of additional pension that a
person may obtain is to be specified by the Treasury in
regulations.

(7)   In this section “deferred”, in relation to graduated retirement
benefit, has the meaning given by section 36(4A) of the National
Insurance Act 1965.

(8)   For the meaning of “deferred” in relation to a Category A or
Category B retirement pension, see section 55(3) of this Act.

14B          Class 3A contributions: repayment

(1)   The Treasury may by regulations provide for a Class 3A
contribution to be repaid in specified circumstances.

(2)   Regulations under subsection (1) may, in particular, make
provision about applications for repayments and other
procedural matters.

(3)   A person is to be treated as never having had a unit of additional
pension if the Class 3A contribution paid in respect of it is repaid.

(4)   Regulations under subsection (1) may provide for benefits paid
to a person because of the unit of additional pension to be
recovered by deducting them from the repayment.

14C          Class 3A contributions: power to change eligibility or remove
the option to pay

(1)   The Treasury may by regulations change who is eligible to pay
Class 3A contributions.

(2)   The Treasury may by regulations remove the option for people to
pay Class 3A contributions

(3)   Regulations under this section may, in particular, amend an Act.”

4 If paragraph 3 comes into force before the day mentioned in
section 51(5), section 14A(2) as inserted by that paragraph has effect as if
the reference to entitlement included the prospective entitlement of a
person who—

(a)   has not yet reached pensionable age, but

(b)   will reach pensionable age before that day (assuming that the
person lives until pensionable age).

5 In section 43 (persons entitled to more than one retirement pension), in
subsection (1), after “subsection (2) below” insert “and section 61ZC
below (which deals with unusual cases involving units of additional
pension)”.

6 In section 44 (Category A retirement pension), in subsection (3)—

(a)   in paragraph (b), at the end insert “or where the pensioner has
one or more units of additional pension”;

(b)   after paragraph (b) insert—

“For units of additional pension, see section 14A.”

7    (1)   Section 45 (rate of additional pension in a Category A retirement
pension) is amended as follows.

(2)   In subsection (1)—

(a)   after “shall be” insert “the sum of the following—

(a)   in relation to any surpluses in the pensioner’s
earnings factors,”;

(b)   at the end insert “; and

(b)   if the pensioner has one or more units of
additional pension, a specified amount for each of
those units.”

(3)   In subsection (2), at the end of paragraph (d) insert “; and

(e)   if the pensioner has one or more units of additional
pension, a specified amount for each of those units.”

(4)   After subsection (2) insert—

“(2A)    For the purposes of subsections (1)(b) and (2)(e) the “specified
amount” is an amount to be specified by the Secretary of State in
regulations.”

8 In section 52 (special provision for surviving spouses), after
subsection (3) insert—

“(3A)    In subsection (3) the references to additional pension in a
Category A or Category B retirement pension do not include any
amount of additional pension attributable to units of additional
pension.

(3B)   If an amount of additional pension in the Category B retirement
pension is attributable to units of additional pension, the
additional pension in the Category A retirement pension is
increased by that amount (in addition to any increase under
subsection (3)).”

9 After section 61 insert—

“61ZA           Shortfall in contributions: people with units of additional
pension

(1)   This section applies to a person who has one or more units of
additional pension if the person—

(a)   is not entitled to a Category A retirement pension, but

(b)   would be entitled to a Category A retirement pension if
the relevant contribution conditions were satisfied.

(2)   The relevant contribution conditions are to be taken to be
satisfied for the purposes of the person’s entitlement to a
Category A retirement pension.

(3)   But where a person is entitled to a Category A retirement pension
because of this section, the only element of that pension to which
the person is so entitled is the additional pension attributable to
the units of additional pension.

(4)   For units of additional pension, see section 14A.

61ZB        Shortfall in contributions: people whose dead spouse had units
of additional pension

(1)   This section applies to a person whose spouse or civil partner
died with one or more units of additional pension if the person—

(a)   is not entitled to a Category B retirement pension as a
result of the death, but

(b)   would be entitled to a Category B retirement pension as a
result of the death if the relevant contribution conditions
were satisfied.

(2)   The relevant contribution conditions are to be taken to be
satisfied for the purposes of the person’s entitlement to that
Category B retirement pension.

(3)   But where a person is entitled to a Category B retirement pension
because of this section, the only element of that pension to which
the person is so entitled is the additional pension attributable to
the units of additional pension.

(4)   For units of additional pension, see section 14A.

61ZC       Entitlement to more than one pension: sections 61ZA and 61ZB

(1)   Section 43 does not prevent a person from being entitled for the
same period to both—

(a)   a Category A retirement pension because of
section 61ZA, and

(b)   one Category B retirement pension.

(2)   Section 43 does not prevent a person from being entitled for the
same period to both—

(a)   a Category A retirement pension, and

(b)   one Category B retirement pension because of section
61ZB (or, if there is more than one such Category B
retirement pension, the most favourable of them).

(3)   Accordingly—

(a)   in section 43(2)(a) the reference to “a Category A or a
Category B retirement pension”, in a case in which
subsection (1) or (2) of this section applies, includes “a
Category A and a Category B retirement pension”,

(b)   in sections 43(3)(a) and (aa), 51A and 52 “Category A
retirement pension” does not include a pension to which
a person is entitled because of section 61ZA, and

(c)   in sections 43(3)(a) and 52 “Category B retirement
pension” does not include a pension to which a person is
entitled because of section 61ZB.”

10 In section 122 (interpretation), in subsection (1), at the appropriate place
insert—

““unit of additional pension” means a unit of additional pension for
which a person has paid a Class 3A contribution under
section 14A;”.

11 In section 176 (parliamentary control), in subsection (1)(a), at the
appropriate places insert—

“section 14A;”

“section 45(2A);”

12 In the heading to Schedule 1, for “and 3” substitute “, 3 and 3A”.

Social Security Administration Act 1992 (c. 5)

13    (1)   Section 162 of the Social Security Administration Act 1992 (destination of
contributions) is amended as follows.

(2)   In subsection (5)(e), after “those contributions;” insert—

“(ea)   in the case of Class 3A contributions, 15.5 per cent of the
amount estimated to be the total of those contributions;”.

(3)   In subsection (8)(c), for “or (e)” substitute “, (e) or (ea)”.

Welfare Reform and Pensions Act 1999 (c. 30)

14 In section 47 of the Welfare Reform and Pensions Act 1999 (shareable
state scheme rights), in subsection (2)(a), omit “earnings-related”.

PART 2

NORTHERN IRELAND

Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)

15 The Social Security Contributions and Benefits (Northern Ireland) Act
1992 is amended as follows.

16    (1)   Section 1 (outline of contributory system) is amended as follows.

(2)   In subsection (2)—

(a)   omit “six”;

(b)   in paragraph (d), after “making up entitlement;” insert—

“(da)   Class 3A, payable by eligible people voluntarily
under section 14A with a view to obtaining units
of additional pension;”.

(3)   In subsection (4)(a), for “and 3” substitute “, 3 and 3A”.

17 After section 14 insert—

“Class 3A contributions

14A          Class 3A contributions in return for units of additional pension

(1)   An eligible person is entitled to pay a Class 3A contribution in
return for a unit of additional pension.

(2)   A person is eligible to pay a Class 3A contribution if the person—

(a)   is entitled to a Category A, Category B or Category D
retirement pension or graduated retirement benefit, or

(b)   has deferred entitlement to a Category A or Category B
retirement pension or graduated retirement benefit.

(3)   The amount of a Class 3A contribution needed to obtain a unit of
additional pension is to be determined in accordance with
regulations made by the Treasury.

(4)   Before making those regulations the Treasury must consult the
Government Actuary or the Deputy Government Actuary.

(5)   A person—

(a)   may pay Class 3A contributions on more than one
occasion, but

(b)   may not obtain more than the maximum number of units
of additional pension.

(6)   The maximum number of units of additional pension that a
person may obtain is to be specified by the Treasury in
regulations.

(7)   In this section “deferred”, in relation to graduated retirement
benefit, has the meaning given by section 35(4A) of the National
Insurance Act (Northern Ireland) 1966.

(8)   For the meaning of “deferred” in relation to a Category A or
Category B retirement pension, see section 55(3) of this Act.

14B          Class 3A contributions: repayment

(1)   The Treasury may by regulations provide for a Class 3A
contribution to be repaid in specified circumstances.

(2)   Regulations under subsection (1) may, in particular, make
provision about applications for repayments and other
procedural matters.

(3)   A person is to be treated as never having had a unit of additional
pension if the Class 3A contribution paid in respect of it is repaid.

(4)   Regulations under subsection (1) may provide for benefits paid
to a person because of the unit of additional pension to be
recovered by deducting them from the repayment.

14C          Class 3A contributions: power to change eligibility or remove
the option to pay

(1)   The Treasury may by regulations change who is eligible to pay
Class 3A contributions.

(2)   The Treasury may by regulations remove the option for people to
pay Class 3A contributions.

(3)   Regulations under this section may, in particular, amend an Act.”

18    (1)   If paragraph 17 comes into force before the new state pension
commencement date for Northern Ireland, section 14A(2) as inserted by
that paragraph has effect as if the reference to entitlement included the
prospective entitlement of a person who—

(a)   has not yet reached pensionable age, but

(b)   will reach pensionable age before that day (assuming that the
person lives until pensionable age).

(2)   In this paragraph “the new state pension commencement date for
Northern Ireland” means the date on which legislation in Northern
Ireland corresponding to section 2 of this Act comes fully into force.

19 In section 121 (interpretation), in subsection (1), at the appropriate place
insert—

““unit of additional pension” means a unit of additional pension for
which a person has paid a Class 3A contribution under
section 14A;”.

20 In section 172 (procedure for regulations etc), in subsection (11A), after
“11(3)” insert “, 14A”.

21 In the heading to Schedule 1, for “and 3” substitute “, 3 and 3A”.

Social Security Administration (Northern Ireland) Act 1992 (c. 8)

22    (1)   Section 142 of the Social Security Administration (Northern Ireland) Act
1992 (destination of contributions) is amended as follows.

(2)   In subsection (5)(e), after “those contributions;” insert—

“(ea)   in the case of Class 3A contributions, 15.5 per cent of the
amount estimated to be the total of those contributions;”.

(3)   In subsection (8)(c), for “or (e)” substitute “, (e) or (ea)”.”

Insert the following new Schedule—

“SCHEDULE

WORK-BASED SCHEMES: REQUIREMENTS FOR DISCLOSURE OF CHARGES AND OTHER
INFORMATION

The Secretary of State shall by regulations make provision to require
disclosure at least annually of the following management and
transaction charges incurred by the administration and management of
each investment portfolio managed by or on behalf of a work-based
scheme—

(a)   fees and performance fees paid to investment managers,

(b)   commissions and bid-offer spreads paid to brokers,

(c)   bid-offer spreads paid to foreign exchange counterparties,

(d)   fees, revenue splits and bid-offer spreads paid to custodian
banks,

(e)   fees paid to in-house or third party scheme administrators,

(f)   fees paid to professional advisors (e.g. actuaries, legal advisers,
auditors, investment consultants etc.),

(g)   initial charges, bid-offer spreads, exit charges, other fees and
rebates charged on investments in pooled funds.”

Page 23, line 37, leave out “sustainable growth” and insert “sustainability”

Insert the following new Clause—

“Public service pension schemes: transitional arrangements

(1)   Section 18 of the Public Service Pensions Act 2013 (restriction of existing
pension schemes) is amended as follows.

(2)   After subsection (5) insert—

“(5A)    Scheme regulations may also provide for exceptions to subsection
(1) in the case of—

(a)   persons who were members of a public body pension
scheme specified in the regulations, or who were eligible to
be members of such a scheme, immediately before 1 April
2012, and

(b)   such other persons as the regulations may specify, being
persons who before that date had ceased to be members of
a scheme referred to in paragraph (a) or to be eligible for
membership of such a scheme.”

(3)   In each of subsections (6) and (8), after “(5)” insert “or (5A)”.”

Insert the following new Clause—

“Amendments to Universal Credit Regulations 2013

(1)   The Universal Credit Regulations 2013 are amended as follows.

(2)   In paragraph 89 (claimants subject to no work-related requirements) after
sub-paragraph (f) insert—

“(g)   the claimant is claiming bereavement support payment and
is eligible for child benefit for at least one child.”

(3)   In paragraph 66(1)(b), omit paragraphs (v) and (vi).”

Insert the following new Clause—

“Work-based schemes: requirements for disclosure of charges and other
information

The Secretary of State must by regulations require work-based pension
schemes to disclose periodically certain costs and information relating to
the charges for management and administration described in Schedule
(Work-based schemes: requirements for disclosure of charges and other
information).”

Page 24, line 32, leave out paragraph (a) and insert—

“(a)   regulations under section 3, 17, 18(3) or (5), 19, 20, 29, 31 or 33,”

Page 24, line 32, after “18(5)” insert “, 24(8)”

Page 24, line 33, leave out “or 20”

Page 24, line 38, after “paragraph” insert “1 or”

Page 25, line 5, after “51(1)” insert “, (6A)”

Page 25, line 20, leave out subsection (2)

Page 25, line 36, at end insert—

“(6A)    Section (Public service pension schemes: transitional arrangements) comes into
force on such day or days as the Treasury may by order appoint.

(6B)   An order under subsection (1) or (6A) may appoint different days for
different purposes.”