Session 2013-14
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Pensions Bill
to be moved
On Report
Schedule 1
LORD FREUD
Page 31, line 34, at end insert—
“( ) Where regulations under section 22(5ZA) of the Contributions and
Benefits Act have the effect that a person is credited, on or after 6 April
2016, with earnings or contributions for a tax year starting before that
date, the earnings or contributions are to be treated for the purposes of
calculating the rate under this paragraph as having been credited before
6 April 2016.”
Clause 14
BARONESS TURNER OF CAMDEN
Leave out Clause 14
Schedule 12
LORD FREUD
Page 51, line 37, at end insert—
“In section 1 (outline of contributory system), in subsection (1)(a), after
“this Act” insert “or any other Act”.
In section 13 (Class 3 contributions), in subsection (2), omit
“contribution”.
After section 19A insert—
“19B Extended meaning of “benefit” etc in Part 1
In this Part references to “benefit” or “contributory benefit”
include benefit under Part 1 of the Pensions Act 2014.””
Page 52, line 17, at end insert—
“(5ZB) Regulations under subsection (5ZA) must provide for crediting a
person with such contributions as may be specified in respect of
periods on or after 6 April 1975 during which the person was—
(a) a spouse or civil partner of a member of Her Majesty’s
forces,
(b) accompanying the member on an assignment outside the
United Kingdom, and
(c) not of a description specified in the regulations.”
Page 52, line 17, at end insert—
“In section 122(1) (interpretation), in the definition of “benefit”, after
paragraph (c) insert—
“(For the meaning of “benefit” in Part 1, see also section 19B)”.”
Clause 24
BARONESS TURNER OF CAMDEN
Page 11, line 41, at end insert—
“( ) This power may not be used to restrict benefits of members or future
members without the agreement of current members ascertained as a result
of a poll of current members.”
Schedule 14
BARONESS TURNER OF CAMDEN
Leave out Schedule 14
Clause 27
BARONESS TURNER OF CAMDEN
Page 13, line 29, leave out from “to” to “and” in line 30 and insert “the type of work
undertaken and the degree to which this may impact on health and life
expectancy”
Clause 30
BARONESS FINLAY OF LLANDAFF
Page 15, line 18, at end insert—
“( ) In the case of a person who is pregnant or entitled to child benefit the
regulations must provide for the allowance to be payable—
(a) for a period of at least 3 years, and
(b) until the youngest child of that person at the time of the death has
reached the age of 7 years, whichever is the longer period.”
Page 15, line 18, at end insert—
“( ) In the case of a person who is pregnant or entitled to child benefit the
regulations must provide for the allowance to be payable for a period of at
least 3 years.”
Page 15, line 18, at end insert—
“(1A) In the event that both parents die, the guardian of the surviving children
under 18 years of age shall be eligible for the bereavement support
payment that would have been paid to a surviving parent.
(1B) The changes to the bereavement support payment do not affect the
guardian’s allowance.
(1C) The changes to the bereavement support payment do not affect child
benefit.”
Clause 38
LORD FREUD
Page 19, line 12, at end insert—
“( ) But the regulations may not provide for an exception for employers
of a particular size.”
Clause 43
LORD FREUD
Page 24, line 2, leave out “work-based”
Page 24, line 4, leave out “work-based”
After Clause 43
LORD LAWSON OF BLABY
Insert the following new Clause—
information
The Secretary of State shall by regulations make provision to require
disclosure at least annually of such management and transaction charges
incurred by the administration and management of each investment
portfolio managed by or on behalf of a work-based scheme as the Secretary
of State determines should be so disclosed.”
Insert the following new Clause—
information (No. 2)
(1) The Secretary of State shall by regulations make provision to require
disclosure at least annually of the management and transaction charges
incurred by the administration and management of each investment
portfolio managed by or on behalf of a work-based scheme.
(2) Regulations made under this section may, inter alia, provide for the
disclosure of—
(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, and
(h) any other management and transaction charges that the Secretary
of State from time to time considers appropriate.”
Schedule 18
LORD FREUD
Page 104, line 24, leave out “work-based”
Page 104, line 42, leave out “work-based”
Schedule 20
LORD FREUD
Page 108, line 37, at end insert—
“( ) A person credited with a length of notional pensionable service
because of pension credit rights is to be treated for the purposes
of this paragraph as having pensionable service of that length (in
addition to any pensionable service that the person is treated as
having under sub-paragraph (8)).”
Page 109, line 6, at end insert—
“(9A) Where a person becomes entitled to relevant compensation in
respect of benefits under two or more connected occupational
pension schemes at the same time, this paragraph applies in
relation to the relevant compensation in respect of each benefit as
if—
(a) a reference to the length of the person’s pensionable
service were a reference to the total length of the person’s
pensionable service under all of the schemes (ignoring
any period of overlap), and
(b) sub-paragraphs (8) and (9) apply for the purposes of
working out the length of the person’s pensionable
service in respect of each scheme as if a reference to the
admissible rules were to the admissible rules of that
scheme.”
Page 109, line 6, at end insert—
“(9B) When applying this paragraph in relation to relevant
compensation in respect of a benefit, ignore any pensionable
service that relates to a benefit that is not from the same source.
(9C) For the purposes of sub-paragraph (9B)—
(a) benefits attributable to a person’s pensionable service
under a scheme are from the same source as benefits
attributable to the person’s pensionable service under
that or a connected occupational pension scheme,
(b) benefits under a scheme which are attributable to a
pension credit from a transferor are from the same source
as benefits under that or a connected occupational
pension scheme which are attributable to a pension credit
from the same transferor, and
(c) benefits are not otherwise from the same source.”
Page 109, line 13, at end insert—
“( ) In paragraph 24(2), at the end insert “of the periodic compensation at
that time”.”
Page 109, line 16, at end insert—
“In paragraph 18(2) of Schedule 5 to the Pensions Act 2008, for “the
compensation cap” to the end substitute “a modified version of the
compensation cap in paragraph 26A of Schedule 7 to the Pensions Act
2004”.”
Page 111, line 37, leave out “sections 127(2)(a) and 128(2)(a) of the Pensions Act
2004” and insert “the following”
Page 111, line 40, leave out “that Act.” and insert “the Pensions Act 2004—
(a) any provision in which the definition of “protected liabilities” in
section 131 of that Act applies, and
(b) any provision in which the definition of “protected benefits
quotation” in section 151(8) of that Act applies.”
Page 113, line 3, at end insert—
(1) In relation to a case involving multiple benefits, transitional provision
made by order under section 55(8) may, in particular—
(a) disapply or modify any provision of this Schedule;
(b) make provision similar to any provision of this Schedule.
(2) For these purposes, “a case involving multiple benefits” means a case
mentioned in paragraph 26(9) of Schedule 7 to the Pensions Act 2004.”
Page 113, line 3, at end insert—
(1) Transitional provision made by order under section 55(8) may, in
particular, make provision in relation to compensation payable under
Chapter 1 of Part 3 of the Pensions Act 2008 (compensation sharing on
divorce etc) that is similar to any provision of Part 3 of this Schedule.
(2) Regulations under paragraph 18 of Schedule 5 to the Pensions Act 2008
which restrict an amount payable to a person in any period by reference
to a modified version of the compensation cap in paragraph 26A of
Schedule 7 to the Pensions Act 2004 (inserted by Part 1 of this Schedule)
may also make provision similar to any provision of Part 3 of this
Schedule.”
Clause 50
LORD FREUD
Page 27, line 16, at end insert—
“(8) Regulations under paragraph 26(9) of Schedule 7 to the Pensions Act 2004
(modifications for cases where compensation becomes payable on different
occasions) made in consequence of this section may be made with
retrospective effect.”
Clause 53
LORD LAWSON OF BLABY
Page 28, line 5, at end insert—
“( ) regulations under section (Work-based schemes: requirements for
disclosure of charges and other information),
Page 28, line 5, at end insert—
“( ) regulations under section (Work-based schemes: requirements for
disclosure of charges and other information No. 2),