Pensions Bill

Page 2, line 7, 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 are equal to or greater than the lower
earnings level for that year.”

Page 2, line 13, at end insert—

“( )     A person is not entitled to bereavement support payment and is exempt
from work conditionality as specified in section 30(1A), if he or she has
reached pensionable age.”

Insert the following new Clause—

“Pension statement

(1)     The Secretary of State may by regulation introduce arrangements for the
periodic notification to individuals of their entitlement to request a pension
statement.

(2)     Such regulations shall not require the provision of such notification before
a person has reached the age of 45 nor, subject to subsection (3) below, more
frequently than once every five years.

(3)     Such regulations shall require notification of entitlement to receive a
pension statement in the penultimate year before a person reaches state
pension age.”

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.”

Leave out Clause 14

Page 8, line 31, at end insert—

“( )     The weekly rate is not to be increased under subsection (1) if a person has
opted to receive a lump sum.

( )     The amount of any lump sum to which a person who has deferred
entitlement to a state pension shall be set out in regulations.”

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 report to Parliament on possible
alternative arrangements for access to the Cold Weather Payment
programme currently available to recipients of pensions credit.”

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—

Page 52, line 17, at end insert—

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)”.”

Page 11, line 38, at end insert—

“( )     The power conferred by subsection (2) on employers to amend
occupational pension schemes does not override the powers and duties of
Trustees of such schemes nor any duty to consult members of such schemes
and their representatives in accordance with the terms of such schemes.”

Page 11, line 40, leave out from “members” to end of line 41 and insert—

“( )     No amendment made to an occupational pension scheme under subsection
(2) or under Schedule 14 shall affect the benefits of members of the
occupational pension scheme accrued up to the point where subsection (2)
is triggered.”

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.”

Page 11, line 42, leave out subsection (4) and insert—

“(4)     The power may not be used—

(a)   to make amendments that apply to a member who is a protected
person in relation to a scheme, or

(b)   to amend a public service pension scheme or a scheme of a
description specified in regulations under this paragraph.

(5)     Regulations must define what is meant by a protected person in relation to
a scheme for the purposes of subsection (4)(a).”

Leave out Schedule 14

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”

Page 14, line 10, leave out subsection (5) and insert—

“(5)     The Secretary of State must, for the purposes of a review, appoint a panel
of persons to prepare a report for the Secretary of State on other specified
factors relevant to the review.

(5A)    The panel shall include—

(a)   representatives of the party or parties in opposition at the time;

(b)   representatives of trade unions; and

(c)   representatives of cross bench members of the House of Lords.

(5B)    The panel shall take evidence by way of evidence sessions to be held in
public, and shall have power to determine its own terms of reference for
evidence taking, subject to subsection (5C).

(5C)    The report shall include matters such as disparities in lifespan and healthy
life expectancy by region, gender, occupation and socio-economic class,
type of work undertaken, alternative methods of measuring life
expectancy, and the impact of life expectancy on the labour market.”

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.”

Page 15, line 18, at end insert—

“(1A)    The Secretary of State may by regulation and within the overall budget for
bereavement support payment exempt any widowed parent from work
conditionality while in receipt of said payment.”

Insert the following new Clause—

“Assessed income period: indefinite period

Notwithstanding sections 28 and 29 above, any recipient of pension credit
may from the age of 75 years have his or her assessed income period set for
an indefinite period.”

Page 16, line 37, leave out “of which the person is an active member”

Page 19, line 12, at end insert—

Page 24, line 2, leave out “work-based”

Page 24, line 4, leave out “work-based”

Insert the following new Clause—

“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 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—

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

Page 103, line 40, at end insert—

“(1A)    The Secretary of State must lay before Parliament regulations to restrict
such charges as soon as reasonably practicable and no later than 30th
April 2015.”

Page 104, line 24, leave out “work-based”

Page 104, line 42, leave out “work-based”

Page 108, line 37, at end insert—

Page 109, line 6, at end insert—

Page 109, line 6, at end insert—

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.”

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.”

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),