Pensions Bill

Page 96, line 7, leave out lines 7 to 11 and insert “the cash equivalent transfer value
of the transferable benefits of a qualifying member of a transferable benefits
scheme is—

(a)   transferred to the automatic transfer scheme, and

(b)   used to provide rights for the member under it in accordance
with the prescribed transfer rules”

Page 96, line 18, leave out “an active” and insert “a”

Page 97, line 5, leave out paragraph 2 and insert—

“Transferable benefits scheme to transfer benefits to automatic transfer scheme

2   (1)     The regulations must require the transferable benefits scheme to transfer
the member’s transferable benefits, and the automatic transfer scheme to
allow the transfer, if certain conditions are met.

(2)     The regulations may make provision pursuant to either paragraph 3 or
paragraph 3A for the trustees or managers of the transferable benefits
scheme and the automatic transfer scheme to take certain steps—

(a)   at a particular time (for example, within a prescribed period after
an event under the transferable pension rules such as the date on
which a member ceases to be an active member of a transferable
benefits scheme or at prescribed intervals);

(b)   for the steps to be taken at any particular time to relate to a
particular qualifying member or to some or all qualifying
members;

(c)   for the trustees or managers of an automatic transfer scheme or a
transferable benefits scheme to notify the trustees or managers of
the other scheme that the conditions for automatic transfer have
been met; and

(d)   to make further provision for the transfer of benefits from the
transferable benefits scheme to the automatic transfer scheme.”

Page 97, line 15, leave out “must” and insert “may”

Page 97, line 26, at end insert—

“Transferable benefits scheme to effect transfer of cash equivalent

3A  (1)     The regulations may require the trustees or managers of a transferable
benefits scheme to enter an agreement with the trustees or managers of
an automatic transfer scheme in order to automatically transfer
transferable benefits to the automatic transfer scheme if—

(a)   there are one or more qualifying members in the transferable
benefits scheme who are no longer active members; and

(b)   any other prescribed conditions are met.

(2)     The regulations may make provision for a protocol through which a
transferable benefits scheme may establish an agreement with an
automatic transfer scheme to transfer benefits.

(3)     The conditions that may be prescribed because of sub-paragraph (1)(b)
include a condition that the trustees or managers must not enter into an
agreement to transfer unless the qualifying member consents in
accordance with regulations.”

Page 97, line 30, leave out “an automatic transfer” and insert “a transferable
benefits”

Page 97, line 39, leave out “an automatic transfer” and insert “a transferable
benefits”

Page 97, line 42, after “notice” insert “or entering an agreement”

Page 98, line 10, leave out sub-paragraph (1) and insert—

“(1)     The regulations may—

(a)   require the trustees or managers of a transferable benefits scheme
who receive a transfer notice requesting the transfer of the cash
equivalent of a person’s transferable benefits in accordance with
paragraph 3 above to do what is needed to carry out the request;
or

(b)   require the trustees or managers of an automatic enrolment
scheme who receive a request from the trustees or managers of a
transferable benefits scheme to enter a transfer agreement to do
what is needed to receive the transfer.”

Page 99, line 9, after “scheme” insert “or the trustees and managers of a transferable
benefits scheme”

Page 100, line 23, leave out after third “of” to the end of line 25 and insert “a
prescribed pension scheme to be merged into a pension account established for the
member with another scheme”

Page 100, line 33, leave out “current”

Page 101, line 6, leave out paragraph (b)

Page 102, line 4, after “3” insert “or 3A”

Insert the following new Clause—

“Review of provisions within Bill

( )     Within one year from the date of enactment, the Secretary of State shall,
following the completion of a public consultation, lay before both Houses
of Parliament a report assessing the impact of the provisions contained
within this Bill on the following—

(a)   current and future recipients of the state pension;

(b)   members of private pension schemes;

(c)   women born between 6 April 1951 and 5 April 1953;

(d)   the level of knowledge among young people of state pension
entitlement and private pension provision; and

(e)   such other matters that the Secretary of State for Work and Pensions
and the House of Commons Work and Pensions Committee deem
relevant.”