Session 2014-15
Other Public Bills before Parliament
Bill Home Page
Pension Schemes Bill
marshalled
list of Amendments
to be moved
in committee
The amendments have been marshalled in accordance with the Instruction of 16th December 2014, as follows—
| Clause 47 Clauses 66 to 76 Schedule 3 Schedule 5 | Clauses 48 to 65 Clauses 77 to 85 Schedule 4 |
[Amendments marked * are new or have been altered]
Clause 47
LORD BOURNE OF ABERYSTWYTH
Page 20, line 8, after “members” insert “, and survivors of pension scheme
members,”
After Clause 47
LORD BRADLEY
LORD MCAVOY
Insert the following new Clause—
The Secretary of State must each year produce a report on the effectiveness
of the guidance under Schedule 3, and that guidance must include—
(a) the number of people who have taken up the guidance;
(b) the number of people eligible to take up the guidance who did not
do so;
(c) the effectiveness of the guidance in preventing instances of
consumer detriment through the purchasing of inappropriate
products.”
Insert the following new Clause—
(1) The Chancellor of the Exchequer shall, within a period of 2 years from 6
April 2015, publish and lay before both Houses of Parliament a review of
the impact of pension flexibility on government revenue, with particular
reference to opportunities for tax and national insurance contributions
avoidance.
(2) The information published under subsection (1) should include an
assessment of the impact on—
(a) the use of salary sacrifice arrangements;
(b) income tax receipts; and
(c) national insurance contributions.”
Insert the following new Clause—
(1) The Chancellor of the Exchequer shall, within a period of 18 months from
6 April 2015, publish and lay before both Houses of Parliament a
comprehensive review of the impact of pension flexibility.
(2) The information published under subsection (1) must include—
(a) the distribution impact, by income decile of the population,
(b) a behavioural analysis,
(c) an analysis of the cumulative impact on Exchequer revenues,
(d) an analysis of the impact on the purchase of annuities.”
Schedule 3
LORD BOURNE OF ABERYSTWYTH
Page 65, line 2, after “scheme” insert “, or a survivor of a member of a pension
scheme,”
Page 65, line 3, at end insert “or survivor”
Page 65, line 9, at end insert—
““survivor” has the meaning given by section 74 of the
Pension Schemes Act 2014.”
BARONESS GREENGROSS
LORD BEST
Page 65, line 17, at end insert—
“( ) The Treasury must publish an annual report on outcomes being
experienced by people with flexible benefits.”
Page 65, line 17, at end insert—
“333BA Sources of information in relation to pensions guidance
(1) Bodies which are to give pensions guidance must ask those
receiving the guidance about other potential sources of
retirement income in addition to defined contribution pension
schemes.
(2) Assessment of other potential sources of retirement income must
include an assessment of assets including (but not limited to)—
(a) housing wealth,
(b) savings, and
(c) investments.”
LORD BRADLEY
LORD MCAVOY
Page 66, line 10, at end insert—
“( ) must be sufficient to ensure that the body is capable of
carrying out its functions under section 333C(1).”
BARONESS GREENGROSS
LORD BEST
Page 68, line 14, at end insert—
“( ) must make provision for guidance relating to the
interaction between flexible pension benefits and state
pensions and benefits;
( ) must make provision for guidance relating to the
interaction between flexible pension benefits and credits
or mortgages.”
[Withdrawn]
BARONESS GREENGROSS
Page 71, line 38, after “protection” insert “—
(a) ”
Page 71, line 40, at end insert—
“(b) through the decision-making and purchasing process, for
those deciding what to do with the flexible benefits which
may be provided to the member, and
(c) for people who are drawing their flexible benefits by
ensuring high minimum standards for retirement income
products”
LORD BRADLEY
LORD MCAVOY
BARONESS DRAKE
LORD MCKENZIE OF LUTON
Page 71, line 40, at end insert—
“( ) The FCA must secure an appropriate degree of protection for consumers
whether they have used pensions guidance or otherwise throughout the
decision-making and purchasing process, including safeguards to
actively inform consumers of key risks and benefits.”
LORD BOURNE OF ABERYSTWYTH
Page 74, leave out line 35 and insert “, and survivors of members of the scheme,
with subsisting rights in respect of any flexible benefits.”
Page 74, line 44, leave out “with a right or entitlement to flexible benefits” and
insert “, and survivors of members of pension schemes, with subsisting rights in
respect of any flexible benefits.”
Page 75, line 10, at end insert—
““subsisting rights” has the meaning given by section 74 of
the Pension Schemes Act 2014;
“survivor” has the meaning given by section 74 of the
Pension Schemes Act 2014.”
Page 78, line 1, leave out “with a right or entitlement to flexible benefits” and insert
“, and survivors of members of the scheme, with subsisting rights in respect of any
flexible benefits”
Clause 48
LORD BOURNE OF ABERYSTWYTH
Page 20, line 20, after “acquiring” insert “a right or entitlement to”
Page 20, line 21, at end insert—
“( ) paying a lump sum that would be an uncrystallised funds pension
lump sum in respect of any of the benefits.”
LORD BRADLEY
LORD MCAVOY
Page 20, line 27, at end insert “subject to a draft of the statutory instrument
containing the regulations being laid before, and approved by a resolution of, each
House of Parliament”
Page 20, line 38, at end insert “subject to a draft of the statutory instrument
containing the regulations being laid before, and approved by a resolution of, each
House of Parliament.”
Clause 51
LORD BOURNE OF ABERYSTWYTH
Page 22, line 10, after “acquiring” insert “a right or entitlement to”
Page 22, line 11, at end insert—
“( ) paying a lump sum that would be an uncrystallised funds pension
lump sum in respect of any of the benefits.”
Clause 55
LORD BOURNE OF ABERYSTWYTH
Page 25, line 1, after “pension” insert “, nominees’ drawdown pension or
successors’ drawdown pension”
Clause 56
LORD BOURNE OF ABERYSTWYTH
Page 25, line 17, leave out “or”
Page 25, line 17, at end insert “, nominees’ drawdown pension or successors’
drawdown pension”
After Clause 59
LORD BOURNE OF ABERYSTWYTH
Insert the following new Clause—
“(1) In section 101AI of the Pension Schemes Act 1993 (early leavers: cash
transfer sums and contribution refunds - further provisions), in
subsection (8)—
(a) in paragraph (a), after sub-paragraph (ix) insert—
“(x) section 55 of the Pension Schemes Act 2014;
“(xi) regulations made under section 56 or 57 of
the Pension Schemes Act 2014;”;
(b) in paragraph (b), after sub-paragraph (vii) insert—
“(viii) section 55(3) of the Pension Schemes Act
2014;
“(ix) regulations made under section 56(4) or 57(4)
of the Pension Schemes Act 2014.”
(2) In section 67A of the Pensions Act 1995 (the subsisting rights provisions:
interpretation), in subsection (9)—
(a) in paragraph (a), after sub-paragraph (viii) (inserted by section 45
of this Act) insert—
“(ix) section 55 of the Pension Schemes Act 2014;
(x) regulations made under section 56 or 57 of
the Pension Schemes Act 2014;”;
(b) in paragraph (b), after sub-paragraph (vi) (inserted by section 45 of
this Act) insert—
“(vii) section 55(3) of the Pension Schemes Act
2014;
(viii) regulations made under section 56(4) or 57(4)
of the Pension Schemes Act 2014.”
(3) In section 318 of the Pensions Act 2004 (interpretation), in subsection (3)—
(a) in paragraph (a), after sub-paragraph (viii) (inserted by Schedule 2
to this Act) insert—
“(ix) section 55 of the Pension Schemes Act 2014;
(x) regulations made under section 56 or 57 of
the Pension Schemes Act 2014;”;
(b) in paragraph (b), after sub-paragraph (vi) (inserted by Schedule 2 to
this Act) insert—
“(vii) section 55(3) of the Pension Schemes Act
2014;
(viii) regulations made under section 56(4) or 57(4)
of the Pension Schemes Act 2014.””
LORD BRADLEY
LORD MCAVOY
Insert the following new Clause—
The Secretary of State may make regulations imposing a cap on the charges
that may be imposed on members of flexi-access drawdown funds.”
Clause 60
LORD BOURNE OF ABERYSTWYTH
Page 27, line 18, after “pension” insert “, nominees’ drawdown pension or
successors’ drawdown pension”
Clause 61
LORD BOURNE OF ABERYSTWYTH
Page 27, line 36, leave out “or”
Page 27, line 36, at end insert “, nominees’ drawdown pension or successors’
drawdown pension”
After Clause 64
LORD BOURNE OF ABERYSTWYTH
Insert the following new Clause—
“(1) In section 97AI of the Pension Schemes (Northern Ireland) Act 1993 (early
leavers: cash transfer sums and contribution refunds - further provisions),
in subsection (7)—
(a) in paragraph (a), after sub-paragraph (vii) insert—
“(viii) section 60 of the Pension Schemes Act 2014;
(ix) regulations made under section 61 or 62 of
the Pension Schemes Act 2014;”;
(b) in paragraph (b), after sub-paragraph (v) insert—
“(vi) section 60(3) of the Pension Schemes Act
2014;
(vii) regulations made under section 61(4) or 62(4)
of the Pension Schemes Act 2014.”
(2) In Article 67A of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/
3213 (N.I. 22)) (the subsisting rights provisions: interpretation), in
paragraph (9)—
(a) in sub-paragraph (a), after head (vii) insert—
“(viii) section 60 of the Pension Schemes Act 2014;
(ix) regulations made under section 61 or 62 of
the Pension Schemes Act 2014;”;
(b) in sub-paragraph (b), after head (v) insert—
“(vi) section 60(3) of the Pension Schemes Act
2014;
(vii) regulations made under section 61(4) or 62(4)
of the Pension Schemes Act 2014.”
(3) In Article 2 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255
(N.I. 1)) (interpretation), in paragraph (4)—
(a) in sub-paragraph (a), after head (vii) insert—
“(viii) section 60 of the Pension Schemes Act 2014;
(ix) regulations made under section 61 or 62 of
the Pension Schemes Act 2014;”;
(b) in sub-paragraph (b), after head (v) insert—
“(vi) section 60(3) of the Pension Schemes Act
2014;
(vii) regulations made under section 61(4) or 62(4)
of the Pension Schemes Act 2014.””
Schedule 4
LORD BOURNE OF ABERYSTWYTH
Page 78, line 17, at end insert—
“Judicial Pensions Act 1981 (c. 20)
A1 In Schedule 1A to the Judicial Pensions Act 1981 (transfer of accrued
benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension
Schemes Act 1993” substitute “Chapter 1 of Part 4ZA of the Pension
Schemes Act 1993”.
Judicial Pensions and Retirement Act 1993 (c. 8)
B1 In Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer
of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the
Pension Schemes Act 1993” substitute “Chapter 1 of Part 4ZA of the
Pension Schemes Act 1993”.”
Page 78, line 31, at end insert—
“2A In section 24F (transfers out of GMP-converted schemes), in subsection
(3), omit “guaranteed”.”
Page 81, line 30, at end insert—
“( ) In subsection (2), in paragraphs (a) and (b), for each “accrued rights”
substitute “transferrable rights”.”
Page 83, line 14, leave out “an occupational” and insert “a”
Page 83, line 45, at end insert—
“(xi) section 55 of the Pension Schemes Act 2014;
(xii) regulations made under section 56 or 57 of the
Pension Schemes Act 2014;”
Page 84, line 13, at end insert—
“(ix) section 55(3) of the Pension Schemes Act 2014;
(x) regulations made under section 56(4) or 57(4) of
the Pension Schemes Act 2014.”
Page 84, line 23, leave out “a case” and insert “any other case”
Page 84, line 29, leave out “any other case” and insert “a case not falling within
paragraph (a) or (b)”
Page 85, line 10, leave out “an occupational” and insert “a”
Page 87, line 25, at end insert—
“15A In section 101M (effect of transfer on trustees’ duties), for the words from
“pension credit benefit” to the end of the section substitute “benefits to
which the transfer notice relates”.”
Page 87, line 43, at end insert—
“( ) In that subsection, omit the definition of “pension credit benefit”.”
Page 88, line 35, at end insert—
“27A In section 124 (interpretation of Part 1), in subsection (1), in paragraph
(b) of the definition of “transfer credits”, for “Chapter 5 of Part 4 of the
Pension Schemes Act 1993 (early leavers)” substitute “Chapter 2 of Part
4ZA of the Pension Schemes Act 1993 (transfers and contribution
refunds)”.”
Page 89, line 30, leave out “In section 318 (interpretation),” and insert—
“(1) Section 318 (interpretation) is amended as follows.
“(2) In subsection (2), for “an occupational pension scheme” substitute “a
pension scheme”.
(3) ”
Page 89, line 42, at end insert—
“Scottish Parliamentary Pensions Act 2009 (asp 1)
37A (1) Schedule 1 to the Scottish Parliamentary Pensions Act 2009 (Scottish
Parliamentary Pension Scheme) is amended as follows.
(2) In paragraph 75, in Condition 6, for “section 93A(2)” substitute “section
93A(4)”.
(3) In paragraph 91(2)(g), for “Chapter 4 of Part 4” substitute “Chapter 1 of
Part 4ZA”.”
Page 90, line 11, leave out “, in relation to an occupational pension scheme,”
Page 90, line 21, at end insert—
“Judicial Pensions Act 1981 (c. 20)
40A In Schedule 1A to the Judicial Pensions Act 1981 (transfer of accrued
benefits), in paragraph 3, for “Chapter IV of Part IV of the Pension
Schemes (Northern Ireland) Act 1993” substitute “Chapter 1 of Part 4ZA
of the Pension Schemes (Northern Ireland) Act 1993”.
Judicial Pensions and Retirement Act 1993 (c. 8)
40B In Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer
of accrued benefits), in paragraph 3, for “Chapter IV of Part IV of the
Pension Schemes (Northern Ireland) Act 1993” substitute “Chapter 1 of
Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993”.”
Page 90, line 35, at end insert—
“42A In section 20F (transfers out of GMP-converted schemes), in subsection
(3), omit “guaranteed”.”
Page 93, line 30, at end insert—
“( ) In subsection (2), in paragraphs (a) and (b), for each “accrued rights”
substitute “transferrable rights”.”
Page 95, line 15, leave out “an occupational” and insert “a”
Page 95, line 40, at end insert—
“(viii) section 60 of the Pension Schemes Act 2014;
(ix) regulations made under section 61 or 62 of the
Pension Schemes Act 2014;”
Page 96, line 4, at end insert—
“(vi) section 60(3) of the Pension Schemes Act 2014;
(vii) regulations made under section 61(4) or 62(4) of
the Pension Schemes Act 2014.”
Page 96, line 14, leave out “a case” and insert “any other case”
Page 96, line 20, leave out “any other case” and insert “a case not falling within
paragraph (a) or (b)”
Page 96, line 48, leave out “an occupational” and insert “a”
Page 99, line 12, at end insert—
“55A In section 97M (effect of transfer on trustees’ duties), for the words from
“pension credit benefit” to the end of the section substitute “benefits to
which the transfer notice relates”.”
Page 99, line 30, at end insert—
“( ) In that subsection, omit the definition of “pension credit benefit”.”
Page 100, line 22, at end insert—
“67A In Article 121 (interpretation of Part 2), in paragraph (1), in paragraph (b)
of the definition of “transfer credits”, for “Chapter 5 of Part IV of the
Pension Schemes Act (early leavers)” substitute “Chapter 2 of Part 4ZA
of the Pension Schemes Act (transfers and contribution refunds)”.”
Page 100, line 25, leave out “In Article 2 (interpretation),” and insert—
“(1) Article 2 (interpretation) is amended as follows.
“(2) In paragraph (3), for “an occupational pension scheme” substitute “a
pension scheme”.
(3) ”
Clause 66
LORD BOURNE OF ABERYSTWYTH
Page 30, line 46, leave out “subsection” and insert “subsections (2) and”
Page 31, line 5, leave out subsection (4) and insert—
“( ) After section 95(5) insert—
“(5A) Except in such circumstances as may be prescribed in regulations
made by the Secretary of State or the Treasury, subsection (2A) is to
be construed as if paragraph (d) were omitted.””
Page 31, line 17, leave out subsection (9) and insert—
“( ) Until the coming into force of the first regulations made under a provision
of the Pension Schemes Act 1993 specified in the first column of the table,
regulations made under the provision of that Act specified in the
corresponding entry in the second column apply (with any necessary
modifications) for the purposes of the provision specified in the first
column—
|
New provision of Act |
Existing provision of Act |
|
Section 95(2A)(a)(iii) |
Section 95(2)(a)(ii) |
|
Section 95(2A)(b)(iii) |
Section 95(2)(b)(ii) |
|
Section 95(2A)(c) |
Section 95(2)(c) |
|
Section 95(2A)(d) |
Section 95(2)(d) |
|
Section 95(5A) |
Section 95(5)(a).” |
Clause 67
LORD BOURNE OF ABERYSTWYTH
Page 34, leave out lines 1 to 12
Page 34, line 13, leave out “, or paragraph 3(4)(b) of Schedule 2 to,”
Page 35, line 14, leave out “to (d)”
Page 35, line 25, after “acquiring” insert “a right or entitlement to”
Clause 69
LORD BOURNE OF ABERYSTWYTH
Page 37, line 31, leave out “subsection” and insert “subsections (2) and”
Page 37, line 38, leave out subsection (4) and insert—
“( ) After section 91(5) insert—
“(5A) Except in such circumstances as may be prescribed in regulations
made by the Department or the Department of Finance and
Personnel, subsection (2A) is to be construed as if paragraph (d)
were omitted.””
Page 38, line 1, leave out subsection (9) and insert—
“( ) Until the coming into force of the first regulations made under a provision
of the Pension Schemes (Northern Ireland) Act 1993 specified in the first
column of the table, regulations made under the provision of that Act
specified in the corresponding entry in the second column apply (with any
necessary modifications) for the purposes of the provision specified in the
first column—
|
New provision of Act |
Existing provision of Act |
|
Section 91(2A)(a)(iii) |
Section 91(2)(a)(ii) |
|
Section 91(2A)(b)(iii) |
Section 91(2)(b)(ii) |
|
Section 91(2A)(c) |
Section 91(2)(c) |
|
Section 91(2A)(d) |
Section 91(2)(d) |
|
Section 91(5A) |
Section 91(5)(a).” |
Clause 70
LORD BOURNE OF ABERYSTWYTH
Page 40, line 1, at end insert “a right or entitlement to”
Clause 72
LORD BOURNE OF ABERYSTWYTH
Page 40, line 35, after “scheme” insert “or a survivor of a member”
Clause 73
LORD BOURNE OF ABERYSTWYTH
Page 41, line 2, after “scheme” insert “or a survivor of a member”
Clause 74
LORD BOURNE OF ABERYSTWYTH
Page 41, line 34, at end insert—
““nominees’ drawdown pension”, in relation to a survivor, has the
meaning given by paragraph 27B of Schedule 28 to the Finance Act
2004;”
Page 42, line 5, at end insert—
““successors’ drawdown pension”, in relation to a survivor, has the
meaning given by paragraph 27G of Schedule 28 to the Finance Act
2004;”
Page 42, line 6, leave out “an occupational” and insert “a”
Page 42, line 13, at end insert—
““uncrystallised funds pension lump sum” has the meaning given by
paragraph 4A of Schedule 29 to the Finance Act 2004;”
After Clause 79
LORD BALFE
LORD ROBERTS OF LLANDUDNO
Insert the following new Clause—
(1) Schedule 7 to the Pensions Act 2004 (pension compensation provisions) is
amended as follows.
(2) In paragraph 26 (compensation cap), after sub-paragraph (9) insert—
“(9A) This paragraph is subject to paragraph 26B.”
(3) After paragraph 26A insert—
“26B (1) The relevant compensation payable to a person must in every
case equal the lower of the amounts specified in sub-paragraphs
(2) and (3).
(2) The amount specified in this sub-paragraph is the sum of—
(a) 50% of the annual value of the benefits to which he is
entitled under the admissible rules; and
(b) 2% of that amount for each whole year of the person’s
pensionable service, subject to a maximum of 40% of that
amount.
(3) The amount specified in this sub-paragraph is two times the
standard amount.
(4) Expressions used in this paragraph have the same meaning as in
paragraphs 26 and 26A.””
Insert the following new Clause—
(1) Schedule 7 to the Pensions Act 2004 (pension compensation provisions) is
amended as follows.
(2) In paragraph 26 (compensation cap), after sub-paragraph (9) insert—
“(9A) This paragraph is subject to paragraph 26B.”
(3) After paragraph 26A insert—
“26B (1) The relevant compensation payable to a person must in every
case equal the lower of the amounts specified in sub-paragraphs
(2) and (3).
(2) The amount specified in this sub-paragraph is the sum of—
(a) 50% of the annual value of the benefits to which he is
entitled under the admissible rules; and
(b) provided the person is within ten years of reaching his
normal pension age, 4% of that amount for each whole
year by which his age exceeds ten years before his normal
pension age.
(3) The amount specified in this sub-paragraph is two times the
standard amount.
(4) Expressions used in this paragraph have the same meaning as in
paragraphs 26, 26A and 34.””
Clause 80
LORD BOURNE OF ABERYSTWYTH
Page 45, line 4, leave out “The Secretary of State or the Treasury” and insert “The
appropriate national authority”
Page 45, line 7, after “any” insert “primary or subordinate”
Page 45, line 8, leave out subsection (3) and insert—
“(3) In this section—
“appropriate national authority” means—
(a) in relation to provision which could be made by an Act of
the Northern Ireland Assembly without the consent of the
Secretary of State (see sections 6 to 8 of the Northern Ireland
Act 1998), the Department for Social Development in
Northern Ireland, and
(b) in relation to any other provision, the Secretary of State or
the Treasury;
“primary legislation” means—
(a) an Act;
(b) Northern Ireland legislation;
“subordinate legislation” means—
(a) subordinate legislation as defined by section 21(1) of the
Interpretation Act 1978;
(b) an instrument made under Northern Ireland legislation.”
Clause 81
LORD BOURNE OF ABERYSTWYTH
Page 45, line 15, leave out subsection (2)
Page 45, line 20, leave out “an Act” and insert “primary legislation”
Page 45, line 27, leave out subsections (6) to (8)
After Clause 81
LORD BOURNE OF ABERYSTWYTH
Insert the following new Clause—
“(1) A power of the Department for Social Development in Northern Ireland to
make regulations under this Act is exercisable by statutory rule for the
purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/
1573 (N.I. 12)).
(2) Where regulations made by the Department for Social Development in
Northern Ireland under section 80 amend, repeal, revoke or otherwise
modify a provision of primary legislation (whether alone or with other
provision), the regulations—
(a) must be laid before the Northern Ireland Assembly after being
made;
(b) take effect on such date as may be specified in the regulations but
(without prejudice to the validity of anything done under them or
to the making of new regulations) cease to have effect on the expiry
of a period of 6 months from that date unless at some time before
the expiry of that period the regulations are approved by a
resolution of the Northern Ireland Assembly.
(3) Any other regulations made by the Department for Social Development in
Northern Ireland under this Act are subject to negative resolution within
the meaning of section 41(6) of the Interpretation Act (Northern Ireland)
1954 (c. 33 (N.I.)).
(4) Subsection (3) does not apply to regulations containing provision under
section 84(6) only.”
Insert the following new Clause—
(1) A power to make regulations under this Act may be used—
(a) to make different provision for different purposes;
(b) in relation to all or only some of the purposes for which it may be
used.
(2) Regulations under this Act may include incidental, supplementary,
consequential, transitional, transitory or saving provision.”
Clause 84
LORD BOURNE OF ABERYSTWYTH
Page 46, line 29, leave out paragraphs (b) to (e) and insert—
“( ) any other provision of Part 4 so far as is necessary for enabling the
exercise on or after the day on which this Act is passed of any power
to make provision by regulations;”
Page 46, line 38, leave out paragraphs (a) to (c) and insert—
“( ) paragraphs 24, 30, 33 and 36 of Schedule 2 (and section 46 so far as
relating to those provisions);
“( ) Part 4, so far as not already in force.”
Page 47, line 3, at end insert “other than paragraphs 24, 30, 33 and 36 of Schedule 2 (and section 46 so far as relating to those provisions)”