Pension Schemes Bill

Amendments
to be moved
in committee

[Supplementary to the Marshalled List]

Clause 43

LORD HOLMES OF RICHMOND

22A*

Page 18, line 11, at end insert “, unless that pension (or that part of a pension) is a
cash balance benefit within the meaning of section 51ZB of this Act.”

22B*

Leave out Clause 43 and insert the following new Clause—

“Other exemptions from indexation

(1)     The Pensions Act 1995 (annual increase in rate of pension) is amended as
follows.

(2)     After subsection 51(5) insert—

“(5A)    Regulations may provide that this section does not apply to a
pension, or part of a pension, of a specified description.

(5B)    But regulations under subsection (5A) may not be made in respect
of—

(a)   a pension, or any part of a pension, under a defined benefits
scheme,

(b)   a pension, or any part of a pension, which came into
payment before the day on which the regulations come into
force, or

(c)   a pension, or any part of a pension, which is attributable to
pensionable service before the day on which the regulations
come into force.

(5C)    Regulations under subsection (5A) may amend this Part.”

(3)     For subsection 51(7)(b) substitute—

“(b)   first comes into payment on or after the day on which
section 21 of the Pension Schemes Act 2011 comes into force
but before the day on which paragraph 9 of Schedule 2 to the
Pension Schemes Act 2014 comes into force.”

(4)     After subsection 51(8) insert—

“(9)     This section does not apply to any pension (or any part of a pension)
payable to or in respect of an earner under any occupational
pension scheme which—

(a)   is a cash balance benefit (see section 51ZB),

(b)   first comes into payment on or after the day on which
section 43 of the Pension Schemes Act 2015 comes into force,
and

(c)   either—

(i)   is attributable to a period of the earner’s pensionable
service which was not contracted-out employment
within the meaning of section 8 of the Pension
Schemes Act 1993,

(ii)   is attributable to a period of the earner’s pensionable
service which was contracted-out employment
within the meaning of section 8 of that Act but
during which the occupational pension scheme was
not contracted-out by virtue of satisfying the
conditions of subsection (2B) of section 9 of that Act,
or

(iii)   meets prescribed requirements.”

(5)     In subsection 175(2), before paragraph (a) insert—

“(za)   section 51(5A),”.”

After Clause 45

LORD BRADLEY

LORD MCAVOY

23A*

Insert the following new Clause—

“National Employment Savings Trust transfers

In relation to the National Employment Savings Trust, within one month of
the passing of this Act the Secretary of State must lift the ban on transfers
and the contribution cap.”

Prepared 7th January 2015