Amendment Paper as at
Friday 10th May 2002
CONSIDERATION OF BILL
PENSIONS ANNUTIES (AMENDMENT) BILL, AS AMENDED
Ruth Kelly
7
Page 1, line 16 [Clause 1], leave out 'must' and insert 'may'.
Ruth Kelly
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Page 2, [Clause 1], leave out lines 1 to 12.
Ruth Kelly
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Page 2, [Clause 1], leave out lines 14 and 15.
Ruth Kelly
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Page 2, line 16 [Clause 1], leave out 'under section (1A)'.
Ruth Kelly
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Page 2, line 17 [Clause 1], leave out 'must' and insert 'may'.
Ruth Kelly
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Page 2, [Clause 1], leave out lines 19 to 21.
Mr Howard Flight
Mrs Angela Browning
Mr Frank Field
Mr Edward Leigh
3
Page 2, line 23 [Clause 1], leave out 'section is' and insert 'sections are'.
Ruth Kelly
13
Page 2, line 24 [Clause 1], at end insert—
'() Where a member elects to defer the purchase of an annuity such as is mentioned in section 634 he may, for such period as defers the purchase, designate part of the personal pension fund as a Retirement Income Fund under this section.'
Ruth Kelly
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Page 2, [Clause 1], leave out lines 27 and 28.
Ruth Kelly
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Page 2, line 30 [Clause 1], leave out from 'kind' to 'or' in line 31 and insert 'specified in the Schedule to the Personal Pension Schemes (Restrictions on Discretion to Approve) (Permitted Investments) Regulations 2001'.
Ruth Kelly
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Page 2, line 32 [Clause 1], at beginning insert 'investments of a kind'.
Ruth Kelly
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Page 2, line 32 [Clause 1], at end insert 'for the purposes of this section'.
Ruth Kelly
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Page 2, line 34 [Clause 1], after 'may' insert ', subject to subsection (2A),'.
Ruth Kelly
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Page 2, line 35 [Clause 1], at end insert—
'(2A) Section 634A(2) to (5) apply to withdrawals from a Retirement Income Fund as they apply to income withdrawals.'
Ruth Kelly
20
Page 2, line 37 [Clause 1], leave out from beginning to end of line 38 and insert 'personal pension scheme provides for the payment of an annuity which—
| (a) | makes the provision specified in section 634(1A) and (8), and |
| (b) | commences no later than the date on which the member attains the age of 65.' |
Ruth Kelly
21
Page 2, line 39 [Clause 1], leave out 'any income derived from it' and insert 'the right to withdraw funds from it under subsection (2)'.
Ruth Kelly
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Page 2, line 40 [Clause 1], at end insert 'except for the purpose of giving effect to any pension sharing order or provision'.
Ruth Kelly
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Page 2, line 42 [Clause 1], leave out from 'be' to end of line and insert 'assessable to tax under Schedule E (and section 203 shall apply accordingly) and shall be treated as earned income of the member.'
Mr Howard Flight
Mrs Angela Browning
Mr Frank Field
Mr Edward Leigh
4
Page 2, line 42 [Clause 1], at end insert—
'637C Retirement Failsafe Fund (1) There shall be a vehicle for savings for retirement known as a Retirement Failsafe Fund.
(2) A member may transfer funds into a Retirement Failsafe Fund if he elects not to purchase an annuity.
(3) Regulations may make provision relating to Retirement Failsafe Funds, and in particular in connection with—
| (a) | the sums to be invested in the fund; |
| (b) | withdrawals from the fund; |
| (c) | the age at which a pension is payable; |
| (d) | preventing the assignment or surrender of withdrawals from the fund. |
(4) Regulations under subsection (3) shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.'.
Ruth Kelly
24
Page 3, line 3 [Clause 2], leave out from 'order' to end of line 6 and insert—
'( ) An order under this section shall, in respect of each financial year after that in which this Act comes into force, be made on or before 31st January preceding the year in question'.
Ruth Kelly
25
Page 3, line 12 [Clause 3], leave out '6th April 2004' and insert 'such day as the Chancellor of the Exchequer may by order made by statutory instrument appoint'.
