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|(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.'|
26Page 2, line 38 [Clause 1], at end insert
'(3A) For the purposes of subsection (3), an annuity is not to be regarded as making the provision specified in section 634(1A) unless the member has received a certificate stating that it makes that provision from the person providing the annuity.'.
21Page 2, line 39 [Clause 1], leave out 'any income derived from it' and insert 'the right to withdraw funds from it under subsection (2)'.
22Page 2, line 40 [Clause 1], at end insert 'except for the purpose of giving effect to any pension sharing order or provision'.
23Page 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
4Page 2, line 42 [Clause 1], at end insert
'637CRetirement 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.|
24Page 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'.
25Page 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'.
|©Parliamentary copyright 2002||Prepared 19 Jul 2002|