S.C.C.
Amendment Paper as at
Wednesday 2nd July 2003
STANDING COMMITTEE C
RETIREMENT INCOME REFORM BILL
Mr Edward Garnier
Mr Howard Flight
Mr David Wilshire
Mr David Ruffley
22
Clause 1, page 1, line 6, leave out from 'Fund' to ', and' in line 7.
John Healey
24
Clause 1, page 1, line 16, leave out 'Subject to subsection (7) below'.
John Healey
25
Clause 1, page 1, line 16, leave out 'must' and insert 'may'.
John Healey
26
Clause 1, page 1, line 20, leave out from beginning to end of line 8 on page 2.
John Healey
27
Clause 1, page 2, leave out lines 10 and 11.
John Healey
28
Clause 1, page 2, line 12, leave out 'under section (1A)'.
John Healey
29
Clause 1, page 2, line 13, leave out 'must' and insert 'may'.
John Healey
30
Clause 1, page 2, leave out lines 15 to 17.
John Healey
31
Clause 1, page 2, line 20, 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 he defers the purchase, designate part of the personal pension fund as a Retirement Income Fund under this section'.
John Healey
32
Clause 1, page 2, leave out lines 23 and 24.
John Healey
33
Clause 1, page 2, line 26, leave out from 'kind' to 'or' in line 27 and insert 'specified in the Schedule to the Personal Pension Schemes (Restrictions on Discretion to Approve) (Permitted Investments) Regulations 2001'.
John Healey
34
Clause 1, page 2, line 28, at beginning insert 'investments of a kind'
John Healey
35
Clause 1, page 2, line 28, at end insert 'for the purposes of this section'.
John Healey
36
Clause 1, page 2, line 30, after 'may', insert ', subject to subsection (2A),'.
John Healey
37
Clause 1, page 2, line 31, at end insert—
'(2A) Section 634A(2) to (5) apply to withdrawals from a Retirement Income Fund as they apply to income withdrawals.'.
John Healey
38
Clause 1, page 2, line 33, leave out from beginning to end of line 34 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'. |
John Healey
39
Clause 1, page 2, line 35, leave out 'any income derived from it' and insert 'the right to withdraw funds from it under subsection (2)'.
John Healey
40
Clause 1, page 2, line 36, at end insert 'except for the purpose of giving effect to any pension sharing order or provision'.
John Healey
41
Clause 1, page 2, line 38, 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 Edward Garnier
Mr Howard Flight
Mr David Wilshire
Mr David Ruffley
23
Clause 2, page 2, line 41, after 'year', insert 'following consultation'.
John Healey
42
Clause 2, page 2, line 41, leave out from 'order' to end of line 44 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.'.
John Healey
43
Clause 3, page 3, line 6, leave out from '6th April 2005' and insert 'such day as the Chancellor the Exchequer may by order made by statutory instrument appoint'.
