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Pensions Bill


Pensions Bill
Schedule 7 — Pension compensation provisions

211

 

(b)   

if greater, the appropriate percentage of the rate of that pension.

      (8)  

For the purposes of sub-paragraph (7)(a), no increase in the rate of a pension

which is made at the discretion of the trustees or managers of the scheme,

the employer or any other person is to be regarded as an increase required

by virtue of the admissible rules.

5

      (9)  

For the purposes of sub-paragraph (7)(b), “the appropriate percentage” is

the percentage increase in the general level of prices in Great Britain during

the period—

(a)   

beginning when the rate of the pension was last increased or, if there

has been no previous increase, the date the pension first became

10

payable (or would have been payable but for its being postponed),

and

(b)   

ending with the time the relevant increase was made.

Accrual rate, pensionable service and pensionable earnings

33    (1)  

In this Schedule, in relation to a member’s entitlement to benefits under the

15

scheme, each of the following expressions has the meaning given by this

paragraph—

“accrual rate”,

“pensionable earnings”, and

“pensionable service”.

20

      (2)  

“Accrual rate” means the rate at which under the admissible rules rights to

the benefits accrue over time by reference to periods of pensionable service.

      (3)  

“Pensionable earnings” means the earnings by reference to which the

benefits are calculated under the admissible rules.

      (4)  

Subject to sub-paragraphs (5) and (6), “pensionable service” means—

25

(a)   

service in any description of category of employment to which the

scheme applies which qualifies the member (on the assumption that

it continues for the appropriate period) for benefits under the

scheme,

(b)   

any service attributable to transfer credits, and

30

(c)   

service which under the admissible rules of the scheme is

attributable to voluntary contributions paid by the member.

      (5)  

The service within sub-paragraph (4)(a) does not include service notionally

attributable for any purpose of the scheme.

      (6)  

In determining “pensionable service” no account is to be taken of admissible

35

rules by which a period of service can be treated for any purpose as being

longer or shorter than it actually is.

Other definitions

34    (1)  

In this Schedule—

“deferred member”, in relation to the scheme, means a person who,

40

under the admissible rules, has accrued rights under the scheme

other than—

(a)   

an active member, or

(b)   

a person who in respect of his pensionable service under the

scheme or by reason of transfer credits is entitled to the

45

present payment of pension or other benefits;

 

 

Pensions Bill
Schedule 7 — Pension compensation provisions

212

 

“normal benefit age”, in relation to the scheme and a person with

rights to a pension or lump sum under it attributable (directly or

indirectly) to a pension credit, means the age specified in the

admissible rules as the earliest age at which that pension or lump

sum becomes payable without actuarial adjustment (disregarding

5

any scheme rule making special provision as to early payment on

grounds of ill health or otherwise);

“pension credit” means a credit under section 29(1)(b) of the Welfare

Reform and Pensions Act 1999 (c. 30);

“pension credit member”, in relation to the scheme, means a person

10

who has rights under the scheme which are attributable (directly or

indirectly) to a pension credit;

“pension credit rights”, in relation to the scheme, means rights to

future benefits under the scheme which are attributable (directly or

indirectly) to a pension credit;

15

“retail prices index” means—

(a)   

the general index of retail prices (for all items) published by

the Office for National Statistics, or

(b)   

where that index is not published for a month, any

substituted index or figures published by that Office;

20

“the scheme” is to be construed in accordance with paragraph 1;

“transfer credits” means rights allowed to a member under the

admissible rules of the scheme by reference to a transfer to that

scheme of his accrued rights from another scheme (including any

transfer credits allowed by that scheme).

25

      (2)  

For the purposes of this Schedule the accrued rights of a member of the

scheme at any time are the rights (other than rights attributable (directly or

indirectly) to a pension credit) which, in accordance with the admissible

rules, have accrued to or in respect of him at that time to future benefits

under the scheme.

30

      (3)  

In this Schedule references to a pension or lump sum under the admissible

rules of the scheme, or a right to such a pension or lump sum, do not include

a pension or lump sum, or right to a pension or lump sum, which is a money

purchase benefit.

      (4)  

In this Schedule references to “ill health” are to be construed in accordance

35

with regulations under this sub-paragraph.

 

 

Pensions Bill
Schedule 8 — Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

213

 

Schedule 8

Section 162

 

Restricted information held by the Board: certain permitted disclosures to

facilitate exercise of functions

 

Persons

Functions

 
 

The Secretary of State.

Functions under—

 

5

  

(a)   

Part 14 of the Companies

 
  

Act 1985 (c. 6),

 
  

(b)   

the Insolvency Act 1986

 
  

(c. 45),

 
  

(c)   

Part 3 of the Companies

 

10

  

Act 1989 (c. 40),

 
  

(d)   

Part 1 of the Export and

 
  

Investment Guarantees Act

 
  

1991 (c. 67) (apart from

 
  

sections 5 and 6),

 

15

  

(e)   

Part 3 of the Pension

 
  

Schemes Act 1993 (c. 48),

 
  

(f)   

Part 5 of the Police Act 1997

 
  

(c. 50),

 
  

(g)   

the Financial Services and

 

20

  

Markets Act 2000 (c. 8), or

 
  

(h)   

this Act,

 
  

and functions of co-operating with

 
  

overseas government authorities

 
  

and bodies in relation to criminal

 

25

  

matters.

 
 

The Bank of England.

Any of its functions.

 
 

The Financial Services Authority.

Functions under—

 
  

(a)   

the legislation relating to

 
  

friendly societies,

 

30

  

(b)   

the Building Societies Act

 
  

1986 (c. 53), or

 
  

(c)   

the Financial Services and

 
  

Markets Act 2000.

 
 

The Charity Commissioners.

Functions under the Charities Act

 

35

  

1993 (c. 10).

 
 

The Pensions Regulator Tribunal.

Any of its functions.

 
 

The Pensions Ombudsman.

Functions under—

 
  

(a)   

the Pension Schemes Act

 
  

1993, or

 

40

  

(b)   

the Pension Schemes

 
  

(Northern Ireland) Act 1993

 
  

(c. 49).

 
 

 

Pensions Bill
Schedule 8 — Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

214

 
 

Persons

Functions

 
 

The Ombudsman for the Board of

Any of his functions.

 
 

the Pension Protection Fund.

  
 

The Comptroller and Auditor

Any of his functions.

 
 

General.

  

5

 

The Auditor General for Wales.

Any of his functions.

 
 

The Auditor General for Scotland.

Any of his functions.

 
 

The Comptroller and Auditor

Any of his functions.

 
 

General for Northern Ireland.

  
 

The Commissioners of Inland

Functions under—

 

10

 

Revenue or their officers.

(a)   

the Income and

 
  

Corporation Taxes Act 1988

 
  

(c. 1),

 
  

(b)   

the Taxation of Chargeable

 
  

Gains Act 1992 (c. 12),

 

15

  

(c)   

Part 3 of the Pension

 
  

Schemes Act 1993 (c. 48),

 
  

(d)   

Part 3 of the Pension

 
  

Schemes (Northern

 
  

Ireland) Act 1993 (c. 49), or

 

20

  

(e)   

the Income Tax (Earnings

 
  

and Pensions) Act 2003

 
  

(c. 1).

 
 

The Commissioners of Customs

Functions under any enactment.

 
 

and Excise.

  

25

 

The Official Receiver or, in

Functions under the enactments

 
 

Northern Ireland, the Official

relating to insolvency.

 
 

Receiver for Northern Ireland.

  
 

An inspector appointed by the

Functions under Part 14 of the

 
 

Secretary of State.

Companies Act 1985 (c. 6).

 

30

 

A person authorised to exercise

Functions under those sections or

 
 

powers under—

that Article.

 
 

(a)   

section 447 of the

  
 

Companies Act 1985,

  
 

(b)   

Article 440 of the

  

35

 

Companies (Northern

  
 

Ireland) Order 1986 (S.I.

  
 

1986/1032 (N.I. 6)), or

  
 

(c)   

section 84 of the

  
 

Companies Act 1989 (c. 40).

  

40

 

 

Pensions Bill
Schedule 8 — Restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions

215

 
 

Persons

Functions

 
 

A person appointed under—

Functions in relation to that

 
 

(a)   

section 167 of the Financial

investigation.

 
 

Services and Markets Act

  
 

2000 (c. 8),

  

5

 

(b)   

subsection (3) or (5) of

  
 

section 168 of that Act, or

  
 

(c)   

section 284 of that Act,

  
 

to conduct an investigation.

  
 

A body designated under section

Functions in its capacity as a body

 

10

 

326(1) of that Act.

designated under that section.

 
 

A recognised investment exchange

Functions in its capacity as an

 
 

or a recognised clearing house (as

exchange or clearing house

 
 

defined by section 285 of that Act).

recognised under that Act.

 
 

A body corporate established in

Functions under the Financial

 

15

 

accordance with section 212(1) of

Services Compensation Scheme,

 
 

that Act.

established in accordance with

 
  

section 213 of that Act.

 
 

The Panel on Takeovers and

Functions under the City Code on

 
 

Mergers.

Takeovers and Mergers and the

 

20

  

Rules Governing Substantial

 
  

Acquisitions of Shares for the time

 
  

being issued by the Panel.

 
 

The General Insurance Standards

Functions of regulating sales and

 
 

Council.

advisory and service standards in

 

25

  

relation to insurance.

 
 

A recognised professional body

Functions in its capacity as such a

 
 

(within the meaning of section 391

body under that Act.

 
 

of the Insolvency Act 1986 (c. 45)).

  
 

A person on whom functions are

The functions so conferred.

 

30

 

conferred by or under Part 2, 3 or 4

  
 

of the Proceeds of Crime Act 2002

  
 

(c. 29).

  
 

The Counter Fraud and Security

Any of its functions.

 
 

Management Service established

  

35

 

under the Counter Fraud and

  
 

Security Management Service

  
 

(Establishment and Constitution)

  
 

Order 2002 (S.I. 2002/3039).

  
 

 

Pensions Bill
Schedule 9 — Use and supply of information: private pensions policy and retirement planning

216

 
 

Persons

Functions

 
 

The Department of Enterprise,

Functions under—

 
 

Trade and Investment in Northern

(a)   

Part 15 of the Companies

 
 

Ireland.

(Northern Ireland) Order

 
  

1986 (S.I. 1986/1032 (N.I.

 

5

  

6)),

 
  

(b)   

the Insolvency (Northern

 
  

Ireland) Order 1989 (S.I.

 
  

1989/2405 (N.I. 19)), or

 
  

(c)   

Part 2 of the Companies

 

10

  

(No. 2) (Northern Ireland)

 
  

Order 1990 (S.I. 1990/1504

 
  

(N.I. 10)).

 
 

The Department for Social

Functions under Part 3 of the

 
 

Development in Northern Ireland.

Pension Schemes (Northern

 

15

  

Ireland) Act 1993 (c. 49).

 
 

An Inspector appointed by the

Functions under Part 15 of the

 
 

Department of Enterprise, Trade

Companies (Northern Ireland)

 
 

and Investment in Northern

Order 1986.

 
 

Ireland.

  

20

 

A recognised professional body

Functions in its capacity as such a

 
 

within the meaning of Article 350

body under that Order.

 
 

of the Insolvency (Northern

  
 

Ireland) Order 1989.

  
 

The Gaming Board for Great

Functions under—

 

25

 

Britain.

(a)   

the Gaming Act 1968

 
  

(c. 65), or

 
  

(b)   

the Lotteries and

 
  

Amusements Act 1976

 
  

(c. 32).

 

30

 

Schedule 9

Section 193

 

Use and supply of information: private pensions policy and retirement

planning

Use of information held by Secretary of State etc

1     (1)  

Section 3 of the Social Security Act 1998 (c. 14) (use of information) is

35

amended as follows.

      (2)  

In subsection (1), for the words from “social security” to “training” substitute

“any of the matters specified in subsection (1A) below”.

      (3)  

After subsection (1) insert—

“(1A)   

The matters are—

40

(a)   

social security, child support or war pensions;

(b)   

employment or training;

 

 

Pensions Bill
Schedule 9 — Use and supply of information: private pensions policy and retirement planning

217

 

(c)   

private pensions policy;

(d)   

retirement planning.”

      (4)  

In subsection (2)(a), for the words from “social security” to “training”

substitute “any of the matters specified in subsection (1A) above”.

      (5)  

After subsection (4) insert—

5

“(5)   

In this section—

   

“private pensions policy” means policy relating to occupational

pension schemes or personal pension schemes (within the

meaning given by section 1 of the Pension Schemes Act 1993);

   

“retirement planning” means promoting financial planning for

10

retirement.”

Supply of information held by tax authorities

2     (1)  

This paragraph applies to information which is held—

(a)   

by the Commissioners of Inland Revenue;

(b)   

by a person providing services to the Commissioners of Inland

15

Revenue, in connection with the provision of those services;

(c)   

by the Commissioners of Customs and Excise;

(d)   

by a person providing services to the Commissioners of Customs

and Excise, in connection with the provision of those services.

      (2)  

Information to which this paragraph applies may be supplied—

20

(a)   

to the Secretary of State or the Northern Ireland Department, or

(b)   

to a person providing services to the Secretary of State or the

Northern Ireland Department,

           

for use for the purposes of functions relating to private pensions policy or

retirement planning.

25

      (3)  

An authorised officer may require information to which this paragraph

applies to be supplied—

(a)   

to the Secretary of State or the Northern Ireland Department, or

(b)   

to a person providing services to the Secretary of State or the

Northern Ireland Department,

30

           

for use for the purposes of functions relating to private pensions policy or

retirement planning.

      (4)  

In sub-paragraph (3) “authorised officer” means an officer of the Secretary of

State or the Northern Ireland Department authorised for the purposes of this

paragraph by the Secretary of State or the Northern Ireland Department.

35

      (5)  

In this paragraph—

“private pensions policy” means policy relating to occupational

pension schemes or personal pension schemes;

“retirement planning” means promoting financial planning for

retirement;

40

“the Northern Ireland Department” means the Department for Social

Development in Northern Ireland.

 

 

 
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