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Mr Harry Barnes
4
Clause 246, page 163, line 1, leave out from beginning to end of line 22.
Mr Harry Barnes
5
Page 163, line 26, leave out Clause 247.
NEW CLAUSES
Effect of determination to wind up scheme on freezing order
Malcolm Wicks
NC2
To move the following Clause:—
'(1) This section applies where—
| (a) | the Regulator determines to make an order under section 11 of the Pensions Act 1995 (c.26) (power to wind up occupational pension schemes) in relation to a scheme ("a winding up order"), |
| (b) | that determination is made during the period for which a freezing order has effect in relation to the scheme, |
| (c) | the case is not one to which the special procedure in section 72 applies (immediate exercise of powers where immediate risk to assets etc), and |
| (d) | the winding up order accordingly cannot be made until the expiry of the period specified in section 70(4) (no exercise during period of referral to the Tribunal etc). |
(2) In such a case the freezing order is to continue to have effect until—
| (a) | where the winding up order is made, it ceases to have effect under section 24 from the time when that order is made, or |
| (b) | the determination to make the winding up order is revoked. |
(3) Subsection (2) is subject to the Regulator's power under section 75 to revoke the freezing order at any time.'.
Reports by skilled persons
Malcolm Wicks
NC3
To move the following Clause:—
'(1) The Regulator may issue a notice (a "report notice") to—
| (a) | the trustees or managers of a work-based pension scheme, |
| (b) | any employer in relation to such a scheme, or |
| (c) | any person who is otherwise involved in the administration of such a scheme, |
requiring them or, as the case may be, him to provide the Regulator with a report on one or more specified matters which are relevant to the exercise of any of the Regulator's functions.
(2) A report notice must require the person appointed to make the report to be a person—
| (a) | nominated or approved by the Regulator, and |
| (b) | appearing to the Regulator to have the skills necessary to make a report on the matter or matters concerned. |
(3) A report notice may require the report to be provided to the Regulator—
| (b) | before a specified date. |
(4) The costs of providing a report in accordance with a report notice must be met by the person to whom the notice is issued ("the notified person").
(5) But a report notice may require a specified person (other than the Regulator) to reimburse to the notified person the whole or any part of the costs of providing the report.
(6) Where, by virtue of subsection (5), an amount is required to be reimbursed by a specified person to the notified person, that amount is to be treated as a debt due from the specified person to the notified person.
(7) If the trustees or managers of a work-based pension scheme fail to comply with a report notice issued to them, section 10 of the Pensions Act 1995 (c.26) (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
(8) That section also applies to any other person who, without reasonable excuse, fails to comply with a report notice issued to him.
(9) Where a report notice is issued, any person who is providing (or who at any time has provided) services to the notified person in relation to a matter on which the report is required must give the person appointed to make the report such assistance as he may reasonably require.
(10) The duty imposed by subsection (9) is enforceable, on the application of the Regulator, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988 (c.36).
(11) In this section—
"specified", in relation to a report notice, means specified in the notice;"work-based pension scheme" has the same meaning as in section 5 (Regulator's objectives).'.
Interim Pension Protection Fund
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
NC1
To move the following Clause:—
'(1) The Interim Pension Protection Fund shall consist of—
| (a) | property and rights transferred to the Board from salary-related occupational pension schemes— |
| (i) | to which section 56 of the Pensions Act 1995 (c. 26) applies; |
| (ii) | which are being wound up prior to the coming into force of Part 2 of this Act; and |
| (iii) | where prima facie there is a shortfall of assets to meet all obligations to current and future pensioners thereunder, and |
| (b) | proceeds of the interim levy upon unclaimed assets. |
(2) Regulations must make provision for imposing a levy ("the interim levy") to be applied to unclaimed assets.
(3) The regulations must prescribe—
| (a) | the identification of unclaimed assets for the purposes of this Act, |
| (b) | the factors by reference to which the interim levy is to be assessed, |
| (c) | the rate of the levy, and |
| (d) | the time or times during the interim period when the levy becomes payable. |
(4) The Board shall have the same powers of compensation in respect of schemes hereunder as those set out in section 124 and Schedule 7 of this Act.
(5) In no circumstances may any of the proceeds of the levies established pursuant to sections 136 and 137 of this Act be applied for the purposes of this section.'.
Exercise of Regulator's functions
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
NC4
To move the following Clause:—
'In the exercise of its functions under this Act, the Regulator shall have regard to—
| (a) | the need to use its resources efficiently and effectively, |
| (b) | the principle that any burden or restriction imposed should be proportionate to the benefits thereof, and |
| (c) | the need to be open and transparent at all times, and to consult those with an interest when developing policies, procedures and practices.'. |
ORDER OF THE HOUSE [2nd MARCH 2004]
That the following provisions shall apply to the Pensions Bill:
Committal
1. The Bill shall be committed to a Standing Committee.
Standing Committee
2. Proceedings in the Standing Committee shall (so far as not previously concluded) be brought to a conclusion on 22nd April 2004.
3. The Standing Committee shall have leave to sit twice on the first day on which it meets.
Consideration and Third Reading
4. Proceedings on consideration shall (so far as not previously concluded) be brought to a conclusion one hour before the moment of interruption on the day on which those proceedings are commenced.
5. Proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion at the moment of interruption on the day on which proceedings on consideration are commenced.
6. Sessional Order B (programming committees) made on 28th June 2001 shall not apply to proceedings on consideration and Third Reading.
Other proceedings
7. Any other proceedings on the Bill (including any proceedings on consideration of Lords Amendments or on any further message from the Lords) may be programmed.
ORDER OF THE COMMITTEE [9th MARCH 2004]
That—
(1) during proceedings on the Pensions Bill the Standing Committee shall, in addition to its first meeting on Tuesday 9th March at 9.30 a.m., meet—
| (a) | on that day at 2.30 p.m., and |
| (b) | thereafter when the House is sitting on Tuesdays at 9.30 a.m. and 2.30 p.m. and on Thursdays at 9.30 a.m. and 2.00 p.m. |
(2) the proceedings to be taken at the sittings shall be as shown in the second column of the Table below and shall be taken in the order so shown;
(3) the proceedings which under paragraph (2) are to be taken on any sitting shall (so far as not previously concluded) be brought to a conclusion at the time specified in the third column of the Table;
(4) paragraph (2) shall not prevent proceedings being taken (in the order shown in the second column of the Table) at any earlier sitting than that provided for under paragraph (2) if previous proceedings have already been concluded.
TABLE
| Sitting | Proceedings | Time for conclusion of proceedings |
| 9th March (9.30 a.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4, Clauses 77 to 80. | — |
| 9th March (2.30 p.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 11th March (9.30 a.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 11th March (2.00 p.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 16th March (9.30 a.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 16th March (2.30 p.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | 8.00 p.m. |
| 18th March (9.30 a.m.) | Clauses 220 and 221, Schedule 10, Clauses 222 and 223, Clauses 191 to 193, Schedule 9 and Clauses 194 and 195. | — |
| 18th March (2.00 p.m.) | Clauses 220 and 221, Schedule 10, Clauses 222 and 223, Clauses 191 to 193, Schedule 9 and Clauses 194 and 195 (so far as not previously concluded). | 5.00 p.m. |
| 23rd March (9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177. | — |
| 23rd March (2.30 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 25th March (9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 25th March (2.00 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 30th March (9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 30th March (2.30 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 1st April (9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | 11.25 a.m. |
| 1st April (2.00 p.m.) | Clauses 178 to 190. | 5.00 p.m. |
| 20th April (9.30 a.m.) | Clauses 196 to 219. | — |
| 20th April (2.30 p.m.) | Clauses 196 to 219 (so far as not previously concluded). | 8.00 p.m. |
| 22nd April (9.30 a.m.) | Clauses 224 to 242, Schedule 11, Clause 243, Schedule 12, Clauses 244 to 248. | 11.25 a.m. |
| 22nd April (2.00 p.m.) | New Clauses, New Schedules and remaining proceedings on the Bill. | 5.00 p.m. |
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