S.C.B.
Amendment Paper as at
Tuesday 23rd March 2004
STANDING COMMITTEE B
New Amendments handed in are marked thus *
PENSIONS BILL
NOTE
The Amendments have been arranged in accordance with the Order of the Committee [16th March 2004].
Malcolm Wicks
318
Clause 180, page 114, line 20, after 'reviewed', insert ', and if necessary revised,'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
264
Clause 181, page 114, line 30, at end insert ', and
| (c) | must send copies of actuarial valuations and if they are obtained actuarial reports to recognised trades unions and organisations representing pensioner members of the scheme.'. |
Malcolm Wicks
319
Clause 181, page 114, line 43, leave out from 'and' to end of line 44 and insert '—
| (a) | the effective date of the first actuarial valuation must be not more than one year after the establishment of the scheme, and |
| (b) | the effective date of any actuarial report must be not more than one year after the effective date of the last actuarial valuation, or, if more recent, the last actuarial report.'. |
Steve Webb
Paul Holmes
281
Clause 181, page 115, line 12, after 'employer', insert ', recognised trades unions and organisations representing the pensioner members of the scheme.'.
Malcolm Wicks
320
Clause 182, page 115, line 21, leave out from 'with' to end of line 22 and insert 'regulations under section 179'.
Malcolm Wicks
321
Clause 182, page 115, line 23, leave out from beginning to ', and'.
Malcolm Wicks
322
Clause 182, page 115, leave out lines 25 to 27.
Malcolm Wicks
323
Clause 182, page 115, line 28, leave out subsection (3).
Malcolm Wicks
324
Clause 182, page 115, line 31, leave out 'as soon as is reasonably practicable' and insert 'within a reasonable period after the end of the period within which the valuation must be received by the trustees or managers'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
265
Clause 183, page 116, leave out lines 8 and 9 and insert—
'(6) The trustees and managers of the scheme must send a copy of any recovery plan to—
| (b) | organisations representing the pensioner members of the scheme, and |
| (c) | recognised trade unions, |
as soon as reasonably practicable.'.
Malcolm Wicks
325
Clause 183, page 116, line 8, after 'must', insert ', except in prescribed circumstances,'.
Malcolm Wicks
326
Clause 183, page 116, line 9, leave out 'as soon as is reasonably practicable' and insert 'within a reasonable period after it is prepared or, as the case may be, revised'.
Malcolm Wicks
327
Clause 184, page 116, line 25, after 'reviewed', insert ', and if necessary revised,'.
Malcolm Wicks
328
Clause 184, page 116, line 29, leave out subsection (5) and insert—
'(5) The schedule of contributions must be certified by the actuary and—
| (a) | the duty to prepare or revise the schedule is not fulfilled, and |
| (b) | the schedule shall not come into force, |
until it has been so certified.'.
Malcolm Wicks
329
Clause 184, page 116, line 36, leave out 'prescribed date' and insert 'effective date of the last actuarial valuation'.
Malcolm Wicks
330
Clause 184, page 116, line 40, leave out 'prescribed date' and insert 'effective date of the last actuarial valuation'.
Malcolm Wicks
331
Clause 184, page 116, line 43, leave out 'prescribed date' and insert 'effective date of the last actuarial valuation'.
Malcolm Wicks
332
Clause 184, page 116, line 45, leave out 'as soon as reasonably practicable' and insert 'within a reasonable period after it is prepared or, as the case may be, revised'.
Malcolm Wicks
333
Clause 184, page 117, line 6, leave out 'as soon as reasonably practicable' and insert 'within a reasonable period after the end of the period within which the schedule is required to be prepared or, as the case may be, revised'.
Malcolm Wicks
334
Clause 184, page 117, line 10, leave out 'and (3)' and insert ', (3) and (5)'.
Malcolm Wicks
335
Clause 185, page 117, line 20, leave out 'in writing as soon as reasonably practicable' and insert 'and to the members within a reasonable period'.
Malcolm Wicks
336
Clause 185, page 117, line 21, leave out subsection (3).
Malcolm Wicks
337
Clause 185, page 117, line 33, leave out paragraph (b).
Malcolm Wicks
338
Clause 186, page 118, line 12, after first 'the' insert 'active'.
Malcolm Wicks
339
Clause 186, page 118, line 12, leave out 'decision being taken' and insert 'modification taking effect'.
Malcolm Wicks
340
Clause 186, page 118, line 15, leave out 'as soon as reasonably practicable' and insert 'within a reasonable period'.
Malcolm Wicks
341
Clause 186, page 118, line 17, after 'subsection (1)', insert ', (3)'.
Malcolm Wicks
342
Clause 187, page 118, line 27, after 'preparing', insert 'or revising'.
Malcolm Wicks
343
Clause 187, page 118, line 28, at end insert—
| '(e) | modifying the scheme as regards the future accrual of benefits under section 186(2).'. |
Malcolm Wicks
344
Clause 187, page 118, line 35, at end insert—
'(4) Where subsection (1) is not complied with section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.'.
Malcolm Wicks
345
Clause 188, page 119, line 13, leave out paragraph (e) and insert—
| '(e) | that the trustees or managers— |
| (i) | have failed to prepare a schedule of contributions when required to do so under section 184, |
| (ii) | have prepared a schedule of contributions that does not comply with the requirements of that section or any prescribed requirements, or |
| (iii) | have failed to review and revise a schedule of contributions as required by subsection (3) of that section.'. |
Malcolm Wicks
346
Clause 188, page 119, line 35, at end insert 'specifying—
| (i) | the rates of contributions payable towards the scheme by or on behalf of the employer and the active members of the scheme, and |
| (ii) | the dates on or before which such contributions are to be paid.'. |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
255
Clause 188, page 119, line 39, at end add—
'(5) In exercising any of the powers conferred by this section the Regulator must inform—
| (a) | recognised trade unions, and |
| (b) | organisations representing the pensioner members of the scheme |
as soon as is reasonably practicable.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Steve Webb
Paul Holmes
220
Clause 82, page 52, line 18, at end insert—
'(4A) The ordinary members must be representative of those parties affected.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
347
Clause 82, page 52, line 18, at end insert—
'(4A) Any person appointed as an ordinary member shall have knowledge and understanding of—
| (a) | the law relating to pensions and trusts, |
| (b) | the principles relating to— |
| (i) | the funding of occupational pension schemes, and |
| (ii) | investment of the assets of such schemes, and |
| (c) | such other matters as may be prescribed'. |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
348
Clause 82, page 52, line 30, at end insert—
'(8) The appointment of any member of the Board shall be open and transparent.'.
