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S.C.B.

Amendment Paper as at
Thursday 25th 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].

   

Kevin Brennan
Sandra Osborne

272

Clause     90,     page     55,     line     36,     leave out 'other than', and insert 'and'.


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

256

Clause     94,     page     57,     line     14,     at end insert 'who shall have a duty to inform the members of the scheme'.


   

Malcolm Wicks

366

Clause     95,     page     58,     line     23,     at end insert—

      '( ) a meeting of creditors is held in relation to the company under section 95 of that Act (creditor's meeting which has the effect of converting a member' voluntary winding up into a creditors' voluntary winding up);'.


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

257

Clause     96,     page     60,     line     13,     at end insert 'who shall have a duty to inform the members of the scheme'.

   

Malcolm Wicks

367

Clause     96,     page     60,     line     15,     at end insert—

    '( )   Regulations may require notices issued under this section—

      (a) to be in a prescribed form;

      (b) to contain prescribed information.'.


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

258

Clause     97,     page     60,     line     29,     after 'scheme', insert 'who shall have a duty to inform the members of the scheme'.

   

Malcolm Wicks

282

Clause     97,     page     60,     line     34,     after 'or', insert 'a qualifying relevant event within the meaning'.

   

Malcolm Wicks

283

Clause     97,     page     60,     line     38,     after second 'event', insert 'or, as the case may be, qualifying relevant event'.


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson

2

Clause     98,     page     61,     line     9,     leave out subsection (2).

   

Kevin Brennan
Sandra Osborne

273

Clause     98,     page     61,     line     9,     leave out 'not'.

   

Kevin Brennan
Sandra Osborne

274

Clause     98,     page     61,     line     9,     after 'up', insert 'or if it has already been wound up.'.

   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

354

Clause     98,     page     61,     line     11,     at end insert—

    '(3)   Hybrid schemes as defined by regulations will be exempt from the flat rate levy and only required to pay the risk-based levy.'.


   

John Robertson
Mr Bill Tynan

416

Clause     99,     page     61,     line     14,     leave out from 'where' to end of line 15 and insert—

    '(a)   a qualifying insolvency event has occurred in relation to the employer in relation to an eligible scheme; or

    (b)   such an event would have occurred but for an agreement reached by the trustees or managers of the scheme and the employer in order to avoid a qualifying insolvency occurring.'.

   

Malcolm Wicks

368

Clause     99,     page     61,     line     26,     at end insert—

    '(2A)   For the purposes of this section, in relation to an eligible scheme an insolvency event ("the current event") in relation to the employer is a qualifying insolvency event if—

      (a) it occurs on or after the day appointed under section 98(2),

      (b) it—

      (i) is the first insolvency event to occur in relation to the employer on or after that day, or

      (ii) does not occur within an assessment period (see section 104) in relation to the scheme which began before the occurrence of the current event, and

      (c) it does not occur in such circumstances as may be prescribed.'.

   

Malcolm Wicks

369

Clause     99,     page     61,     line     28,     leave out paragraph (a).


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

407

Clause     101,     page     62,     line     34,     leave out 'must' and insert 'may'.

   

Malcolm Wicks

370

Clause     101,     page     62,     leave out lines 34 to 36 and insert—

    '(1)   Where the trustees or managers of an eligible scheme become aware that—'

   

Malcolm Wicks

371

Clause     101,     page     62,     line     39,     at end insert—

       'they must make an application to the Board for it to assume responsibility for the scheme under section 100.'.

   

Malcolm Wicks

372

Clause     101,     page     63,     line     9,     at end insert—

    '( )   The duty imposed by subsection (1) does not apply where the trustees or managers of an eligible scheme become aware as mentioned in that subsection by reason of a notice given to them under subsection (5).

    ( )   The duty imposed by subsection (4) does not apply where the Regulator becomes aware as mentioned in that subsection by reason of a copy of an application made by the trustees or managers of the eligible scheme in question given to the Regulator under subsection (2).'


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

259

Clause     102,     page     63,     line     25,     after 'scheme', insert 'who shall have a duty to inform the members of the scheme.'.


   

Malcolm Wicks

373

Clause     103,     page     64,     line     9,     after 'which', insert 'the time immediately after'.


   

Malcolm Wicks

441

Clause     104,     page     64,     line     23,     leave out sub-paragraph (iii) and insert—

      '(iii) the conditions in section 119(2) (no scheme rescue but sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,'.

   

Malcolm Wicks

374

Clause     104,     page     64,     line     25,     leave out subsection (3) and insert—

    '(3)   In subsection (2) "qualifying insolvency event" has the meaning given by section 99(2A).'

   

Malcolm Wicks

442

Clause     104,     page     64,     line     27,     leave out 'respect of' and insert 'relation to'.

   

Malcolm Wicks

443

Clause     104,     page     64,     line     37,     leave out sub-paragraph (iii) and insert—

      '(iii) the conditions in section 119(2) (no scheme rescue but sufficient assets to meet protected liabilities etc) are satisfied in relation to the scheme,'.

   

Malcolm Wicks

375

Clause     104,     page     64,     line     40,     leave out 'section 127(5)(a)' and insert 'section 101(5)(a)'.

   

Malcolm Wicks

444

Clause     104,     page     64,     line     41,     leave out 'respect of' and insert 'relation to'.

   

Malcolm Wicks

445

Clause     104,     page     64,     line     42,     at end insert—

    '( )   This section is subject to section [closed schemes: further assessment periods] (which provides for further assessment periods to begin in certain circumstances where schemes are required to wind up or continue winding up under section 119).'.


   

Malcolm Wicks

376

Clause     105,     page     65,     line     6,     at beginning of line insert 'Except in prescribed circumstances and subject to prescribed conditions,'.

   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley

408

Clause     105,     page     65,     line     8,     at end insert '; save that a statutory debt may be paid to the trustees.'.

   

Malcolm Wicks

377

Clause     105,     page     65,     line     14,     leave out subsection (5).


   

Malcolm Wicks

378

Clause     107,     page     66,     line     20,     leave out from 'scheme' to 'an' in line 21 and insert 'in pursuance of'.

   

Malcolm Wicks

379

Clause     107,     page     66,     line     25,     leave out subsection (4) and insert—

    '(4)   During the assessment period—

      (a) except in prescribed circumstances and subject to prescribed conditions, no transfers of, or transfer payments in respect of, any member's rights under the scheme are to be made from the scheme, and

      (b) no other steps may be taken to discharge any liability of the scheme to or in respect of a member of the scheme in respect of pensions or other benefits.

    This subsection applies whether or not the scheme was being wound up immediately before the assessment period or began winding up by virtue of subsection (3).'.

   

Malcolm Wicks

446

Clause     107,     page     66,     line     37,     leave out subsection (8).



 
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Prepared 25 Mar 2004