Amendments proposed to the Pensions Bill - continued	House of Commons
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Malcolm Wicks

486

Schedule     7,     page     208,     line     30,     leave out sub-paragraph (6) and insert—

'(6)	A determination under sub-paragraph (2)—

(a)   has effect in relation to future increases under paragraph 28 only, and

(b)   may be expressed to have effect—

(i)	in all cases (whether the entitlement to the periodic compensation first arose before or after the date the determination is made), or

(ii)	only in cases where entitlement to the periodic compensation first arose on or after a date determined by the Board.'.

   

Malcolm Wicks

487

Schedule     7,     page     208,     line     37,     leave out from beginning to end of line 4 on page 209 and insert—

'30

(1 )

The Secretary of State may, on the recommendation of the Board, by order provide that any of the provisions mentioned in sub-paragraph (2) is to have effect as if a different percentage were substituted for the percentage specified in the provision on the passing of this Act ("the original percentage").

(2)	The provisions are paragraphs 3(4)(a) and (b), 5(3), 7(2), 8(3), 10(2), 11(3), 14(3), 15(3), 19(3) and 21(3) of this Schedule (percentage used to calculate periodic or lump sum compensation entitlement).

(2A)	Subject to sub-paragraph (2B), an order under sub-paragraph (1) has effect only in respect of any period for which the Board has, under paragraph 29—

(a)   reduced the maximum revaluation rate for the purposes of paragraphs 12(4) and 17(4) to nil, and

(b)   reduced the appropriate percentage for the purposes of paragraph 28 to nil in all cases.

(2B)

Sub-paragraph (2A) does not prevent an order under sub-paragraph (1) having effect to the extent that it provides for paragraph 3(4)(a), 11(3), 14(3), 15(3) or 19(3) (provisions where the original percentage is 90%) to have effect as if for the original percentage there were substitute a higher percentage.'.

   

Steve Webb
Paul Holmes
John Robertson
Mr Bill Tynan

6

Schedule     7,     page     208,     line     37,     leave out paragraph 30.

   

Malcolm Wicks

488

Schedule     7,     page     209,     line     11,     leave out 'Schedule' and insert 'paragraph'.

   

Malcolm Wicks

489

Schedule     7,     page     209,     line     20,     at end insert—

    '( )   The date specified under subsection (5)(b)(i) or (ii) must not be earlier than the date of the order.'.

   

Malcolm Wicks

490

Schedule     7,     page     210,     line     12,     leave out sub-paragraph (3) and insert—

'(3)	"The admissible rules" means the scheme rules disregarding, if sub-paragraph (3A) applies, the recent rule changes.

(3A)

This sub-paragraph applies if the combined effect of the recent rule changes and recent discretionary increases is such that, if account were taken of those changes and increases in calculating the protected liabilities in relation to the scheme at the relevant time, those protected liabilities would be greater than they would be if all those changes and increases were disregarded.

(3B)	In sub-paragraph (3A) "the relevant time" means the time immediately before the assessment period which begins on the assessment date'.

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Mr Malcolm Wicks

470

Clause     127,     page     79,     line     19,     at end insert—

    '( )   In section 47 of the Pension Schemes Act 1993 (further provision concerning entitlement to a guaranteed minimum pension for the purposes of section 46), after subsection (7) insert—

    "(8)   For the purposes of section 46, a person shall be treated as entitled to a guaranteed minimum pension to which he would have been entitled but for the fact that the trustees or managers were discharged from their liability to provide that pension on the Board of the Pension Protection Fund assuming responsibility for the scheme.".'.

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Malcolm Wicks

385

Clause     129,     page     79,     line     36,     leave out 'section 105(5)' and insert 'section 107(4)'.

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

352

Clause     131,     page     80,     line     33,     at end insert—

'(d)	by agreeing that the purchase of annuities in respect of an occupational pension scheme which is in the process of being wound up can be postponed, and that relevant benefits may be discharged by the Board.'.

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Malcolm Wicks

386

Clause     132,     page     80,     line     38,     leave out 'have accrued rights under the scheme' and insert 'are entitled, or have accrued rights, under the scheme rules'.

   

Malcolm Wicks

387

Clause     132,     page     81,     line     1,     after 'section' insert—

'"accrued rights", under the scheme rules of a scheme, include pension credit rights within the meaning of section 124(1) of the Pensions Act 1995 (c.26);'.   

Malcolm Wicks

388

Clause     132,     page     81,     line     3,     at end insert—

'"scheme rules" has the meaning given by section 120(5).'.

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Malcolm Wicks

471

Clause     134,     page     82,     line     3,     leave out from 'given' to end of line 4 and insert 'in respect of a scheme within the first 12 months of an assessment period in relation to the scheme'.

   

Malcolm Wicks

472

Clause     134,     page     82,     line     16,     leave out 'respect of' and insert 'relation to'.

   

Malcolm Wicks

473

Clause     134,     page     82,     line     21,     leave out 'or section 121(2)' and insert ', 121(2) or [duty to assume responsibility for closed schemes](1)'.

   

Malcolm Wicks

474

Clause     134,     page     82,     line     29,     leave out 'and'.

   

Malcolm Wicks

475

Clause     134,     page     82,     line     31,     at end insert ', and

(d)	in the case of section [duty to assume responsibility for closed schemes](1), has the same meaning as in that provision.'.

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Malcolm Wicks

389

Clause     135,     page     83,     line     1,     leave out 'income' and insert 'any income or capital gain'.

   

Kevin Brennan
Sandra Osborne

275

Clause     135,     page     83,     line     8,     leave out 'other than' and insert 'including'.

   

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

351

Clause     135,     page     83,     line     33,     at end insert—

    '(3A)   Regulations must prescribe the basis upon which the Pension Protection Fund shall have the same powers of compensation as those set out in section 124 of, and Schedule 7 to, this Act in respect of those occupational pension schemes which are being wound up prior to the coming into force of Part 2 of this Act.'.

   

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

350

Clause     135,     page     83,     line     34,     at end insert—

    '(5)   The Pension Protection Fund shall publish annual accounts showing all income and expenditure as well as those assets currently administered by it.'.

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

184

Clause     136,     page     83,     line     39,     after 'regulations', insert ', which shall be no earlier than the day on which the basis for calculating the risk-based levy in the first financial year after the initial period has been published.'.

   

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

358

Clause     136,     page     83,     line     40,     leave out '12 months' and insert '6 months'.

   

Kevin Brennan
Sandra Osborne
Adam Price

276

Clause     136,     page     83,     line     46,     at end insert—

    '(2A)   The regulations must prescribe that the initial levy is not to be used for payments under section 135(3) in so far as they relate to schemes which are being wound up or which have already been wound up on the date prescribed for the purposes of section 98(2).'.

   

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

157

Clause     136,     page     84,     leave out line 1.

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Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Steve Webb
Paul Holmes

215

Clause     137,     page     84,     line     14,     after 'liabilities', insert—

'(ia)

the likelihood of an insolvency event occurring in relation to the employer in relation to a scheme,'.

   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Steve Webb
Paul Holmes

217

Clause     137,     page     84,     line     18,     at end insert—

    '(2A)   Prior to the establishment of the risk-based pension protection levy the Secretary of State must make a recommendation as to whether insolvency risk and investment strategy will be included in the risk-based pension protection levy.

    (2B)   Any subsequent changes to the consideration of these factors must be approved by the Secretary of State.'.

Prepared 25 Mar 2004