Vote Bundle Text (940325-07)

Amendments proposed to the Pensions Bill - continued	House of Commons

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Malcolm Wicks

Schedule 11, page 229, line 6, at end insert—

In section 99 (trustees' duties after exercise of option)—

Malcolm Wicks

Schedule 11, page 229, line 6, at end insert—

In section 101J (time for compliance with transfer notice)—

Malcolm Wicks

Schedule 11, page 229, line 8, at end insert—

In section 168(4) (penalties for contravention of regulations) after "the provision" insert "to be required by notice in writing".'.

Malcolm Wicks

Schedule 11, page 229, line 20, at end insert—

In section 4 (suspension orders), in subsections (3) and (5) for "class" substitute "description".'.

Malcolm Wicks

Schedule 11, page 229, line 22, at end insert—

In section 9 (removal and appointment of trustees: property), after "exercise" insert "by order".'.

Malcolm Wicks

Schedule 11, page 229, line 28, at end insert—

In section 29 (persons disqualified for being trustees), in subsection (5) for "class" substitute "description".'.

Malcolm Wicks

Schedule 11, page 229, line 29, after 'consequences)' insert '—

Malcolm Wicks

Schedule 11, page 230, line 41, at end insert—

In section 69(2) (power to make provision in relation to applications under that section)—

Malcolm Wicks

Schedule 11, page 230, line 41, at end insert—

In section 71A(4)(d) (power to make provision in relation to applications for the purposes of that section)—

Malcolm Wicks

100

Schedule 11, page 231, line 42, after '"Authority",' insert—

Malcolm Wicks

101

Schedule 12, page 232, line 29, leave out '1' and insert '2'.

Malcolm Wicks

102

Schedule 12, page 233, leave out lines 23 and 24.

Malcolm Wicks

103

Schedule 12, page 233, line 53, column 2, at end insert—

'In section 71A(4), paragraphs (f) and (g).'

Malcolm Wicks

403

Schedule 12, page 234, line 27, after '21(3)"' insert 'and "78, 79, 80(4)"'.

Mr Harry Barnes

Clause 246, page 162, line 46, after 'England', insert 'Northern Ireland'.

Mr Harry Barnes

Clause 246, page 163, line 1, leave out from beginning to end of line 22.

Malcolm Wicks

398

Clause 246, page 163, line 11, at end insert '(other than paragraph 17A)'.

Mr Harry Barnes

Page 163, line 26, leave out Clause 247.

REMAINING 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—

(a)	in a specified form;

(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).'.

Schemes required to wind up but unable to buy out liabilities

Malcolm Wicks

NC10

To move the following Clause:—

'(1) This section applies where section 120(2) or (2A) (scheme rescue not possible but scheme has sufficient assets to meet the protected liabilities) applies in relation to an eligible scheme.

(2) If the trustees or managers of the scheme are unable to obtain a full buy-out quotation, they must, within the authorised period, apply to the Board for authority to continue as a closed scheme.

(3) For the purposes of determining whether they must make an application under subsection (2), the trustees and managers of the scheme must take all reasonable steps to obtain a full buy-out quotation in respect of the scheme.

(4) An application under subsection (2) must—

(a)	be in the prescribed form and contain the prescribed information, and

(b)	be accompanied by evidence in the prescribed form which shows that the trustees or managers of the scheme have complied with the obligation under subsection (3) but were unable to obtain a full buy-out quotation.

(5) Where the Board receives an application under subsection (2), if it is satisfied that the trustees or managers have complied with the obligation under subsection (3) but were unable to obtain a full buy-out quotation, it must authorise the scheme to continue as a closed scheme,

(6) Where the Board determines an application in respect of a scheme under this section, it must issue a determination notice and give a copy of that notice to—

(a)	the trustees or managers of the scheme, and

(b)	the Regulator.

(7) In this section—

"authorised period" has the same meaning as in section 120;"determination notice" means a notice which is in the prescribed form and contains such information about the determination as may be prescribed;"full buy-out quotation", in relation to a scheme, means a quotation for one or more annuities from one or more insurers (being companies willing to accept payment in respect of the members from the trustees or managers of the scheme) which would provide in respect of each member of the scheme, from a relevant date, benefits in accordance with the member's entitlement or accrued rights, including pension credit rights, under the scheme (other than his entitlement or rights in respect of money purchase benefits);"pension credit rights" has the meaning given in section 124(1) of the Pensions Act 1995;"relevant date" means a date within the authorised period. (8) If the trustees or managers of the scheme fail to comply with subsection (2) or (3), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.'.