Amendments proposed to the Pensions Bill - continued | House of Commons |
back to previous text |
Treatment of closed schemes required to wind up
Malcolm Wicks NC11 To move the following Clause:'(1) In this section "closed scheme" means an eligible scheme which is authorised under section [schemes required to wind up but unable to buy out liabilities] to continue as a closed scheme. (2) The provisions mentioned in subsection (3) apply in relation to a closed scheme at any time when the trustees or managers of the scheme are required to wind up or continue winding up the scheme under section 119 as if that time fell within an assessment period in relation to the scheme. (3) The provisions are
Valuations of closed schemes
Malcolm Wicks NC12 To move the following Clause:'(1) Regulations may make provision requiring the trustees or managers of closed schemes to obtain actuarial valuations of the scheme at such intervals as may be prescribed for the purposes of enabling them to determine
(3) Subject to any provision made under subsection (2), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board. (4) In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this section, a provision of the scheme which limits the amount of its liabilities by reference to the value of its assets is to be disregarded. (5) In this section, in relation to a scheme "actuarial valuation" means a written valuation of
Applications and notifications where closed schemes have insufficient assets
Malcolm Wicks NC13 To move the following Clause:'(1) If at any time the trustees or managers of a closed scheme become aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, they must, before the end of the prescribed period beginning with that time, make an application to the Board for it to assume responsibility for the scheme. (2) Where the Board receives an application under subsection (1), it must give a copy of the application to the Regulator. (3) If at any time the Regulator becomes aware that the value of the assets of the scheme is less than the amount of the protected liabilities in relation to the scheme, it must give the Board a notice to that effect. (4) Where the Board receives a notice under subsection (3), it must give the trustees or managers of the scheme a notice to that effect. (5) 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 (4). (6) The duty imposed by subsection (3) 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 being given to it under subsection (2). (7) Regulations may require notices and applications under this section to be in the prescribed form and contain the prescribed information. (8) If the trustees or managers of an eligible scheme fail to comply with subsection (1), 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. (9) In this section closed scheme has the same meaning as in section [treatment of closed schemes required to wind up].'.
Duty to assume responsibility for closed schemes
Malcolm Wicks NC14 To move the following Clause:'(1) Where the trustees or managers of a closed scheme
(2) In subsection (1) the reference to the assets of the scheme is a reference to those assets excluding any assets representing the value of any rights in respect of money purchase benefits under the scheme. (3) For the purposes of determining whether the condition in subsection (1) is satisfied, the Board must, as soon as reasonably practicable, obtain an actuarial valuation (within the meaning of section 112(3)) of the scheme as at the relevant time. (4) Subject to subsection (6), the following provisions apply in relation to a valuation obtained under subsection (3) as they apply in relation to a valuation obtained under section 112
(6) In this section "closed scheme" has the same meaning as in section [treatment of closed schemes required to wind up];"the relevant time" means the time immediately before the application mentioned in subsection (1)(a) was made, or (as the case may be) the notice mentioned in subsection (1)(b) was received, by the trustees or managers of the scheme.'. Closed schemes: further assessment periods
Malcolm Wicks NC15 To move the following Clause:'(1) This section applies where
(3) In this section "closed scheme" has the same meaning as in section [treatment of closed schemes required to wind up].'.
Meaning of "reviewable matters"
Malcolm Wicks NC16 *To move the following Clause:'(1) For the purposes of this Chapter, "reviewable matter" means a matter mentioned in Schedule [Reviewable matters]. (2) Regulations may provide, in relation to any reference in that Schedule to a failure by the Board to do any act or make any determination, that the reference is to be construed as a reference to a failure by the Board to do the act or make the determination within a prescribed period. (3) Regulations may amend that Schedule by
Interim Pension Protection Fund
Mr David Willetts NC1 To move the following Clause:'(1) The Interim Pension Protection Fund shall consist of
(3) The regulations must prescribe
(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.'.
|