S.C.B.
Amendment Paper as at
Thursday 1st April 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].
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'.
Steve Webb
Paul Holmes
519
Clause 136, page 83, line 40, leave out from 'or' to end of line 41.
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.
Steve Webb
Paul Holmes
527
Page 83, line 36, leave out Clause 136.
Steve Webb
Paul Holmes
520
Clause 137, page 84, line 3, leave out 'one or'.
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.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Steve Webb
Paul Holmes
216
Clause 137, page 84, line 21, leave out paragraph (a).
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
359
Clause 137, page 84, line 32, at end insert 'save that this levy shall not exceed the equivalent of £5 per member.'.
Steve Webb
Paul Holmes
521
Clause 137, page 84, line 35, leave out paragraph (a).
Steve Webb
Paul Holmes
522
Clause 137, page 84, line 36, leave out 'levy or'.
Steve Webb
Paul Holmes
523
Clause 137, page 84, line 39, leave out 'levy or'.
Steve Webb
Paul Holmes
524
Clause 137, page 84, line 40, leave out 'levy or'.
Malcolm Wicks
498
Clause 137, page 85, line 3, leave out 'is' and insert 'would be'.
Malcolm Wicks
499
Clause 137, page 85, line 5, after 'Schedule 7)' insert 'if he ceased to be an active member at the time by reference to which the factor within subsection (4)(b) is to be assessed'.
Steve Webb
Paul Holmes
525
Clause 137, page 85, line 8, leave out 'a'.
Steve Webb
Paul Holmes
526
Clause 137, page 85, line 8, leave out 'levy or'.
Kevin Brennan
Sandra Osborne
Adam Price
277
Clause 137, page 85, line 11, at end insert—
'(11) Regulations must make provision that the pension protection 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
222
Clause 138, page 85, line 13, after 'consult', insert 'and give due consideration to'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
221
Clause 138, page 85, line 26, at end insert—
'(3) The Secretary of State must approve any determination by the Board under section 137(5) in respect of a financial year.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Steve Webb
Paul Holmes
219
Clause 139, page 85, line 30, at end insert—
'(1A) The Board can raise no more than half the total levy to be raised in later years until the risk-based factors are fully incorporated.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
361
Clause 139, page 85, line 34, leave out 'may' and insert 'must'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
360
Clause 139, page 85, line 36, leave out '50%' and insert '75%'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
362
Clause 140, page 86, line 24, at end insert 'save that in the first year, the levy ceiling will be no higher than £600 million'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
158
Clause 140, page 86, line 25, leave out subsection (2).
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
159
Clause 142, page 88, line 9, leave out subsection (2).
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
218
Clause 142, page 88, line 11, leave out from 'means' to '(within' in line 12 and insert 'a period of time no longer than two years after the initial period begins.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Mr David Ruffley
279
Clause 143, page 88, line 21, at end insert—
'( ) The trustees or managers of the scheme may charge a sum at least equivalent to the non-risked based amount of the levy to all scheme members.'.
Malcolm Wicks
390
Clause 143, page 88, line 28, leave out 'the Board's' and insert ', on the Board's behalf, its'.
Malcolm Wicks
500
Clause 143, page 88, line 30, after 'year,' insert 'except in prescribed circumstances,'.
Malcolm Wicks
391
Clause 144, page 90, line 23, leave out from 'apply' to end of line 28 and insert—
'(8A) For the purposes of this section, 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), |
| (i) | it is the first insolvency event to occur in relation to the employer on or after that day, or |
| (ii) | since the date of the last insolvency event which occurred before the current event (but not before that day) a cessation event has occurred in relation to the scheme, and |
| (c) | it does not occur in such circumstances as may be prescribed.'. |
Malcolm Wicks
392
Clause 150, page 94, line 9, leave out 'and'.
Malcolm Wicks
393
Clause 150, page 94, line 10, at end insert ', and
| ( ) | any income or capital gain credited under subsection (2).'. |
Malcolm Wicks
394
Clause 152, page 95, line 14, leave out from 'provide' to 'information' in line 15 and insert '—
| (i) | with whom the Board has made arrangements under paragraph 17A of Schedule 5, and |
| (ii) | who is authorised by the Board for the purposes of the regulations,'. |
