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Home reversion plans
Steve Webb
Paul Holmes
NC17
To move the following Clause:—
'(1) Where information is provided under section 191(2)(b), subsections (2) and (3) apply.
(2) Selling or arranging a home reversion plan, for the purpose of providing an income or lump sum in retirement, is a regulated activity under section 22 of the Financial Services and Markets Act 2000.
(3) A home reversion plan is a sale and leaseback arrangement under which an individual sells all or part of his residential accommodation (at least 40 per cent. of which is occupied by the customer and his family) to another party, with the aim of providing an income or lump sum in retirement and under which he is permitted to continue living in the property.'.
Report on National Insurance system for self-employed people
Steve Webb
Paul Holmes
NC18
To move the following Clause:—
'The Secretary of State shall require the Government Actuary—
| (a) | to report to him, within six months of the coming into force of this Act, on the operation of the National Insurance system for self-employed people, and |
| (b) | to recommend a rate of National Insurance Contributions which would enable self-employed people to qualify for additional pension.'. |
Home responsibilities protection for pensioners
Steve Webb
Paul Holmes
NC19
To move the following Clause:—
'In section 44A(2)(c)(i) of the Social Security Contributions and Benefits Act 1992 (c. 4), omit "six" and insert "twelve".'.
Class 3 contributions
Steve Webb
Paul Holmes
NC20
To move the following Clause:—
'In section 13 of the Social Security Contributions and Benefits Act 1992 (c. 4), after subsection (1) insert—
| "(1A) | The prescribed conditions referred to in subsection (1) above shall not include any limits on the period between the payment year and the contribution year.".'. |
Amendment of the Income and Corporation Taxes Act 1988
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
NC27
*To move the following Clause:—
'(1) The Income and Corporation Taxes Act 1988 is amended as follows.
(2) In subsection (1) of section 630 (interpretation)—
| (a) | in the definition of "personal pension scheme", substitute for the words "or lump sums" the words ", lump sums, or withdrawals from a Retirement Income Fund"; and |
| (b) | in the definition of "income withdrawal", insert after the word "annuity" the words "or withdrawal of funds from a Retirement Income Fund". |
(3) In section 633 (scope of benefits) after subsection (1)(e) there is inserted—
| "(f) | the payment to a member of income from a Retirement Income Fund satisfying the conditions in section 637B". |
(4) In section 634 (annuity to member)—
| (a) | after subsection (1), there is inserted— |
| "(1A) | Subject to subsection (7) below, the annuity must provide the member with an annual income not less than the Minimum Retirement Income set under section [Minimum Retirement Income] of the Pensions Act 2004."; |
| (b) | in subsection (2) the words from "commence" to the end are replaced by the following— |
| "(a) | before the member attains the age of 50; or |
| (b) | in relation to a member who is in receipt of benefits under section 634A before the date of this Act's entry into force, after the member attains the age of 75; or |
| (c) | in relation to any member aged 65 or over as at the date of this Act's entry into force, within 12 months of that date; or |
| (d) | in relation to all other members, after the member attains the age of 65.". |
| (c) | after subsection (6) there is inserted— |
| "(7) | Section 45 of the Sex Discrimination Act 1975 shall not apply to the annuity provided under subsection (1A). |
| (8) | The income provided each year from the annuity under section (1A) must increase by reference to increases in the retail price index, so far as not exceeding 5 per cent.". |
(5) Sections 634A and 636A are repealed.
(6) Subsection (5) shall not apply to schemes executed before the date of entry into effect of this Act.
(7) After section 637A (Return of contributions on death of a member), the following section is inserted—
"637B Retirement Income Fund (1) Subject to subsections (2) and (3) of this section, a Retirement Income Fund is a vehicle for the reinvestment of savings in retirement, which
| (a) | has been established by a person designated by subsection (1) of section 632; and |
| (b) | is a vehicle whose investments are— |
| (i) | investments of a kind described in the Insurance Companies Regulations 1994, Schedule X, Part 1; or |
| (ii) | approvied by the Inland Revenue. |
(2) Funds held in a Retirement Income Fund as referred to in subsection (1) may be withdrawn from the Retirement Income Fund by a member as and when he elects.
(3) A member may not invest in a Retirement Income Fund unless the requirements of subsection (1A) of section 634, in relation to the Minimum Retirement Income, are satisfied.
(4) A Retirement Income Fund, and any income derived from it, must not be capable of assignment or surrender by the member.
(5) Any withdrawal from the Fund by the member under subsection (2) shall be assessable to tax under Schedule E (and section 203 shall apply accordingly) and shall be treated as earned income of the member.".'.
Minimum Retirement Income
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
NC28
*To move the following Clause:—
'(1) The amount of the Minimum Retirement Income shall be set for each financial year following consultation by the Chancellor of the Exchequer by order.
(2) An order under this section shall, in respect of each financial year after that in which this Act comes into force, be made on or before 31st January preceding the year in question.
(3) An order under this section shall be made by statutory instrument and shall be subject to annulment in pursuance of a resolution of either House of Parliament.'.
NEW SCHEDULE
Malcolm Wicks
NS1
To move the following Schedule:—
'Reviewable matters
| 1 | | Whether an occupational pension scheme is an eligible scheme. |
| 2 | | The issue of, or failure to issue, a notice under section 97(2) (Board's duty where insolvency practitioner fails to give a notice under section 96). |
| 3 | | The issue of, or failure to issue— |
(a) a notice under subsection (2) of section 102 (scheme rescue not possible), or
(b) a withdrawal notice under subsection (3) of that section (scheme rescue has occurred).
| 4 | | Any direction given under subsection (2) of section 106 (directions during an assessment period) or any variation or revocation of such a direction under subsection (4) of that section. |
| 5 | | The issue of a notice under section 108(2) (power to validate contraventions of section 107). |
| 6 | | The making of a loan under section 111(2) (loans to pay scheme benefits), the amount of any such loan or the failure to make such a loan. |
| 7 | | The approval of, or failure to approve, a valuation in respect of an eligible scheme under section 113(2). |
| 8 | | The issue of, or failure to issue, a withdrawal notice under or by virtue of— |
(a) section 115 (schemes which become eligible schemes), or
(b) section 116 (new schemes created to replace existing schemes).
| 9 | | The issue of, or failure to issue, a withdrawal notice under section 117(5)(a) (no insolvency event has occurred or is likely to occur). |
| 10 | | The issue of, or failure to issue, a determination notice under section [schemes required to wind up but unable to buy out liabilities](6) (authorisation to continue as closed scheme). |
| 11 | | Any direction given under section 119(7) (directions about winding up of scheme with sufficient assets to meet protected liabilities) and any variation or revocation of such a direction. |
| 12 | | The issue of, or failure to issue, a determination notice under section 121(2A) (whether value of scheme assets less than aggregate of protected liabilities etc). |
| 13 | | The failure by the Board to give a transfer notice under section 122. |
| 14 | | Any determination by the Board of a person's entitlement to compensation under the pension compensation provisions or the failure in any case to make such a determination. |
| 15 | | Any failure by the Board to make a payment required by section 125(3)(b) (adjustments to be made where Board assumes responsibility for a scheme). |
| 16 | | The amount of the initial levy or any pension protection levy payable in respect of an eligible scheme determined by the Board under section 143(3)(b). |
| 17 | | The making of a fraud compensation payment under section 144(1), the amount of any such payment or the failure to make such a payment. |
| 18 | | The issue of, or failure to issue, a notice under section 145(2) (scheme rescue not possible or having occurred in case of scheme which is not eligible or not subject to insolvency events). |
| 19 | | Any settlement date determined by the Board under section 146(2) (recovery of value) or the failure to determine a settlement date under that provision. |
| 20 | | Any determination by the Board under section 146(4) (recovery of value: whether amount received in respect of particular act or omission) or the failure to make such a determination. |
| 21 | | The making of a payment under section 148(1) (interim payments), the amount of any such payment or the failure to make such a payment. |
| 22 | | Any term or condition imposed by the Board— |
(a) under section 147(2) on the making of a fraud compensation payment; or
(b) under subsection (4) of section 148 (interim payments) on the making of a payment under subsection (1) of that section.
| 23 | | Any determination by the Board under section 148(3)(b) (interim payments) that the amount of a payment was excessive. |
| 24 | | Any date determined by the Board under section 149(4) (earliest date for making a fraud compensation transfer payment). |
| 25 | | Any determination by the Board under section 149(6) (fraud compensation transfer payments: whether payment is received in respect of particular act or omission).'. |
ORDER OF THE HOUSE [2nd MARCH 2004]
That the following provisions shall apply to the Pensions Bill:
Committal
1. The Bill shall be committed to a Standing Committee.
Standing Committee
2. Proceedings in the Standing Committee shall (so far as not previously concluded) be brought to a conclusion on 22nd April 2004.
3. The Standing Committee shall have leave to sit twice on the first day on which it meets.
Consideration and Third Reading
4. Proceedings on consideration shall (so far as not previously concluded) be brought to a conclusion one hour before the moment of interruption on the day on which those proceedings are commenced.
5. Proceedings on Third Reading shall (so far as not previously concluded) be brought to a conclusion at the moment of interruption on the day on which proceedings on consideration are commenced.
6. Sessional Order B (programming committees) made on 28th June 2001 shall not apply to proceedings on consideration and Third Reading.
Other proceedings
7. Any other proceedings on the Bill (including any proceedings on consideration of Lords Amendments or on any further message from the Lords) may be programmed.
ORDER OF THE COMMITTEE [9th AND 16th MARCH 2004]
That—
(1) during proceedings on the Pensions Bill the Standing Committee shall, in addition to its first meeting on Tuesday 9th March at 9.30 a.m., meet—
| (a) | on that day at 2.30 p.m., and |
| (b) | thereafter when the House is sitting on Tuesdays at 9.30 a.m. and 2.30 p.m. and on Thursdays at 9.30 a.m. and 2.00 p.m. |
(2) the proceedings to be taken at the sittings shall be as shown in the second column of the Table below and shall be taken in the order so shown;
(3) the proceedings which under paragraph (2) are to be taken on any sitting shall (so far as not previously concluded) be brought to a conclusion at the time specified in the third column of the Table;
(4) paragraph (2) shall not prevent proceedings being taken (in the order shown in the second column of the Table) at any earlier sitting than that provided for under paragraph (2) if previous proceedings have already been concluded.
'TABLE
| Sitting | Proceedings | Time for conclusion of proceedings |
| 9th March (9.30 a.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80. | — |
| 9th March (2.30 p.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 11th March (9.30 a.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 11th March (2.00 p.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | — |
| 16th March (9.30 a.m.) | Clauses 1 to 3, Schedule 1, Clauses 4 to 11, Schedule 2, Clauses 12 to 60, Schedule 3, Clauses 61 to 76, Schedule 4 and Clauses 77 to 80 (so far as not previously concluded). | 11.25 a.m. |
| 16th March (2.30 p.m.) | Clauses 220 and 221, Schedule 10, Clauses 222 and 223, Clauses 191 to 193, Schedule 9 and Clauses 194 and 195, New Clauses relating to Part 6 of the Bill. | — |
| 18th March (9.30 a.m.) | Clauses 220 and 221, Schedule 10, Clauses 222 and 223, Clauses 191 to 193, Schedule 9 and Clauses 194 and 195, New Clauses relating to Part 6 of the Bill (so far as not previously concluded). | 11.25 a.m. |
| 18th March (2.00 p.m.) | Clauses 196 to 219 and Clauses 178 to 190. | — |
| 23rd March (9.30 a.m.) | Clauses 196 to 219 and Clauses 178 to 190 (so far as not previously concluded). | — |
| 23rd March (2.30 p.m.) | Clauses 196 to 219 and Clauses 178 to 190 (so far as not previously concluded). | 8.00 p.m. |
| 25th March (9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177. | — |
| 25th March (2.00 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 30th March (9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
| 30th March (2.30 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
1st April
(9.30 a.m.) | Clause 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
1st April
(2.00 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
20th April
(9.30 a.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | — |
20th April
(2.30 p.m.) | Clauses 81 to 83, Schedule 5, Clauses 84 to 123, Schedule 6, Clause 124, Schedule 7, Clauses 125 to 162, Schedule 8 and Clauses 163 to 177 (so far as not previously concluded). | 8.00 p.m. |
22nd April
(9.30 a.m.) | Clauses 224 to 242, Schedule 11, Clause 243, Schedule 12, Clauses 244 to 248. | 11.25 a.m. |
22nd April
(2.00 p.m.) | Remaining New Clauses, New
Schedules and remaining
proceedings on the Bill. | 5.00 p.m.' |
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