|Amendments proposed to the Pensions Bill - continued||House of Commons|
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541Clause 246, page 163, line 22, at end insert
'( ) Section 80 (legal assistance scheme) does not extend to Scotland.'.
565Clause 247, page 163, line 27, at beginning insert '(1)'.
566Clause 247, page 163, line 34, at end insert
'(2) Where an Order in Council to which subsection (1) applies makes provision ("the NI provisions") which corresponds to the GB transfer provisions, regulations may make provision to secure that any transfer of property, rights and liabilities by virtue of the NI provisions is recognised for the purposes of the law of England and Wales and the law of Scotland.
(3) In subsection (2) "the GB transfer provisions" means section 123(1), (2)(a), (3), (5) and (6) and Schedule 6(other than paragraph 7).'.
Mr Harry Barnes
5Page 163, line 26, leave out Clause 247.
REMAINING NEW CLAUSESEffect of determination to wind up scheme on freezing order
NC2To move the following Clause:
'(1) This section applies where
Reports by skilled persons
NC3To move the following Clause:
'(1) The Regulator may issue a notice (a "report notice") to
(2) A report notice must require the person appointed to make the report to be a 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
NC10To 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
(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
"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.'.
Treatment of closed schemes required to wind up
NC11To 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
NC12To 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