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S.C.A.

Amendment Paper as at
Tuesday 8th June 2004

STANDING COMMITTEE A


FINANCE BILL

(Except Clauses 4, 5, 20, 28, 57 to 77, 86, 111 and 282 to 289 and Schedules 1, 3, 11, 12, 21 and 37 to 39)

NOTE

The Amendments have been arranged in accordance with the Order of the Committee [6th May].

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

198

Clause     140,     page     130,     line     10,     at end insert ', except a personal pension scheme or an arrangement comprising a number of personal pension schemes,'.



[R] Relevant registered interest declared.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

200

Page     130,     line     29,     leave out Clause 141.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

207

Clause     142,     page     131,     line     6,     leave out 'cash balance benefits or other'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

208

Clause     142,     page     131,     line     8,     leave out subsection (3).

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

209

Clause     142,     page     131,     line     14,     leave out '(whether' and insert 'where'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

210

Clause     142,     page     131,     line     16,     leave out 'or any other factor)'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

211

Clause     142,     page     131,     line     17,     leave out subsection (5).

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

212

Clause     142,     page     131,     line     26,     leave out from second 'benefits' to end of line 28.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

213

Clause     142,     page     131,     line     30,     leave out 'all of'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

214

Clause     142,     page     131,     line     31,     leave out from 'circumstances' to end of line 35 and insert 'money purchase benefits or defined benefits'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

287

Clause     142,     page     131,     line     36,     leave out subsection (9) and insert—

    '(9)   Where an arrangement may provide both money purchase benefits and defined benefits to or in respect of a member, the arrangement is to be treated as two separate arrangements for the purposes of this Part.'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

290

Clause     143,     page     132,     line     26,     at end insert 'and, if the Inland Revenue's decision is not to register the pension scheme, the reasons why the pension scheme has not been registered.'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

289

Clause     143,     page     132,     line     38,     at end add 'and no application need be made to the Inland Revenue under this Part'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

291

Clause     147,     page     134,     line     39,     at end add 'and the reasons why the registration of the pension scheme has been withdrawn.'.


   

Mr Paul Boateng

297

Clause     150,     page     136,     line     31,     after second 'to' insert 'or in respect of'.


   

Mr Paul Boateng

298

Clause     151,     page     137,     line     31,     at end insert '(or who was connected with a member at the date of the member's death)'.

   

Mr Paul Boateng

299

Clause     151,     page     137,     line     34,     after 'employer' insert '(or who was connected with a member at the date of the member's death)'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

292

Clause     152,     page     138,     line     16,     at end insert 'except in prescribed circumstances'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

293

Clause     154,     page     138,     line     39,     leave out 'and'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

294

Clause     154,     page     138,     line     39,     at end insert—

      '(ea) payments made to settle a dispute, other than payments made in bad faith; and'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

284

Clause     155,     page     139,     leave out lines 22 to 26 and insert—

       'No payment of pension other than—

      (a) a scheme pension,

      (b) a lifetime annuity, or

      (c) unsecured pension, if the member has not reached age 80, or

      (d) alternatively secured pension, if the member has reached age 80'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

285

Clause     155,     page     139,     leave out lines 34 to 41.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

286

Clause     155,     page     139,     line     42,     leave out '7' and insert '6'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

332

Clause     155,     page     139,     line     45,     leave out '70%' and insert '100%'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

333

Clause     155,     page     139,     line     46,     at end insert—

       'Pension rule 7

       Notwithstanding anything to the contrary in the above pension rules, unsecured pension may be paid to a member who has reached the age of 75 in respect of a money purchase arrangement except in prescribed circumstances.'.

   

Mr Paul Boateng

300

Clause     155,     page     140,     line     7,     after 'person' insert 'first'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

221

Clause     157,     page     141,     line     1,     leave out from beginning to end of line 5 and insert—

       'No payment of pension other than

      (a) a scheme pension,

      (b) a lifetime annuity, or

      (c) unsecured pension, if the dependant has not reached age 80, or

      (d) alternatively secured pension, if the dependant has reached age 80'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

222

Clause     157,     page     141,     leave out lines 13 to 20.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

223

Clause     157,     page     141,     line     21,     leave out '6' and insert '5'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

334

Clause     157,     page     141,     line     24,     leave out '70%' and insert '100%'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

335

Clause     157,     page     141,     line     25,     at end insert—

       'Pension death benefit rule 6

       Notwithstanding anything to the contrary in the above pension death benefit rules, dependant's unsecured pension may be paid to a dependant who has reached the age of 80 in respect of a money purchase arrangement except in prescribed circumstances.'.


   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

216

Schedule     28,     page     421,     line     14,     leave out subparagraph (1).

   

Mr Paul Boateng

301

Schedule     28,     page     421,     line     25,     after 'that' insert '(subject to sub-paragraph (4))'.

   

Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne

217

Schedule     28,     page     421,     line     25,     after 'that', insert ', except to the extent permitted under this Act, the Pensions Act 1995 or otherwise'.

   

Mr Paul Boateng

302

Schedule     28,     page     421,     line     30,     leave out '(except in excluded circumstances)'.

   

Mr Paul Boateng

303

Schedule     28,     page     421,     line     32,     leave out sub-paragraph (4) and insert—

    '(4) None of the following prevent the pension satisfying the condition in sub-paragraph (3)—

            (a)   if the ill-health condition is met when the member becomes entitled to the pension, the pension not being payable for a period during which the individual's physical and mental condition is no longer such as would, under the terms of the scheme, give rise to entitlement to the pension,

            (b)   a reduction in the rate of the pension which applies to all the scheme pensions being paid to or in respect of members of the pension scheme, or

            (c)   if the member becomes entitled to state retirement pension, a reduction in the rate of the pension which does not exceed the rate at which state retirement pension is payable (or, if the rate at which state retirement pension is payable is greater than the rate of the pension, the pension ceasing to be payable).

    (4A) For the purposes of sub-paragraph (4)(c) the following constitute "state retirement pension"—

            (a)   retirement pension under SSCBA 1992 or SSCB(NI)A 1992, and

            (b)   graduated retirement benefit under NIA 1965 or NIA(NI) 1966.'.

 
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Prepared 8 Jun 2004