S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Friday 11th June 2004
New Amendments handed in are marked thus *
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 2004].
Schedule 29 (Registered pension schemes: authorised lump sums—supplementary).
Amendment (220) proposed, in page 420, line 41, to leave out the word 'when' and insert the words 'on or after the day on which'.—(Mr George Osborne.)
Question proposed, That the Amendment be made.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
348
Schedule 29, page 430, line 42, leave out from 'satisfied)' to end of line 1 on page 43.
[R] Relevant registered interest declared.
Mr Paul Boateng
362
Schedule 29, page 430, line 42, leave out 'and'.
Mr Paul Boateng
363
Schedule 29, page 431, line 1, at end insert 'and
(f) it is not an excluded lump sum (see sub-paragraph (3A)).'.
Mr Paul Boateng
364
Schedule 29, page 431, line 7, at end insert—
| '(3A) | A lump sum is an excluded lump sum if— |
(a) the pension in connection with which the member becomes entitled to it is a scheme pension the rate of which is to reduce (or which is to cease to be payable) in accordance with paragraph 2(4)(c) of Schedule 28 when the member becomes entitled to state retirement pension, and
(b) the sole or main purpose of making provision for the pension to be such a pension was to increase the member's entitlement to a lump sum on which there is no liability to income tax.'.
Mr Paul Boateng
312
Schedule 29, page 432, line 45, leave out 'amount which is the individual's lifetime allowance in relation to the member' and insert 'member's lifetime allowance'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
349
Schedule 29, page 433, line 3, leave out from 'arrangement' to end of line 4.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
244
Schedule 29, page 433, line 4, leave out '75' and insert '80'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
350
Schedule 29, page 433, line 18, leave out from 'scheme' to end of line 19.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
245
Schedule 29, page 433, line 19, leave out '75' and insert '80'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
225
Schedule 29, page 433, line 21, after 'scheme', insert 'together with interest at a prescribed rate,'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
226
Schedule 29, page 434, line 14, leave out paragraph 7 and insert—
| '7. | (1) | For the purposes of this Part a lump sum is a trivial commutation lump sum if— |
| (a) | on the nominated date, the value of the member's pension rights does not exceed the commutation limit, |
| (b) | it is paid when all or part of the amount which is the individual's lifetime allowance in relation to the member is available, |
| (c) | it extinguishes the member's entitlement to benefits under the pension scheme, and |
| (d) | it is paid when the member has reached the normal minimum pension age but has not reached the age of 80. |
(2) The nominated date is any day after the member has reached the normal minimum pension age but has not reached the age of 80 nominated by the member or by the scheme administrator (provided the scheme administrator has given the member at least one month's written notice of the intention to nominate a date and the member has not objected in writing before that date).
(3) The commutation limit is 1 per cent. of the standard lifetime allowance on the nominated date.
(4) The value of the member's pension rights on the nominated date is the aggregate of—
| (a) | the value of the member's relevant crystallised pension rights on that date (calculated in accordance with paragraph 8), and |
| (b) | the value of the member's uncrystallised rights on that date (calculated in accordance with paragraph 9).'. |
Mr Paul Boateng
313
Schedule 29, page 434, line 22, leave out 'amount which is the individual's lifetime allowance in relation to the member' and insert 'member's lifetime allowance'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
351
Schedule 29, page 434, line 25, leave out from 'scheme' to end of line 26.
Mr Paul Boateng
314
Schedule 29, page 435, line 31, leave out 'amount that is the individual's lifetime allowance in relation to the member' and insert 'member's lifetime allowance'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
352
Schedule 29, page 435, line 34, leave out from 'scheme' to end of line 35.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
246
Schedule 29, page 435, line 35, leave out '75' and insert '80'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
353
Schedule 29, page 436, line 14, leave out from 'met)' to end of line 15.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
247
Schedule 29, page 436, line 15, leave out '75' and insert '80'.
Mr Paul Boateng
365
Schedule 29, page 436, line 19, leave out sub-paragraph (2) and insert—
| '(2) | Where all or part of the member's lifetime allowance is available immediately before a lump sum is paid, sub-paragraph (2A) applies to the lump sum if— |
(a) its amount exceeds the member's available lifetime allowance, and
(b) but for that fact, it would satisfy all the requirements of paragraph 1(1), 4(1), 7(1) or 10(1).
| (2A) | For the purposes of this Schedule, the whole of the lump sum (and not only so much of it as does not exceed the member's available lifetime allowance) is to be treated as paid when all or part of the member's lifetime allowance is available. |
| (2B) | But sub-paragraph (2A) does not apply— |
(a) in the case of a lump sum that would satisfy all the requirements of paragraph 1(1), to so much of it as would be prevented from being a pension commencement lump sum by paragraph 1(2), and
(b) in the case of a lump sum that would satisfy all the requirements of paragraph 10(1), to so much of it as would be prevented from being a winding-up lump sum by paragraph 10(2).'.
Mr Paul Boateng
366
Schedule 29, page 436, line 25, leave out from 'description' to end of line 27.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
354
Schedule 29, page 436, leave out lines 36 and 37.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
248
Schedule 29, page 436, line 36, leave out '75' and insert '80'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
355
Schedule 29, page 437, leave out lines 4 and 5.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
249
Schedule 29, page 437, line 4, leave out '75' and insert '80'.
Mr Paul Boateng
315
Schedule 29, page 437, line 24, after 'paid' insert 'in respect of the pension'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
356
Schedule 29, page 437, leave out lines 29 and 30.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
250
Schedule 29, page 437, line 29, leave out '75' and insert '80'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
357
Schedule 29, page 438, leave out lines 6 and 7.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
251
Schedule 29, page 438, line 6, leave out '75' and insert '80'.
