Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Paul Boateng 546 Schedule 34, page 480, line 39, leave out '29' and insert '29A'.
Mr Paul Boateng 547 Schedule 34, page 481, line 12, leave out '29' and insert '29B'.
Mr Oliver Letwin 396 Schedule 34, page 481, line 20, leave out '30' and insert '20 to'.
Mr Oliver Letwin 265 Schedule 34, page 482, line 1, leave out '75' and insert '80'.
Mr Paul Boateng 480 Schedule 34, page 482, line 4, leave out from first 'scheme' to second 'the' in line 27 and insert 'is within any of paragraphs (a) to (e) of paragraph 1(1),
(b) the member has an actual (rather than a prospective) right to a pension under an arrangement under the pension scheme, and
(c) under the arrangement a lump sum death benefit is payable if the member dies within the guarantee period.
(a) paragraph 14 of Schedule 29 (pension protection lump sum death benefit),
(b) paragraph 16 of that Schedule (annuity protection lump sum death benefit), and
(c) paragraph 17 of that Schedule (unsecured pension fund lump sum death benefit), apply in relation to the member and the arrangement with the following modifications.
(a) section 195(1) does not apply to so much of any pension protection lump sum death benefit, annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit, and
(b) if the arrangement is a defined benefits arrangement, paragraph 14(1)(d) of Schedule 29 is to be treated as satisfied in relation to so much of the lump sum death benefit paid under the arrangement as does not exceed the transitional protection limit.
where P is the amount of pension to which (had the member lived) the member would have been entitled under the arrangement in respect of the period beginning with the day of the member's death and ending with the last day of the guarantee period, and TPLS is the amount of any pension protection lump sum death benefit, annuity protection lump sum death benefit or unsecured pension fund lump sum death benefit previously paid in respect of'.
Mr Oliver Letwin 266 Schedule 34, page 482, line 17, leave out '75' and insert '80'.
Mr Paul Boateng 481 Schedule 34, page 483, line 23, after 'election' insert 'on or'.
Mr Paul Boateng 482 Schedule 34, page 483, line 27, leave out 'before 6th' and insert 'on or before 31st'.
Mr Paul Boateng 483 Schedule 34, page 484, line 20, leave out 'continues to apply' and insert 'applies'.
Mr Paul Boateng 484 Schedule 34, page 485, line 2, at end insert
'Application of PAYE to certain annuities in payment at commencement
(a) would be within paragraph 1(1) but for paragraph 2, or
(b) would be within paragraph 1(1)(d) if the annuity did not provide for the immediate payment of benefits.'.
Mr Oliver Letwin 397 Schedule 34, page 485, line 10, leave out 'an employer of an individual makes a relevant consolidation contribution' and insert 'a relevant consolidation contribution is made'.
Mr Oliver Letwin 398 Schedule 34, page 485, line 18, at end insert 'or a transfer from an arrangement not falling within paragraph 1(1) which was established before 6th April 2006'.
Mr Paul Boateng 485 Schedule 34, page 485, line 38, leave out 'Paragraphs 50 to 52 have' and insert 'Paragraph 50 or 51 has'.
Mr Paul Boateng 486 Schedule 34, page 486, line 2, leave out 'to which an employee has been' and insert 'of which an employee is'.
Mr Paul Boateng 487 Schedule 34, page 486, line 9, leave out 'would be' and insert 'is or are'.
Mr Paul Boateng 488 Schedule 34, page 486, line 11, leave out 'has been' and insert 'is'.
Mr Paul Boateng 489 Schedule 34, page 486, line 13, leave out 'has been' and insert 'is'.
Mr Paul Boateng 490 Schedule 34, page 486, line 15, leave out 'have counted' and insert 'counts or count'.
Mr Paul Boateng 491 Schedule 34, page 486, line 17, leave out 'none of paragraphs 50 to 52 apply' and insert 'neither paragraph 50 nor paragraph 51 has effect'.
Mr Paul Boateng 492 Schedule 34, page 486, line 19, leave out 'applies' and insert 'has effect'.
Mr Paul Boateng 493 Schedule 34, page 486, line 25, at end insert 'or
(b) the scheme was entered into before 1st September 1993 and has not been varied on or after that date with a view to the provision of benefits under the scheme.'.
Mr Paul Boateng 494 Schedule 34, page 486, line 28, after '2003' insert '(charge on benefits from non-approved schemes)'.
Mr Paul Boateng 495 Schedule 34, page 486, line 32, after first 'the' insert 'appropriate fraction of the'.
Mr Paul Boateng 496 Schedule 34, page 486, line 36, after 'scheme' insert 'is or'.
Mr Paul Boateng 497 Schedule 34, page 486, line 38, leave out 'The amount referred to in sub-paragraph (3)(a)' and insert 'For the purposes of sub-paragraph (3)(a)
(a) "the appropriate fraction" of the amount of the market value of the assets of the scheme on 5th April 2006 is the same fraction as the fraction of the assets of the scheme to which the employee would have been entitled had the scheme been wound up on that date, and
(b) the amount of the market value of the assets of the scheme on that date'.
Mr Paul Boateng 498 Schedule 34, page 487, line 1, leave out from 'paragraph' to end of line 2 and insert 'has effect if paragraph 50 does not.'.
Mr Paul Boateng 499 Schedule 34, page 487, line 8, leave out paragraph 52.
Mr Paul Boateng 500 Schedule 34, page 487, line 22, at end insert 'and
(b) property which is part of or held for the purposes of the fund or scheme does not constitute relevant property for the purposes of Chapter 3 of Part 3 of that Act (settlements without interest in possession).'.
Mr Oliver Letwin 331 Clause 270, page 220, line 34, at end insert 'except that with effect from the date on which this Act receives Royal Assent no member of any pension scheme described in sub-paragraphs (a) to (g) of paragraph 1(1) to Schedule 34 will be required to buy an annuity on reaching any age and such a member may instead elect for income withdrawal (and Chapter 3 and Schedules 28 and 29 will have effect accordingly in such cases with effect from 6 April 2004).'.
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