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Annual meeting
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
NC33
To move the following Clause:—
'(1) In the case of every occupational pension scheme within the terms of this Act, the trustees of the scheme shall be required to hold a meeting each year which shall be open to all members of such scheme, whether active or deferred.
(2) Regulations may make provision as to the matters to be included in the agenda for such a meeting.'.
Auditors' rights to information
Steve Webb
NC35
*To move the following Clause:—
'After section 41(1) of the Pensions Act 1995 insert—
"41A Rights to information
(1) An auditor of an occupational or personal pension scheme—
| (a) | has a right of access at all times to the pension scheme's books, accounts and vouchers (in whatever form they are held), and |
| (b) | may require any of the persons mentioned in subsection (2) to provide him with such information or explanations as he thinks necessary for the performance of his duties as auditor. |
(2) Those persons are—
| (a) | any trustee or manager of the pension scheme; |
| (b) | any person who is otherwise involved in the administration of such a scheme; |
| (c) | any person holding or accountable for any of the pension scheme's books, accounts or vouchers; |
| (d) | the employer in relation to an occupational pension scheme; |
| (e) | any officer, employee or auditor of the employer in relation to an occupational pension scheme or any person holding or accountable for any books, accounts or vouchers of the employer; |
| (f) | any professional adviser in relation to an occupational pension scheme; |
| (g) | any person who is otherwise involved in advising the trustees or managers of an occupational or personal pension scheme in relation to the scheme; |
| (h) | any member of the pension scheme; |
| (i) | any person who fell within any of paragraphs (a) to (h) at a time to which the information or explanations required by the auditor relates or relate. |
41B Offences relating to the provision of information to auditors
(1) If a person knowingly or recklessly makes to an auditor of an occupational or personal pension scheme a statement (oral or written) that—
| (a) | conveys or purports to convey any information or explanations which the auditor requires or is entitled to require, under section 41A(1)(b), and |
| (b) | is misleading, false or deceptive in a material particular, |
the person is guilty of an offence and liable to imprisonment or a fine, or both.
(2) A person who fails to comply with a requirement under section 41A(1)(b) without delay is guilty of an offence and is liable to a fine.
(3) However, it is a defence for a person charged with an offence under subsection (2) to prove that it was not reasonably practicable for him to provide the required information or explanations.
(4) If a person within section 41(A)(2) is a company and fails to comply with section 41A, the company and every officer of it who is in default is guilty of an offence and liable to a fine.
(5) Nothing in this section affects any right of an auditor to apply for an injunction to enforce any of his rights under section 41A;".'.
Internal controls
Steve Webb
NC36
*To move the following Clause:—
'Regulations may provide that trustees of an occupational pension scheme must secure that the scheme has appropriate and sufficient systems of internal control.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
15
Page 145, line 31 [Clause 220], after second 'trustees', insert 'and that not less than one third of this number shall be nominated by a recognised pensioners' association and in the case of a closed fund, the majority shall be member nominated trustees'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
19
Page 145, line 31 [Clause 220], leave out 'and' and insert—
| '( ) | that those arrangements are fair and open, and'. |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
20
Page 145, line 32 [Clause 220], after 'are', insert 'fair and open and are'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
16
Page 145, line 33 [Clause 220], leave out subsection (2) and insert—
'( ) "Member-nominated trustees" are trustees of a pension scheme who—
| (a) | are nominated as a result of a process in which at least all active and pensioner members of the scheme are eligible to participate, and |
| (b) | are selected by a process including at least all active and pensioner members.'. |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
17
Page 145, line 37 [Clause 220], at end insert—
'(2A) a "recognised pensioners' association" shall be an organisation that represents at least 25 per cent. of pensioners from a particular occupational pension scheme and is duly constituted for the purpose of representing its members.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
21
Page 146, line 39 [Clause 221], leave out 'and' and insert—
| '( ) | that those arrangements are fair and open, and'. |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
18
Page 146, line 41 [Clause 221], leave out subsection (2) and insert—
'(2) "Member-nominated directors" are directors of a pension scheme who—
| (a) | are nominated as a result of a process in which at least all active and pensioner members of the same scheme are eligible to participate and |
| (b) | are selected by a process including at least all active and pensioner members.'. |
Mr Secretary Smith
123
Page 150, line 14 [Clause 225], at end insert—
'( ) In this section "company" means a company within the meaning given by section 735(1) of the Companies Act 1985 (c.6) or a company which may be wound up under Part 5 of the Insolvency Act 1986 (c.45) (unregistered companies).'.
Mr Bill Tynan
John Robertson
53
Page 152, [Clause 229], leave out lines 43 to 46 and insert 'is certified by the actuary to be broadly comparable to the occupational pension scheme referred to in section 228(1)(c).'.
Mr Bill Tynan
John Robertson
54
Page 153, line 13 [Clause 229], at end insert—
' "Actuary" means the actuary appointed by the trustees of the scheme referred to in section 228(1)(c), pursuant to section 41 of the Pensions Act 1995;'.
Mr Bill Tynan
John Robertson
55
Page 153, line 24, [Clause 229], at end insert 'but in the case of contributions payable by the employer shall not be less than the contributions paid by employers into the scheme referred to in section 228(1)(c) and in the case of contributions payable by members shall not be more than the contributions paid by members into the scheme referred to in section 228(1)(c).'.
John Robertson
51
Page 153, line 44 [Clause 230], at end insert—
'(3A) Where an employer has failed to comply with the requirements of this section, a complaint may be presented to an employment tribunal on that ground—
| (a) | in the case of failure relating to representatives of a trade union, by the trade union, |
| (b) | in any other case, by any of his employees who are affected employees. |
(3B) Where the tribunal finds a complaint under subsection (3A) above well-founded it shall make a declaration to that effect and may order the employer to pay appropriate compensation to such descriptions of affected employees as may be specified in the award.
(3C) In this section—
| (a) | "appropriate compensation" means such sum not exceeding thirteen weeks' pay for the employee in question as the tribunal considers just and equitable having regard to the seriousness of the failure of the employer to comply with his duty. |
| (b) | "affected employee" means an employee who is a member of the scheme or who would have been eligible to become a member if a prescribed decision within the meaning of subsection (1) had not taken effect. |
(3D) Chapter 2 of Part 14 of the Employment Rights Act 1996 shall apply for calculating the amount of a week's pay for any employee for the purposes of subsection (5) above.'.
John Robertson
52
Page 154, line 7 [Clause 231], at end insert '; or
| (c) | who proposes to reduce the contributions which the employer pays to the personal pension scheme,'. |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
42
Page 154, line 25 [Clause 232], after 'ballots', insert 'where it is necessary for the purpose of selecting employee representatives'.
John Robertson
50
Page 154, line 44 [Clause 232], at end insert—
'(4A) Consultation regulations shall require that—
| (a) | the employer consults any recognised trade unions with a view to seeking their agreement to the measures to be taken; |
| (b) | in the course of those consultations the employer shall— |
| (i) | consider any representations made by the recognised trade unions; and |
| (ii) | reply to those representations and, if he rejects any of those representations, state his reasons. |
(4B) For the purposes of subsection (4A) above a recognised trade union is an independent trade union recognised to any extent for the purpose of collective bargaining in relation to the employees concerned.'.
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