|
Mr Secretary Smith
147
Page 253, line 18 [Schedule 7], leave out from first 'to' to end of line 20 and insert '—
| (a) | a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (which may include conditional rights and transfer credits allowed) under another scheme, other than pension credit rights, or |
| (b) | a cash transfer sum paid under Chapter 5 of Part 4 of the Pension Schemes Act 1993 (c.48) (early leavers) in respect of him to the trustees or managers of the scheme.'. |
Mr Secretary Smith
148
Page 263, [Schedule 11], leave out lines 14 and 15 and insert—
'R is—
| (a) | a percentage rate two per cent. higher than the Bank of England base rate, or |
| (b) | if regulations so provide, such higher rate as may be prescribed.'. |
Mr Secretary Smith
149
Page 263, line 15, [Schedule 11], at end insert—
| '( ) | For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect— |
(a) at the beginning of the accrual period immediately following the accrual period during which the change took effect, or
(b) if regulations so provide, at such other time as may be prescribed.'.
Mr Secretary Smith
150
Page 265, [Schedule 11], leave out lines 33 and 34 and insert—
'R is—
| (a) | a percentage rate two per cent. higher than the Bank of England base rate, or |
| (b) | if regulations so provide, such higher rate as may be prescribed.'. |
Mr Secretary Smith
151
Page 265, line 34, [Schedule 11], at end insert—
| '( ) | For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect— |
(a) at the beginning of the accrual period immediately following the accrual period during which the change took effect, or
(b) if regulations so provide, at such other time as may be prescribed.'.
Mr Secretary Smith
152
Page 267, line 44, [Schedule 11], leave out '1995'.
Mr Secretary Smith
153
Page 268, [Schedule 11], leave out lines 41 and 42 and insert—
'R is—
| (a) | a percentage rate two per cent. higher than the Bank of England base rate, or |
| (b) | if a higher rate is prescribed for the purposes of paragraphs 3A and 7B of Schedule 5, that higher rate.'. |
Mr Secretary Smith
154
Page 268, line 42, [Schedule 11], at end insert—
| '( ) | For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect— |
(a) at the beginning of the accrual period immediately following the accrual period during which the change took effect, or
(b) if regulations so provide, at such other time as may be prescribed.'.
Mr Secretary Smith
155
Page 269, line 19, [Schedule 11], after '6)', insert '—
(a) before the definition of "beneficiary" insert—
"Bank of England base rate" means—
(a) the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or
(b) where an order under section 19 of the Bank of England Act 1998 is in force, any equivalent rate determined by the Treasury under that section.", and
(b)'.
Mr Secretary Smith
156
Page 271, line 35 [Schedule 12], at end insert—
| | '. | In section 56 (provision supplementary to provision relating to payment of state scheme premiums), in subsection (4) for the words from the beginning to "another scheme" substitute— |
"(4) Where under the rules of the scheme, transfer credits have been allowed—
| (a) | in respect of the earner's rights under another scheme, or |
| (b) | in respect of the earner by reference to the payment of a cash transfer sum (within the meaning of Chapter 5 of Part 4) to the trustees or managers of the scheme by the trustees or managers of another occupational pension scheme,".'. |
Mr Secretary Smith
157
Page 271, line 35 [Schedule 12], at end insert—
| | '. | In section 61 (deduction of contributions equivalent premium from refund of scheme contributions), after subsection (9) insert— |
"(9A) Where under section 101AH the trustees or managers of an occupational pension scheme may pay a contribution refund to a member of the scheme, the member is to be treated for the purposes of this section as being entitled to the contribution refund.".'.
Mr Secretary Smith
158
Page 271, line 35 [Schedule 12], at end insert—
| | ' . | In section 94(2) (right to cash equivalent), for the definition of "the applicable rules" substitute— |
""the applicable rules" means—
| (a) | the rules of the scheme, except so far as— |
| (i) | paragraph 3 of Schedule 5 to the Social Security Act 1989, |
| (ii) | section 129 of this Act, |
| (iii) | section 117 of the Pensions Act 1995, |
| (iv) | section 31(4) of the Welfare Reform and Pensions Act 1999 (pension debits: reduction of benefit), or |
| (v) | section 264 of the Pensions Act 2004, |
| (b) | any provision of any of those Acts which overrides or modifies any of the rules of the scheme by virtue of one of the provisions mentioned in paragraph (a); and |
| (c) | any provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with Chapter 1 of Part 4 of this Act;".'. |
Mr Secretary Smith
159
Page 272, line 6 [Schedule 12], at end insert—
| | ' | After section 113 insert— |
"113A Disclosure of information about transfers etc Regulations may provide that, where—
| (a) | a payment is made out of an occupational pension scheme to the trustees or managers of another occupational pension scheme, and |
| (b) | transfer credits are allowed to a member of that other scheme in respect of the payment, |
the trustees or managers of the first scheme must, in prescribed circumstances and in the prescribed manner, provide to the trustees or managers of the other scheme prescribed information relating to the payment.".'.
Mr Secretary Smith
160
Page 272, line 6 [Schedule 12], at end insert—
| | '. | In section 129(1) (overriding requirements), for "and IV" substitute ", IV and V".'. |
Mr Secretary Smith
161
Page 272, line 6 [Schedule 12], at end insert—
| | '. | In section 130(b) (extra-statutory benefits), for "or IV" substitute ", IV or V".'. |
Mr Secretary Smith
162
Page 272, line 37 [Schedule 12], at end insert—
| '. | (1) | Section 179 (linked qualifying service) is amended as follows. |
| (2) | In subsection (1)(a)— |
(a) for "the rules of a scheme" substitute "Chapter 4 or 5 of Part 4 or under the rules of a scheme",
(b) for sub-paragraph (i) substitute—
| "(i) | there was made a transfer of his rights (which may include conditional rights or any transfer credits allowed) under that scheme, or a transfer payment in respect of those rights, to, or to the trustees or managers of, another scheme applying to him in the later period of service;", |
(c) for "and" at the end of sub-paragraph (ii), substitute "or", and
(d) after that sub-paragraph insert—
| "(iii) | a cash equivalent (within the meaning of Chapter 4 of Part 4) or cash transfer sum (within the meaning of Chapter 5 of that Part) was paid in respect of him to the trustees or managers of another scheme applying to him in the later period of service; and". |
| (3) | In subsection (1)(b), after "second scheme," insert ", or the payment to the trustees or managers of that scheme,".'. |
Mr Secretary Smith
163
Page 272, line 37 [Schedule 12], at end insert—
| | '. | In section 181(1) (general interpretation), in the definition of "transfer credits", for the words following "by reference to" substitute "— |
| (a) | a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (which may include conditional rights and transfer credits allowed) under another scheme, other than rights attributable (directly or indirectly) to a pension credit, or |
| (b) | a cash transfer sum paid under Chapter 5 of Part 4 in respect of him, to the trustees or managers of the scheme.".'. |
Mr Secretary Smith
164
Page 272, line 37 [Schedule 12], at end insert—
| | '. | In section 183(3) (sub-delegation), after "97(1)" insert ", 101AF(1)".'. |
Mr Secretary Smith
165
Page 272, line 42 [Schedule 12], after '145A', insert '(except subsection (6)(b))'.
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