|
Mr Secretary Smith
138
Page 213, line 32 [Schedule 2], at end insert—
| | '. | The power to issue a financial support direction under section 39.'. |
Mr Secretary Smith
139
Page 213, line 32 [Schedule 2], at end insert—
| | '. | The power to issue a contribution notice under section 42.'. |
Mr Secretary Smith
140
Page 213, line 32 [Schedule 2], at end insert—
| | '. | The power to issue a direction under section 45(4) to the trustees or managers of an occupational pension scheme.'. |
Mr Secretary Smith
141
Page 213, line 32 [Schedule 2], at end insert—
| | '. | The power to make a restoration order under section [Restoration orders where transactions at an undervalue].'. |
Mr Secretary Smith
142
Page 213, line 32 [Schedule 2], at end insert—
| | '. | The power to issue a contribution notice under section [Contribution notices where failure to comply with restoration order].'. |
Mr Harry Barnes
202
Page 220, line 12 [Schedule 4], leave out 'or any provisions in force in Northern Ireland corresponding to this Act'.
Mr Harry Barnes
203
Page 230, line 14 [Schedule 5], leave out 'or any provisions in force in Northern Ireland corresponding to this Act'.
Mr Secretary Smith
143
Page 230, line 42 [Schedule 6], after 'employment', insert 'between the trustees or managers of the scheme and an individual'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
26
Page 232, line 15 [Schedule 7], leave out from 'means' to end of line 17 and insert '90 per cent.'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
27
Page 232, line 24 [Schedule 7], leave out sub-paragraph (7).
Mr Secretary Smith
144
Page 239, line 36 [Schedule 7], after first 'that', insert '—
| (a) | in that paragraph the references to the pension are to be read as references to the scheme lump sum, and |
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
28
Page 247, line 42 [Schedule 7], leave out '2.5 %' and insert '5 %'.
Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell
31
Page 249, line 19 [Schedule 7], leave out paragraph 29.
Mr Secretary Smith
145
Page 250, line 8 [Schedule 7], at end insert—
| ' | (1) | The powers conferred by this paragraph are exercisable in relation to cases where— |
(a) immediately before the assessment date, a person ("the pensioner") is entitled to present payment of a pension under the scheme rules ("the pre-assessment date pension"), but
(b) the case is one to which paragraph 31(4) applies and the effect of disregarding the recent rule changes is that the pensioner is not entitled to compensation under paragraph 3(2) by reason of the pension or a part of the pension.
| (2) | Regulations may provide— |
(a) for the pensioner to be treated, for the purposes of the pension compensation provisions, as entitled, immediately before the assessment date, to present payment of a pension under the admissible rules, and
(b) for the compensation payable under paragraph 3 in respect of that pension to be determined in the prescribed manner and, for this purpose, for any provision of this Schedule to be applied with such modifications as may be prescribed.
| (3) | Regulations may also provide, in cases where— |
(a) the pensioner is not treated as entitled to present payment of a pension by virtue of regulations under sub-paragraph (2), but
(b) he is or may become entitled to compensation in respect of the pre-assessment date pension otherwise than under paragraph 3,
for any provision of this Schedule to apply with such modifications as may be prescribed.'.
Mr Secretary Smith
146
Page 250, line 37 [Schedule 7], leave out from 'as' to 'overrides' in line 39 and insert '—
| (i) | paragraph 3 of Schedule 5 to the Social Security Act 1989 (c.24), |
| (ii) | section 129 of the Pension Schemes Act 1993 (c.48), |
| (iii) | section 117 of the Pensions Act 1995 (c.26), |
| (iv) | section 31(4) of the Welfare Reform and Pensions Act 1999 (c.30) (pension debits: reduction of benefit), or |
| (v) | section 264 of this Act,'. |
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 3B 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
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,".'. |
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