Amendments proposed to the Pensions Bill - continued House of Commons

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Mr Secretary Smith

61

Page     207,     line     30     [Schedule     1],     at end insert—

      '( ) the power to grant or revoke authorisation under section (General authorisation to accept contributions from European employers);

      ( ) the power to grant or revoke approval under section (Approval in relation to particular European employer;

      ( ) the power to issue a notice under section (Functions of Regulator in relation to institutions administered in other member States)(5);'.

   

Mr Secretary Smith

134

Page     207,     line     38     [Schedule     1],     at end insert—

            '( )   the power to appoint an independent trustee under section 23 of that Act;'.


   

Mr David Willetts
Mr Nigel Waterson
Mr George Osborne
Mr Peter Atkinson
Gregory Barker
Andrew Rosindell

4

Page     209,     line     26     [Schedule     1],     leave out 'with the approval of the Treasury'.


   

Mr Harry Barnes

199

Page     211,     line     35     [Schedule     1],     leave out from 'Act' to end of line 36.

   

Mr Harry Barnes

200

Page     211,     line     44     [Schedule     1],     leave out 'or any corresponding provision in force in Northern Ireland'.


   

Mr Harry Barnes

201

Page     212,     line     2     [Schedule     1],     leave out 'or any corresponding provision in force in Northern Ireland'.


   

Mr Secretary Smith

135

Page     213,     line     11     [Schedule     2],     at end insert—

     '. The power to make an order under section 67G(2) by virtue of which any modification of, or grant of rights under, an occupational pension scheme is void to any extent.

     The power to make an order under section 67H(2) prohibiting, or specifying steps to be taken in relation to, the exercise of a power to modify an occupational pension scheme.'.

   

Mr Secretary Smith

136

Page     213,     line     32     [Schedule     2],     at end insert—

     '. The power to issue a contribution notice under section 35.'.

   

Mr Secretary Smith

137

Page     213,     line     32     [Schedule     2],     at end insert—

     '. The power to issue a direction under section 38(4) to the trustees or managers of an occupational pension scheme.'.

   

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

      (b)'. 


   

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.'.



 
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