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(  38  )

 

Clause 152

240

Page 107, line 21, after “is” insert “(and has been)”

241

Page 107, line 25, after “than” insert “—

 

(a)”

242

Page 107, line 26, at end insert “, and

 

(b)   

such other liabilities as may be prescribed”

243

Page 107, line 37, at end insert—

 

“(7)   

Without prejudice to the generality of subsection (6), regulations may

 

authorise the Board to modify a term of a relevant contract of insurance if—

 

(a)   

any rights or liabilities under the contract are transferred to the

 

Board by virtue of subsection (2)(a), and

 

(b)   

as a result of the transfer, the Board is required, by reason of that

 

term, to pay a specified amount or specified amounts to a specified

 

person who, immediately before the time mentioned in subsection

 

(2)(a), was a member of the scheme or a person entitled to benefits

 

in respect of such a member.

 

(8)   

In subsection (7)—

 

   

“relevant contract of insurance” means a contract of insurance

 

which—

 

(a)   

is entered with a view to securing the whole or part of the

 

scheme’s liability for—

 

(i)   

any pension or other benefit payable to or in respect of

 

one particular person whose entitlement to payment of

 

a pension or other benefit has arisen, and

 

(ii)   

any benefit which will be payable in respect of that

 

person on his death, and

 

(b)   

is a contract—

 

(i)   

which may not be surrendered, or

 

(ii)   

in respect of which the amount payable on surrender

 

does not exceed the liability secured;

 

   

“specified” means specified in, or determined in accordance with, the

 

contract of insurance.”

Clause 153

244

Page 107, line 39, leave out “pension”

245

Page 108, line 5, leave out from “of” to end of line 6 and insert “, and the provisions

 

made by virtue of, this section, sections 132 to 134, 152(2)(c), 155 and 159 and

 

Schedule 7.”

246

Page 108, line 7, after “include” insert “any provision of, or made by virtue of,”

Clause 154

247

Page 108, line 13, after “scheme” insert “rules”

248

Page 108, line 14, leave out “assessment period” and insert “period beginning with

 

the assessment date and ending with the receipt by the trustees or managers of the

 

the transfer notice”


 

(  39  )

249

Page 108, line 15, leave out “transfer notice is given,” and insert “trustees or

 

managers receive the transfer notice,”

250

Page 108, line 18, at end insert—

 

“( )   

Regulations may provide that, in prescribed circumstances, where—

 

(a)   

a member of the scheme died before the commencement of the

 

assessment period, and

 

(b)   

during the period mentioned in subsection (2)(a), a person became

 

entitled under the scheme rules to a benefit of a prescribed

 

description in respect of the member,

 

   

the benefit, or any part of it, is, for the purposes of subsection (2), to be

 

treated as having become payable before the assessment date.”

251

Page 108, line 20, leave out “assessment period” and insert “period mentioned in

 

subsection (2)(a)”

252

Page 108, line 39, after “include” insert “—

 

(a)”   

253

Page 108, line 40, at end insert “, or

 

(b)   

any other amount of a prescribed description.” 

254

Page 108, line 41, after “Board” insert—

 

“(a)   

to recover any amount from a person in such circumstances as may

 

be prescribed, or

 

(b)   

255

Page 108, line 42, at end insert—

 

“( )   

In this section “assessment date” is to be construed in accordance with

 

Schedule 7.”

Clause 157

256

Page 109, line 27, leave out from beginning to “must” in line 28 and insert—

 

“( )   

This section applies where the Board assumes responsibility for a scheme

 

in accordance with this Chapter.

 

( )   

Subject to subsection (2A), the Board”

257

Page 109, line 28, leave out from “benefits” to “under” in line 29 and insert “which

 

a person had become entitled to payment of”

258

Page 109, line 33, at end insert—

 

“(2A)   

Subsection (1) does not apply in relation to the amount of—

 

(a)   

any transfer payment, or

 

(b)   

any payment in respect of a refund of contributions.”

259

Page 109, line 33, at end insert—

 

“(2B)   

Regulations may provide that, in prescribed circumstances, where—

 

(a)   

a member of the scheme died before the commencement of the

 

assessment period, and

 

(b)   

during the period beginning with the assessment date and ending

 

with the receipt by the trustees or managers of the transfer notice, a


 

(  40  )

 
 

person became entitled under the scheme rules to a benefit of a

 

prescribed description in respect of the member,

 

   

that person’s entitlement to the benefit, or to any part of it, is, for the

 

purposes of subsection (1), to be treated as having arisen before the

 

assessment date.”

260

Page 109, line 33, at end insert—

 

“(2C)   

Regulations may make provision requiring the Board, in such

 

circumstances as may be prescribed, to take such steps (including making

 

payments) as may be prescribed in respect of rights of prescribed

 

descriptions to which members of the scheme were entitled immediately

 

before the commencement of the assessment period.

 

(2D)   

For the purposes of regulations made under subsection (2C)—

 

(a)   

this Chapter (other than this subsection), and

 

(b)   

the scheme rules (including any relevant legislative provision

 

within the meaning of section 303(1B)),

 

   

are to have effect subject to such modifications as may be prescribed.”

261

Page 109, line 34, leave out “and “scheme rules” are” and insert “is”

Clause 158

262

Page 109, line 39, after “where” insert “—

 

(a)”   

263

Page 109, line 42, leave out “(a)” and insert “(i)”

264

Page 109, line 43, leave out “(b)” and insert “(ii)”

265

Page 109, line 43, at end insert “, or

 

(b)   

in prescribed circumstances, any such liability of a prescribed

 

description is discharged on the assessment date but before the

 

commencement of the assessment period.”

266

Page 109, line 43, at end insert—

 

“( )   

In this section “assessment date” is to be construed in accordance with

 

Schedule 7.”

Clause 159

267

Page 110, line 8, leave out “payable under Schedule 7

268

Page 110, line 11, leave out paragraph (c)

269

Page 110, line 27, at end insert “or under section 133(2)”

Clause 160

270

Page 110, line 37, at end insert—

 

“( )   

in prescribed circumstances, by the payment of a cash sum

 

calculated in the prescribed manner.”

Clause 161

271

Page 111, leave out line 14


 

(  41  )

 

Clause 162

272

Page 111, line 28, leave out from “functions” to end of line 29 and insert “so far as

 

it relates (directly or indirectly) to that pensionable service—”

273

Page 111, line 41, leave out “to” and insert “(directly or indirectly) to any”

274

Page 111, line 41, leave out “under the scheme”

275

Page 112, line 6, at end insert—

 

“( )   

section 160 (discharge of liabilities in respect of compensation),”

276

Page 112, line 9, leave out “in paragraph 33 of Schedule 7” and insert “by section

 

124(1) of the Pensions Act 1995 (c. 26)”

Clause 163

277

Page 112, line 40, leave out “date” and insert “time”

278

Page 113, line 2, at end insert “rules”

Clause 165

279

Page 114, line 22, leave out “that date” and insert “the day referred to in paragraph

 

(a)”

Clause 166

280

Page 114, line 32, leave out “one or”

281

Page 114, line 33, after “of” insert “all”

282

Page 114, line 41, after “scheme” insert “rules”

283

Page 114, line 42, after “liabilities,” insert—

 

“( )   

the likelihood of an insolvency event occurring in relation to

 

the employer in relation to a scheme,”

284

Page 115, line 2, leave out from “to” to end of line and insert “—

 

(i)   

the amount of a scheme’s liabilities to or in respect of

 

members (other than liabilities in respect of money

 

purchase benefits), and

 

(ii)   

if the Board considers it appropriate, one or more other

 

scheme factors mentioned in subsection (4).”

285

Page 115, line 5, leave out paragraph (a)

286

Page 115, line 10, after “The” insert “other”

287

Page 115, line 10, leave out “(2)(b)” and insert “(2)(b)(ii)”

288

Page 115, line 15, leave out paragraph (c)

289

Page 115, line 20, leave out paragraph (a)

290

Page 115, line 22, leave out “levy or”

291

Page 115, line 25, leave out “levy or”

292

Page 115, line 26, leave out “levy or”


 
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