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(  46  )

 

Clause 180

322

Page 125, line 43, at end insert—

 

“(6A)   

The Board must in respect of any fraud compensation levy imposed under

 

this section—

 

(a)   

determine the schemes in respect of which it is imposed,

 

(b)   

calculate the amount of the levy in respect of each of those schemes,

 

and

 

(c)   

notify any person liable to pay the levy in respect of the scheme of

 

the amount of the levy in respect of the scheme and the date or dates

 

on which it becomes payable.

 

(6B)   

The Board may require the Regulator to discharge, on the Board’s behalf,

 

its functions under subsection (6A) in respect of the levy.”

Clause 185

323

Page 130, line 10, leave out from third “to” to “and” in line 12 and insert “the

 

sheriff,”

Clause 188

324

Page 131, line 3, leave out from beginning to “restricted”

325

Page 131, line 8, leave out “except” and insert—

 

“(1A)   

Subsection (1) is subject to—

 

(a)   

subsection (1B), and

 

(b)   

sections 189 to 194 and 225.

 

(1B)   

Subject to section 193(4), restricted information may be disclosed”

326

Page 131, line 29, after “of” insert “subsections (1) and (1B) and”

Clause 192

327

Page 133, line 9, at end insert “or of the Company Directors Disqualification

 

(Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),”

328

Page 133, line 39, after “section 7” insert “or 23(1)”

Clause 193

329

Page 134, line 25, leave out from “Sections” to “except” in line 26 and insert

 

188(1B), 189 to 192, 194 and 225 do not apply to tax information which is disclosed

 

to the Board as mentioned in subsection (3), and such information may not be

 

disclosed by the Board or any person who receives the information directly or

 

indirectly from the Board”

Clause 194

330

Page 135, line 3, at end insert “or in prescribed circumstances”

Clause 197

331

Page 136, line 30, after “that” insert “—


 

(  47  )

 
 

(a)   

332

Page 136, line 32, after “period” insert “, and

 

(b)   

the reference is to be construed as not including a failure to do the

 

act or make the determination which first occurs after a prescribed

 

time”

333

Page 136, line 32, at end insert—

 

“( )   

Regulations may make provision suspending the effect of any

 

determination, direction or other act of the Board, or any notice given or

 

issued by it, which relates to a reviewable matter until—

 

(a)   

the period within which the matter may be reviewed by virtue of

 

this Chapter has expired, and

 

(b)   

if the matter is so reviewed—

 

(i)   

the review and any reconsideration,

 

(ii)   

any reference to the PPF Ombudsman in respect of the

 

matter, and

 

(iii)   

any appeal against his determination or directions,

 

   

has been finally disposed of.”

334

Page 136, line 37, at end insert—

 

“( )   

Regulations under subsection (3) may also modify any provision of this

 

Part in consequence of provision made by virtue of paragraph (a) or (b) of

 

that subsection.”

Clause 198

335

Page 137, line 21, at end insert—

 

“( )   

to provide for such variations, revocations or substitutions, or any

 

determinations, directions or other decisions made as a result of the

 

review decision or reconsideration decision, to be treated as if they

 

were made at such time (which may be a time prior to the making

 

of the review decision or reconsideration decision) as the Board

 

considers appropriate,

 

( )   

to provide for any notice varied, substituted, issued or given by the

 

Board as a result of the review decision or reconsideration decision,

 

to be treated as if it were issued or given at such time (which may

 

be a time prior to the making of the review decision or

 

reconsideration decision) as the Board considers appropriate,”

Clause 199

336

Page 138, line 7, leave out from beginning to “or” and insert “the pension

 

compensation provisions,”

Clause 200

337

Page 139, line 35, at end insert—

 

“(7)   

Regulations may provide for the imposition of a levy in respect of eligible

 

schemes for the purpose of meeting expenditure of the Secretary of State

 

under subsection (6).

 

(8)   

Where regulations make such provision, subsections (2), (3), (5), (6) and (7)

 

of section 111 (administration levy) apply in relation to the levy as they


 

(  48  )

 
 

apply in relation to an administration levy (within the meaning of that

 

section), except that in subsection (7) the reference to subsection (1) of that

 

section is to be read as a reference to subsection (7) of this section.”

Clause 201

338

Page 139, line 38, after “Ombudsman (” insert “in this Chapter referred to as”

Clause 202

339

Page 140, line 27, at end insert—

 

“(2A)   

The persons to whom section 1 of the Superannuation Act 1972 (c. 11)

 

(persons to or in respect of whom benefits may be provided by schemes

 

under that section) applies are to include—

 

   

the PPF Ombudsman

 

   

a Deputy PPF Ombudsman

 

   

the employees of the PPF Ombudsman.

 

(2B)   

The PPF Ombudsman must pay to the Minister for the Civil Service, at such

 

times as he may direct, such sums as he may determine in respect of the

 

increase attributable to subsection (2A) in the sums payable out of money

 

provided by Parliament under that Act.”

Clause 204

340

Page 142, line 12, after “payments,” insert—

 

“( )   

conferring power on the PPF Ombudsman to direct that—

 

(i)   

any determinations, directions or other decisions which are

 

made by the Board in accordance with any determination or

 

direction given by him, or

 

(ii)   

any variations, revocations or substitutions of its

 

determinations, directions or other decisions which are

 

made by the Board in accordance with any determination or

 

direction given by him,

 

   

are to be treated as if they were made at such time (which may be a

 

time prior to his determination or direction) as he considers

 

appropriate,

 

( )   

conferring power on the PPF Ombudsman to direct that any notice

 

varied, substituted, issued or given by the Board in accordance with

 

any determination or direction given by him is to be treated—

 

(i)   

as if it were issued or given at such time (which may be a

 

time prior to his determination or direction) as he considers

 

appropriate;

 

(ii)   

as if it became binding for the purposes of this Part at the

 

time at which he gives his determination or direction or at

 

such later time as he considers appropriate,

 

( )   

prescribing the circumstances in which any determination or other

 

act of the Board in accordance with any determination or direction

 

given by the PPF Ombudsman, is not to be treated as being a

 

reviewable matter for the purposes of this Chapter,”

341

Page 142, line 14, at end insert “(including such powers as the Board may have on

 

making a review decision or a reconsideration decision under regulations made

 

under section 198(1))”


 

(  49  )

 

Clause 210

342

Page 144, line 30, leave out sub-paragraphs (i) to (iii) and insert—

 

“(i)   

a scheme failure notice or a withdrawal notice issued under

 

section 116(2) in relation to the scheme becoming binding,

 

(ii)   

a withdrawal notice issued under section (Withdrawal

 

following issue of section 116(4) notice) in relation to the

 

scheme becoming binding, or

 

(iii)   

a notice issued under section 116(4) becoming binding in a

 

case where section (Withdrawal following issue of section

 

116(4) notice) does not apply.”

343

Page 145, line 3, leave out from “than” to end of line 4 and insert “a scheme failure

 

notice or a withdrawal notice issued under section 122(2) or (3) in relation to the

 

scheme becoming binding.”

344

Page 145, line 10, at end insert—

 

“(3A)   

In a case where subsection (3) applies, the Regulator may by order direct

 

any person specified in the order—

 

(a)   

to take such steps as are so specified as it considers are necessary as

 

a result of the winding up of the scheme beginning in accordance

 

with that subsection, and

 

(b)   

to take those steps within a period specified in the order.

 

(3B)   

If the trustees or managers of a scheme fail to comply with a direction to

 

them contained in an order under subsection (3A), section 10 of the

 

Pensions Act 1995 (c. 26) (civil penalties) applies to any trustee or manager

 

who has failed to take all reasonable steps to secure compliance.

 

(3C)   

That section also applies to any other person who, without reasonable

 

excuse, fails to comply with a direction to him contained in an order under

 

subsection (3A).”

After Clause 210

345

Insert the following new Clause—

 

“Pension sharing

 

(1)   

Regulations may modify any of the provisions of this Part as it applies in

 

relation to—

 

(a)   

cases where a person’s shareable rights under an eligible scheme

 

have (at any time) become subject to a pension debit;

 

(b)   

cases where—

 

(i)   

a pension sharing order or provision in respect of such

 

rights is made before the time a transfer notice under section

 

151 is received by the trustees or managers of the eligible

 

scheme, and

 

(ii)   

that order or provision takes effect on or after the receipt by

 

them of the notice.

 

(2)   

Regulations may also modify any of the provisions of Chapter 1 of Part 4 of

 

the Welfare Reform and Pensions Act 1999 (c. 30) (pension sharing) as it

 

applies in relation to—

 

(a)   

cases within subsection (1)(a) where any liability of the trustees or

 

managers of the eligible scheme in respect of a pension credit was


 

(  50  )

 
 

not discharged before the time a transfer notice under section 151

 

was received by the trustees or managers of the eligible scheme;

 

(b)   

cases within subsection (1)(b).

 

(3)   

In this section—

 

(a)   

“pension debit” and “shareable rights” have the same meaning as in

 

Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999

 

(c. 30) (pension sharing), and

 

(b)   

“pension sharing order or provision” means an order or provision

 

falling within section 28(1) of the Welfare Reform and Pensions Act

 

1999 (activation of pension sharing).”

Clause 212

346

Page 146, line 8, leave out “that limits the amount of its” and insert “rules that limits

 

the amount of the scheme’s”

Clause 215

347

Page 147, line 30, leave out from “212” to end of line 31

Clause 216

348

Page 147, line 41, leave out from “must” to end of line 42 and insert “, within the

 

prescribed time—

 

(a)   

if there is no existing recovery plan in force, prepare a recovery

 

plan;

 

(b)   

if there is an existing recovery plan in force, review and if necessary

 

revise it.”

349

Page 148, line 4, after “preparing” insert “or revising”

350

Page 148, line 6, leave out subsection (5) and insert—

 

“(5)   

Provision may be made by regulations as to other circumstances in which

 

a recovery plan may or must be reviewed and if necessary revised.”

351

Page 148, line 14, leave out from beginning to “must” and insert “The copy of any

 

recovery plan sent to the Regulator”

Clause 219

352

Page 150, line 7, after “any” insert “provisions of a”

353

Page 150, line 13, at end insert—

 

“(2A)   

No modification may be made under subsection (2) that on taking effect

 

would or might adversely affect any subsisting right of—

 

(a)   

any member of the scheme, or

 

(b)   

any survivor of a member of the scheme.

 

   

For this purpose “subsisting right” and “survivor” have the meanings

 

given by section 67A of the Pensions Act 1995.”

Clause 221

354

Page 151, line 5, leave out from “failed” to end of line 9 and insert “to comply with


 

(  51  )

 
 

the requirements of section 213 with respect to the preparation or revision of a

 

statement of funding principles;”

355

Page 151, line 15, leave out from first “to” to end of line 20 and insert “comply with

 

the requirements of section 216 with respect to the preparation or revision of a

 

recovery plan;”

356

Page 151, line 22, leave out from “to” to end of line 28 and insert “comply with the

 

requirements of section 217 with respect to the preparation or revision of a

 

schedule of contributions;”

357

Page 151, line 50, at end insert—

 

“(2A)   

No modification may be made under subsection (2)(a) that on taking effect

 

would or might adversely affect any subsisting right of—

 

(a)   

any member of the scheme, or

 

(b)   

any survivor of a member of the scheme.

 

   

For this purpose “subsisting right” and “survivor” have the meanings

 

given by section 67A of the Pensions Act 1995.”

Clause 225

358

Page 153, line 29, at end insert—

 

“(6)   

This section is subject to sections 82 and 193 (tax information disclosed to

 

the Regulator or the Board).”

Before Clause 229

359

Insert the following new Clause—

 

“Removal of compulsion to take annuities

 

Notwithstanding any statutory provision or rule of law to the contrary, the

 

requirement for pensioners to take their pension in the form of an annuity,

 

together with the requirement to do so by the age of 75, shall cease to have

 

effect, provided that the pensioner can demonstrate that he has resources

 

to ensure that he will not become dependent on means-tested benefits.”

Clause 229

360

Page 155, line 17, after “applies” insert “when the scheme is established or (as the

 

case may be) to whom that subsection would have applied when the scheme was

 

established had that subsection then been in force”

361

Page 155, line 19, at end insert—

 

   

“or a pension scheme that is prescribed or is of a prescribed

 

description;”

362

Page 155, line 23, leave out “144(1)” and insert “154(1)”

363

Page 156, line 9, leave out “144(4)” and insert “154(4)”

364

Page 156, line 10, leave out “144 and 145” and insert “154 and 155”

After Clause 229

365

Insert the following new Clause—


 

(  52  )

 
 

        

“Meaning of employer in Part 1 of the Pensions Act 1995

 

(1)   

In section 125 of the Pensions Act 1995 (c. 26) (supplementary provision

 

relating to interpretation), in subsection (3) (extension of meaning of

 

“employer”)—

 

(a)   

after “include” insert “—

 

(a)”

 

(b)   

after “scheme” insert “;

 

(b)   

such other persons as may be prescribed”.

 

(2)   

In section 175 of that Act (parliamentary control of orders and regulations),

 

in subsection (2) (instruments subject to affirmative resolution procedure),

 

omit “or” at end of paragraph (c) and after that paragraph insert—

 

“(ca)   

section 125(3)(b), or”.”

Clause 230

366

Page 156, line 25, leave out from “which” to end of line 26 and insert “at least the

 

following are eligible to participate—

 

(i)   

all the active members of the scheme or an organisation

 

which adequately represents the active members, and

 

(ii)   

all the pensioner members of the scheme or an organisation

 

which adequately represents the pensioner members, and”

367

Page 156, line 27, leave out “by” and insert “as a result of a process which involves”

Clause 231

368

Page 157, line 28, after second “directors” insert “of the company in question”

369

Page 157, line 29, leave out from “which” to end of line 30 and insert “at least the

 

following are eligible to participate—

 

(i)   

all the active members of the occupational trust scheme or

 

an organisation which adequately represents the active

 

members, and

 

(ii)   

all the pensioner members of the occupational trust scheme

 

scheme or an organisation which adequately represents the

 

pensioner members,”

370

Page 157, line 32, leave out “by” and insert “as a result of a process which involves”

Clause 232

371

Page 158, line 37, at end insert—

 

“(A1)   

The Secretary of State may, by order, amend sections 230(1)(a) and (4) and

 

231(1)(a) and (4) by substituting, in each of those provisions, “one-half” for

 

“one-third”.”

372

Page 158, line 38, after “231” insert “(including any of the provisions mentioned in

 

subsection (A1))”

Clause 236

373

Page 160, line 31, leave out “scheme rules” and insert “rules of the scheme”


 
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