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322 | Page 125, line 43, at end insert— |
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| “(6A) | The Board must in respect of any fraud compensation levy imposed under |
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| |
| (a) | determine the schemes in respect of which it is imposed, |
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| (b) | calculate the amount of the levy in respect of each of those schemes, |
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| |
| (c) | notify any person liable to pay the levy in respect of the scheme of |
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| the amount of the levy in respect of the scheme and the date or dates |
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| on which it becomes payable. |
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| (6B) | The Board may require the Regulator to discharge, on the Board’s behalf, |
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| its functions under subsection (6A) in respect of the levy.” |
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|
323 | Page 130, line 10, leave out from third “to” to “and” in line 12 and insert “the |
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| |
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324 | Page 131, line 3, leave out from beginning to “restricted” |
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325 | Page 131, line 8, leave out “except” and insert— |
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| “(1A) | Subsection (1) is subject to— |
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| |
| (b) | sections 189 to 194 and 225. |
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| (1B) | Subject to section 193(4), restricted information may be disclosed” |
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326 | Page 131, line 29, after “of” insert “subsections (1) and (1B) and” |
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327 | Page 133, line 9, at end insert “or of the Company Directors Disqualification |
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| (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),” |
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328 | Page 133, line 39, after “section 7” insert “or 23(1)” |
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|
329 | Page 134, line 25, leave out from “Sections” to “except” in line 26 and insert |
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| “188(1B), 189 to 192, 194 and 225 do not apply to tax information which is disclosed |
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| to the Board as mentioned in subsection (3), and such information may not be |
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| disclosed by the Board or any person who receives the information directly or |
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| indirectly from the Board” |
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330 | Page 135, line 3, at end insert “or in prescribed circumstances” |
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331 | Page 136, line 30, after “that” insert “— |
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| |
332 | Page 136, line 32, after “period” insert “, and |
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| (b) | the reference is to be construed as not including a failure to do the |
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| act or make the determination which first occurs after a prescribed |
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| |
333 | Page 136, line 32, at end insert— |
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| “( ) | Regulations may make provision suspending the effect of any |
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| determination, direction or other act of the Board, or any notice given or |
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| issued by it, which relates to a reviewable matter until— |
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| (a) | the period within which the matter may be reviewed by virtue of |
|
| this Chapter has expired, and |
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| (b) | if the matter is so reviewed— |
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| (i) | the review and any reconsideration, |
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| (ii) | any reference to the PPF Ombudsman in respect of the |
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| |
| (iii) | any appeal against his determination or directions, |
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| | has been finally disposed of.” |
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334 | Page 136, line 37, at end insert— |
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| “( ) | Regulations under subsection (3) may also modify any provision of this |
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| Part in consequence of provision made by virtue of paragraph (a) or (b) of |
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| |
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335 | Page 137, line 21, at end insert— |
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| “( ) | to provide for such variations, revocations or substitutions, or any |
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| determinations, directions or other decisions made as a result of the |
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| review decision or reconsideration decision, to be treated as if they |
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| were made at such time (which may be a time prior to the making |
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| of the review decision or reconsideration decision) as the Board |
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| |
| ( ) | to provide for any notice varied, substituted, issued or given by the |
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| Board as a result of the review decision or reconsideration decision, |
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| to be treated as if it were issued or given at such time (which may |
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| be a time prior to the making of the review decision or |
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| reconsideration decision) as the Board considers appropriate,” |
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|
336 | Page 138, line 7, leave out from beginning to “or” and insert “the pension |
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| compensation provisions,” |
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|
337 | Page 139, line 35, at end insert— |
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| “(7) | Regulations may provide for the imposition of a levy in respect of eligible |
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| schemes for the purpose of meeting expenditure of the Secretary of State |
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| |
| (8) | Where regulations make such provision, subsections (2), (3), (5), (6) and (7) |
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| of section 111 (administration levy) apply in relation to the levy as they |
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| apply in relation to an administration levy (within the meaning of that |
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| section), except that in subsection (7) the reference to subsection (1) of that |
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| section is to be read as a reference to subsection (7) of this section.” |
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|
338 | Page 139, line 38, after “Ombudsman (” insert “in this Chapter referred to as” |
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|
339 | Page 140, line 27, at end insert— |
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| “(2A) | The persons to whom section 1 of the Superannuation Act 1972 (c. 11) |
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| (persons to or in respect of whom benefits may be provided by schemes |
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| under that section) applies are to include— |
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| |
| |
| | the employees of the PPF Ombudsman. |
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| (2B) | The PPF Ombudsman must pay to the Minister for the Civil Service, at such |
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| times as he may direct, such sums as he may determine in respect of the |
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| increase attributable to subsection (2A) in the sums payable out of money |
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| provided by Parliament under that Act.” |
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|
340 | Page 142, line 12, after “payments,” insert— |
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| “( ) | conferring power on the PPF Ombudsman to direct that— |
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| (i) | any determinations, directions or other decisions which are |
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| made by the Board in accordance with any determination or |
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| 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 |
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| |
| | are to be treated as if they were made at such time (which may be a |
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| time prior to his determination or direction) as he considers |
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| |
| ( ) | conferring power on the PPF Ombudsman to direct that any notice |
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| varied, substituted, issued or given by the Board in accordance with |
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| 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 |
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| time prior to his determination or direction) as he considers |
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| |
| (ii) | as if it became binding for the purposes of this Part at the |
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| time at which he gives his determination or direction or at |
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| 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 |
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| given by the PPF Ombudsman, is not to be treated as being a |
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| reviewable matter for the purposes of this Chapter,” |
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341 | Page 142, line 14, at end insert “(including such powers as the Board may have on |
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| making a review decision or a reconsideration decision under regulations made |
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| |
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|
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 |
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| section 116(2) in relation to the scheme becoming binding, |
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| (ii) | a withdrawal notice issued under section (Withdrawal |
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| following issue of section 116(4) notice) in relation to the |
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| scheme becoming binding, or |
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| (iii) | a notice issued under section 116(4) becoming binding in a |
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| case where section (Withdrawal following issue of section |
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| 116(4) notice) does not apply.” |
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343 | Page 145, line 3, leave out from “than” to end of line 4 and insert “a scheme failure |
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| notice or a withdrawal notice issued under section 122(2) or (3) in relation to the |
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| scheme becoming binding.” |
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344 | Page 145, line 10, at end insert— |
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| “(3A) | In a case where subsection (3) applies, the Regulator may by order direct |
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| any person specified in the order— |
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| (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 |
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| with that subsection, and |
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| (b) | to take those steps within a period specified in the order. |
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| (3B) | If the trustees or managers of a scheme fail to comply with a direction to |
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| 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 |
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| who has failed to take all reasonable steps to secure compliance. |
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| (3C) | That section also applies to any other person who, without reasonable |
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| excuse, fails to comply with a direction to him contained in an order under |
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| |
|
345 | Insert the following new Clause— |
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| |
| (1) | Regulations may modify any of the provisions of this Part as it applies in |
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| |
| (a) | cases where a person’s shareable rights under an eligible scheme |
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| have (at any time) become subject to a pension debit; |
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| |
| (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 |
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| |
| (ii) | that order or provision takes effect on or after the receipt by |
|
| |
| (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 |
|
| |
| (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 |
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|
|
|
|
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| 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). |
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| |
| (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).” |
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|
346 | Page 146, line 8, leave out “that limits the amount of its” and insert “rules that limits |
|
| the amount of the scheme’s” |
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|
347 | Page 147, line 30, leave out from “212” to end of line 31 |
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|
348 | Page 147, line 41, leave out from “must” to end of line 42 and insert “, within the |
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| |
| (a) | if there is no existing recovery plan in force, prepare a recovery |
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| |
| (b) | if there is an existing recovery plan in force, review and if necessary |
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| |
349 | Page 148, line 4, after “preparing” insert “or revising” |
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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.” |
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351 | Page 148, line 14, leave out from beginning to “must” and insert “The copy of any |
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| recovery plan sent to the Regulator” |
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|
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.” |
|
|
354 | Page 151, line 5, leave out from “failed” to end of line 9 and insert “to comply with |
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|
|
|
|
|
| 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 |
|
| |
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.” |
|
|
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).” |
|
|
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.” |
|
|
360 | Page 155, line 17, after “applies” insert “when the scheme is established or (as the |
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| 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 |
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| |
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” |
|
|
365 | Insert the following new Clause— |
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|
|
|
|
|
| | “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 |
|
| |
| (a) | after “include” insert “— |
|
| |
| (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”.” |
|
|
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” |
|
|
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 |
|
| |
| (ii) | all the pensioner members of the occupational trust scheme |
|
| scheme or an organisation which adequately represents the |
|
| |
370 | Page 157, line 32, leave out “by” and insert “as a result of a process which involves” |
|
|
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 |
|
| |
372 | Page 158, line 38, after “231” insert “(including any of the provisions mentioned in |
|
| |
|
373 | Page 160, line 31, leave out “scheme rules” and insert “rules of the scheme” |
|
|