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|
|
|
| (a) | arose before the commencement of the winding up of the |
|
| |
| (b) | was not discharged before the commencement of the |
|
| |
| (8) | Regulations may provide that, in prescribed circumstances, |
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| |
| (a) | an occupational pension scheme to which section 73 applies |
|
| |
| (b) | a member of the scheme died before the winding up began, |
|
| |
| (c) | during the winding up period a person becomes entitled |
|
| under the scheme rules to a benefit of a prescribed |
|
| description in respect of the member, |
|
| | his entitlement to payment of all or part of the benefit is, for the |
|
| purposes of subsection (6), to be treated as having arisen |
|
| immediately before the commencement of the winding up period. |
|
| (9) | If, immediately before the winding up period in relation to an |
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| occupational pension scheme to which section 73 applies, a person |
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| is entitled to an amount but has postponed payment of it, he is not, |
|
| for the purposes of subsection (6), to be regarded as having become |
|
| entitled to payment of the amount before that period. |
|
| (10) | For the purposes of this section— |
|
| (a) | “winding up provisions” means this section and sections 73, |
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| |
| (b) | subsection (10) of section 73 applies as it applies for the |
|
| purposes of that section.” |
|
| (2) | In section 74 of the Pensions Act 1995 (c. 26) (discharge of liabilities by |
|
| insurance, etc on winding up)— |
|
| (a) | for subsection (1) substitute— |
|
| “(1) | This section applies where an occupational pension scheme |
|
| to which section 73 applies is being wound up.”, |
|
| (b) | in subsection (2) omit “(including increases in pensions)”, |
|
| (c) | in subsection (3), after paragraph (d) insert— |
|
| “(e) | by the payment of a cash sum in circumstances |
|
| where prescribed requirements are met.”, |
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| |
| (i) | for “rules of the scheme” substitute “scheme rules”, and |
|
| (ii) | omit “(including increases in pensions)”, |
|
| (e) | omit subsection (5)(b) and the word “or” immediately preceding it, |
|
| |
| (f) | after subsection (5) insert— |
|
| “(6) | For the purposes of this section— |
|
| (a) | references to assets of the scheme do not include any |
|
| assets representing the value of any rights in respect |
|
| of money purchase benefits under the scheme rules, |
|
| |
| (b) | references to liabilities of the scheme do not include |
|
| any liabilities in respect of money purchase benefits |
|
| |
|
|
|
|
|
| | and “scheme rules” has the same meaning as in the Pensions |
|
| Act 2004 (see section 303 of that Act).”” |
|
|
389 | Page 192, leave out lines 24 to 29 and insert— |
|
| |
| (i) | no relevant event within subsection (6A)(a) or (b) |
|
| occurred in relation to the employer during the |
|
| period beginning with the appointed day and |
|
| ending with the commencement of the winding up |
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| |
| |
| (a) | beginning with the occurrence of the last |
|
| such relevant event which occurred during |
|
| the period mentioned in sub-paragraph (i), |
|
| |
| (b) | ending with the commencement of the |
|
| winding up of the scheme, |
|
| | a cessation notice was issued in relation to the |
|
| scheme and became binding, and |
|
| (b) | no relevant event within subsection (6A)(c) has occurred in |
|
| relation to the employer during the period mentioned in |
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| |
390 | Page 192, line 31, leave out “qualifying relevant event” and insert “relevant event |
|
| |
391 | Page 192 , line 34, leave out “and” and insert— |
|
| |
| (i) | occurred on or after the appointed day, and |
|
| (ii) | did not occur in prescribed circumstances,” |
|
392 | Page 192, line 38, at end insert— |
|
| “(c) | if the current event is within subsection (6A)(a) or (b), |
|
| |
| (i) | no relevant event within subsection (6A)(a) or (b) |
|
| occurred in relation to the employer during the |
|
| period beginning with the appointed day and |
|
| ending immediately before the current event, or |
|
| (ii) | a cessation event has occurred in relation to the |
|
| scheme in respect of a cessation notice issued during |
|
| |
| (a) | beginning with the occurrence of the last |
|
| such relevant event which occurred during |
|
| the period mentioned in sub-paragraph (i), |
|
| |
| (b) | ending immediately before the current |
|
| |
| (d) | no relevant event within subsection (6A)(c) has occurred in |
|
| relation to the employer during the period mentioned in |
|
| |
393 | Page 192, line 41, leave out “A” and insert “Where the current event is within |
|
| subsection (6A)(a) or (b), the” |
|
|
|
|
|
394 | Page 192, line 43, leave out “qualifying relevant” and insert “current” |
|
395 | Page 192, line 43, at end insert— |
|
| “(4AA) | Subsection (4B) applies if, in a case within subsection (4)— |
|
| (a) | the current event is within subsection (6A)(a) or (b), and |
|
| (b) | the scheme was not being wound up immediately before |
|
| |
396 | Page 192, line 44, leave out from beginning to first “the” in line 45 and insert |
|
| “Where this subsection applies,” |
|
397 | Page 193, leave out lines 1 to 15 and insert— |
|
| “(a) | a scheme failure notice being issued in relation to the |
|
| scheme after the current event and the following conditions |
|
| |
| (i) | the scheme failure notice is binding, |
|
| (ii) | no relevant event within subsection (6A)(c) has |
|
| occurred in relation to the employer before the |
|
| scheme failure notice became binding, and |
|
| (iii) | a cessation event has not occurred in relation to the |
|
| scheme in respect of a cessation notice issued during |
|
| |
| (a) | beginning with the occurrence of the current |
|
| |
| (b) | ending immediately before the issuing of the |
|
| |
| | and the occurrence of such a cessation event in |
|
| respect of a cessation notice issued during that |
|
| period is not a possibility, or |
|
| (b) | the commencement of the winding up of the scheme |
|
| |
| (i) | any scheme failure notice or cessation notice issued |
|
| in relation to the scheme becomes binding, or |
|
| (ii) | any relevant event within subsection (6A)(c) occurs |
|
| in relation to the employer.”” |
|
398 | Page 193, line 16, at end insert— |
|
| |
| (a) | after “scheme” insert “rules”, and |
|
| |
| | “In this subsection “scheme rules” has the same meaning as |
|
| in the Pensions Act 2004 (see section 303 of that Act).”” |
|
399 | Page 193 , line 17, leave out subsection (4) and insert— |
|
| “(4) | After subsection (6) insert— |
|
| “(6A) | For the purposes of this section, a relevant event occurs in relation |
|
| to the employer in relation to an occupational pension scheme if |
|
| |
| (a) | an insolvency event occurs in relation to the employer, |
|
| (b) | the trustees or managers of the scheme make an application |
|
| under subsection (1) of section 121 of the Pensions Act 2004 |
|
| (“the 2004 Act”) or receive a notice from the Board of the |
|
|
|
|
|
|
| Pension Protection Fund under subsection (5)(a) of that |
|
| |
| (c) | a resolution is passed for a voluntary winding up of the |
|
| employer in a case where a declaration of solvency has been |
|
| made under section 89 of the Insolvency Act 1986 |
|
| (members’ voluntary winding up). |
|
| (6B) | For the purposes of this section— |
|
| (a) | a “cessation notice”, in the case of a relevant event within |
|
| subsection (6A)(a), means— |
|
| (i) | a withdrawal notice issued under section 116(2)(b) |
|
| of the 2004 Act (scheme rescue has occurred); |
|
| (ii) | a withdrawal notice issued under section |
|
| (Withdrawal following issue of section 116(4) notice) of |
|
| that Act (no insolvency event has occurred or is |
|
| |
| (iii) | a notice issued under section 116(4) of that Act |
|
| (inability to confirm status of scheme) in a case |
|
| where the notice has become binding and section |
|
| (Withdrawal following issue of section 116(4) notice) of |
|
| |
| (b) | a “cessation notice” in the case of a relevant event within |
|
| subsection (6A)(b), means a withdrawal notice issued under |
|
| section 122(3) of the 2004 Act (scheme rescue has occurred), |
|
| (c) | a cessation event occurs in relation to a scheme when a |
|
| cessation notice in relation to the scheme becomes binding, |
|
| (d) | the occurrence of a cessation event in relation to a scheme in |
|
| respect of a cessation notice issued during a particular |
|
| period (“the specified period”) is a possibility until each of |
|
| the following are no longer reviewable— |
|
| (i) | any cessation notice which has been issued in |
|
| relation to the scheme during the specified period; |
|
| (ii) | any failure to issue such a cessation notice during |
|
| |
| (iii) | any notice which has been issued by the Board |
|
| under Chapter 2 or 3 of Part 2 of the 2004 Act which |
|
| is relevant to the issue of a cessation notice in |
|
| relation to the scheme during the specified period or |
|
| to such a cessation notice which has been issued |
|
| during that period becoming binding; |
|
| (iv) | any failure to issue such a notice as is mentioned in |
|
| |
| (e) | the issue or failure to issue a notice is to be regarded as |
|
| |
| (i) | during the period within which it may be reviewed |
|
| by virtue of Chapter 6 of Part 2 of the 2004 Act, and |
|
| (ii) | if the matter is so reviewed, until— |
|
| (a) | the review and any reconsideration, |
|
| (b) | any reference to the Ombudsman for the |
|
| Board of the Pension Protection Fund in |
|
| respect of the matter, and |
|
| (c) | any appeal against his determination or |
|
| |
|
|
|
|
|
| | has been finally disposed of, and |
|
| (f) | a “scheme failure notice” means a scheme failure notice |
|
| issued under section 116(2)(a) or 122(2) of the 2004 Act |
|
| (scheme rescue not possible). |
|
| (6C) | For the purposes of this section— |
|
| (a) | section 115 of the 2004 Act applies for the purposes of |
|
| determining if and when an insolvency event has occurred |
|
| in relation to the employer, |
|
| (b) | “appointed day” means the day appointed under section |
|
| 118(2) of the 2004 Act (no pension protection under Chapter |
|
| 3 of Part 2 of that Act if the scheme begins winding up |
|
| before the day appointed by the Secretary of State), |
|
| (c) | references to a relevant event in relation to an employer do |
|
| not include a relevant event which occurred in relation to |
|
| him before he became the employer in relation to the |
|
| |
| (d) | references to a cessation notice becoming binding are to the |
|
| notice in question mentioned in subsection (6B)(a) or (b) and |
|
| issued under Part 2 of the 2004 Act becoming binding |
|
| within the meaning given in that Part of that Act, and |
|
| (e) | references to a scheme failure notice becoming binding are |
|
| to the notice in question mentioned in subsection (6B)(f) and |
|
| issued under Part 2 of the 2004 Act becoming binding |
|
| within the meaning given in that Part of that Act. |
|
| |
| (a) | a resolution is passed for a voluntary winding up of the |
|
| employer in a case where a declaration of solvency has been |
|
| made under section 89 of the Insolvency Act 1986 |
|
| (members’ voluntary winding up), and |
|
| |
| (i) | the voluntary winding up of the employer is stayed |
|
| other than in prescribed circumstances, or |
|
| (ii) | a meeting of creditors is held in relation to the |
|
| employer under section 95 of that Act (creditors’ |
|
| meeting which has the effect of converting a |
|
| members’ voluntary winding up into a creditors’ |
|
| |
| | this section has effect as if that resolution had never been passed |
|
| and any debt which arose under this section by virtue of the passing |
|
| of that resolution shall be treated as if it had never arisen.”” |
|
|
400 | Page 200, line 8, at end insert— |
|
| “(6) | 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 a deputy to the Pensions |
|
| |
| (7) | The Pensions 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 (6) in the sums payable out of |
|
| money provided by Parliament under that Act.” |
|
401 | Page 200, line 8, at end insert— |
|
| “( ) | The Pensions Ombudsman must also 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 amount payable out of money provided by Parliament under |
|
| that Act which is attributable to the following persons being persons to |
|
| whom section 1 of that Act applies— |
|
| (a) | the Pensions Ombudsman; |
|
| (b) | the employees of the Pensions Ombudsman.” |
|
|
402 | Page 201, line 30, leave out from “subsection (1)” to end of line 35 and insert “— |
|
| (a) | omit “and” at the end of sub-paragraph (i) of paragraph (a), |
|
| (b) | at the end of sub-paragraph (ii) of that paragraph insert— |
|
| “(iii) | in the case where the pension becomes a |
|
| pension in payment on or after the |
|
| commencement day, is not a money |
|
| purchase scheme, and”, and |
|
| (c) | for paragraph (b) substitute— |
|
| “(b) | the whole, or any part of, the pension is |
|
| |
| (i) | to pensionable service on or after the |
|
| |
| (ii) | in the case of money purchase benefits where |
|
| the pension is in payment before the |
|
| commencement day, to payments in respect |
|
| of employment carried on on or after the |
|
| |
403 | Page 201, line 42, at end insert— |
|
| “( ) | In subsection (2) after “money purchase benefits” insert “where the pension |
|
| is in payment before the commencement day”.” |
|
404 | Page 202, line 13, leave out from “day” to end of line 15 |
|
405 | Page 202, line 21, leave out from “day” to end of line 23 |
|
406 | Page 202, line 28, leave out from “day” to “, and” in line 30 |
|
407 | Page 202, line 32, leave out from “day” to end of line 33 |
|
|
408 | Page 203, line 21, leave out “subsections (2) and (3)” and insert “subsection (2)” |
|
409 | Page 203, line 23, at end insert— |
|
| ““( ) | the pension became a pension in payment before the |
|
| |
410 | Page 203, line 34, leave out subsections (3) and (4) |
|
411 | Page 204, line 34, after “supplementary)” insert “— |
|
|
|
|
|
|
| (a) | in the definition of “appropriate percentage”, for the words from |
|
| “revaluation period” to the end substitute “latest revaluation period |
|
| specified in the order under paragraph 2 of Schedule 3 to the |
|
| Pension Schemes Act 1993 (revaluation of accrued pension benefits) |
|
| which is in force at the time of the increase (expressions used in this |
|
| definition having the same meaning as in that paragraph of that |
|
| |
| |
|
412 | Page 204, line 43, at end insert— |
|
| “( ) | In subsection (2), for “This” substitute “Subject to subsection (2A), this”.” |
|
413 | Page 204, line 45, after “(2A)” insert— |
|
| “ | Subsection (2) does not apply to pensions which— |
|
| (a) | are money purchase benefits, and |
|
| (b) | become pensions in payment on or after the commencement |
|
| |
| |
414 | Page 205, line 12, at end insert— |
|
| | “““money purchase benefit” has the meaning given by section 181(1) |
|
| of the Pension Schemes Act 1993;”” |
|
415 | Page 205, line 15, leave out “relate.” and insert “are (directly or indirectly) |
|
| |
|
416 | Page 207, line 26, after “payments” insert “entirely from public funds with no |
|
| charges, levies or contributions to be made by the private sector” |
|
417 | Page 207, line 27, at end insert— |
|
| “( ) | Payments made under this section shall be made to eligible scheme |
|
| members regardless of their income or capital.” |
|
418 | Page 208, line 4, leave out “such period as may be prescribed” and insert “the |
|
| prescribed period ending immediately before the day appointed under section |
|
| |
419 | Page 208, line 5, leave out “and” |
|
420 | Page 208, line 7, at end insert “, and |
|
| ( ) | prescribed details of which have been notified to such person as |
|
| may be prescribed by a person of a prescribed description— |
|
| (i) | in the prescribed form and manner, and |
|
| (ii) | before the prescribed date;” |
|
421 | Page 208, line 42, at end insert— |
|
| “( ) | for or in connection with— |
|
| (i) | the review of, or appeals against, any determination, or |
|
| failure to make a determination, in connection with the |
|
| financial assistance scheme, or |
|
|