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(  67  )

 
 

(ii)   

the investigation of complaints relating to the financial

 

assistance scheme,

 

   

and for the establishment of a body or the appointment of a person

 

or persons to hear such appeals or conduct such investigations;”

Clause 275

422

Page 209, line 26, leave out from “have” to end of line 28 and insert “received

 

information forwarded to them by the Regulator in accordance with section

 

278(1).”

423

Page 209, line 33, leave out from “employer”” to end of line 36 and insert “has the

 

prescribed meaning;”

Clause 276

424

Page 210, line 4, at end insert—

 

“(1A)   

On receipt of the application, the Regulator must—

 

(a)   

where the Regulator is satisfied that the applicant meets prescribed

 

conditions, grant the authorisation, and

 

(b)   

in any other case, refuse the authorisation.”

425

Page 210, line 8, leave out “grant or”

Clause 278

426

Page 211, line 3, at end insert “and as to the other matters referred to in Article

 

20(5)”

427

Page 211, line 5, at end insert—

 

“( )   

Where—

 

(a)   

the trustees or managers of an occupational pension scheme are

 

approved under section 277 in relation to a European employer,

 

and

 

(b)   

in pursuance of Article 20(8) of the Directive the Regulator receives

 

information (“the new information”) from the competent authority

 

of the host member State as to changes affecting any information

 

previously forwarded under subsection (1),

 

   

the Regulator must as soon as reasonably practicable forward the new

 

information to the trustees or managers.”

After Clause 279

428

Insert the following new Clause—

 

        

“Power of Regulator to require ring-fencing of assets

 

(1)   

Where the trustees or managers of an occupational pension scheme receive

 

contributions to the scheme from a European employer, the Regulator may

 

in prescribed circumstances issue a notice (“a ring-fencing notice”) to the

 

trustees or managers of the scheme directing them to take, or refrain from

 

taking, such steps of a prescribed description as are specified in the notice

 

for the purpose of ring-fencing some or all of the assets or liabilities (or

 

both) of the scheme.


 

(  68  )

 
 

(2)   

In subsection (1), “ring-fencing” has the same meaning as in the Directive.

 

(3)   

If the trustees or managers of an occupational pension scheme fail to

 

comply with a ring-fencing notice given to them, section 10 of the Pensions

 

Act 1995 (civil penalties) applies to any trustee or manager who has failed

 

to take all reasonable steps to secure compliance.”

Clause 280

429

Page 212, line 5, leave out “that member State” and insert “the member State in

 

which the institution has its main administration”

430

Page 212, line 24, leave out “pensions” and insert “pension schemes”

After Clause 280

431

Insert the following new Clause—

 

“Stopping disposal of assets of institutions administered in other member

 

States

 

(1)   

This section applies if the Regulator receives a request from the competent

 

authority of a member State for assistance in prohibiting the free disposal

 

of UK-held assets of a European pensions institution that has its main

 

administration in that member State.

 

(2)   

The court may on an application made by the Regulator with respect to

 

UK-held assets of the institution grant—

 

(a)   

an injunction restraining a defendant, or

 

(b)   

in Scotland, an interdict prohibiting a defender (or, in proceedings

 

by petition, a respondent),

 

   

from disposing of, or otherwise dealing with, assets to which the

 

application relates.

 

(3)   

If the court grants an injunction or interdict under subsection (2), it may by

 

subsequent orders make provision for such incidental, consequential and

 

supplementary matters as it considers necessary to enable the competent

 

authority that sent the request to perform any of its functions in relation to

 

assets subject to the injunction or interdict.

 

(4)   

If the institution is not a party to proceedings under subsection (2) or (3),

 

the institution—

 

(a)   

has the same rights to notice of the proceedings as a defendant (or,

 

in Scotland, as a defender or, as the case may be, as a respondent),

 

and

 

(b)   

may take part as a party in the proceedings.

 

(5)   

In deciding any question as to costs or expenses, a court before which any

 

proceedings take place—

 

(a)   

may take account of any additional expense which it considers that

 

any party to the proceedings has incurred as a result of the

 

participation of the institution in pursuance of subsection (4)(b),

 

and

 

(b)   

may award the whole or part of the additional expense as costs or

 

(as the case may be) expenses to the party who incurred it

 

(whatever the outcome of the Regulator’s application).


 

(  69  )

 
 

(6)   

For the purposes of this section—

 

   

“European pensions institution” has the meaning given by section

 

280;

 

   

“UK-held assets” of a European pensions institution are assets of the

 

institution held by a depositary or custodian located in the United

 

Kingdom, and here “assets”, “depositary”, “custodian” and

 

“located” have the same meaning as in Article 19(3) of the Directive.

 

(7)   

The jurisdiction conferred by subsections (2) and (3) is exercisable by the

 

High Court or the Court of Session.”

Clause 281

432

Page 212, line 46, leave out “pensions” and insert “pension schemes (within the

 

meaning of that Article)”

Clause 286

433

Page 218, line 8, leave out subsection (3) and insert—

 

“(3)   

Subject to subsection (4), information obtained by the Regulator by virtue

 

of subsection (2) is to be treated for the purposes of sections 76 to 81

 

(disclosure of information) as having been obtained by the Regulator in the

 

exercise of its functions from the person from whom OPRA obtained it.

 

(4)   

Information obtained by the Regulator by virtue of subsection (2) which

 

was supplied to OPRA for the purposes of its functions by an authority

 

exercising functions corresponding to the functions of OPRA in a country

 

or territory outside the United Kingdom (the “overseas authority”) is to be

 

treated for the purposes mentioned in subsection (3) as having been

 

supplied to the Regulator for the purposes of its functions by the overseas

 

authority.”

434

Page 218, line 10, at end insert—

 

“( )   

Where tax information disclosed to OPRA is obtained by the Regulator by

 

virtue of subsection (2), subsection (3) does not apply and subsections (3)

 

and (4) of section 82 apply as if that information had been disclosed to the

 

Regulator by virtue of subsection (2) of that section.

 

   

For this purpose “tax information” has the same meaning as in that

 

section.”

Clause 288

435

Page 218, line 28, leave out subsection (3) and insert—

 

“(3)   

Information obtained by the Board by virtue of subsection (2) is to be

 

treated for the purposes of sections 188 to 192 and 194 (disclosure of

 

information) as having been obtained by the Board in the exercise of its

 

functions from the person from whom the Pensions Compensation Board

 

obtained it.”

436

Page 218, line 30, at end insert—

 

“( )   

Where tax information disclosed to the Pensions Compensation Board is

 

obtained by the Board by virtue of subsection (2), subsection (3) does not

 

apply, and subsections (3) and (4) of section 193 apply as if that information

 

had been disclosed to the Board by virtue of subsection (2) of that section.


 

(  70  )

 
 

   

For this purpose “tax information” has the same meaning as in that

 

section.”

437

Page 218, line 34, after first “to” insert “192 and”

Clause 292

438

Page 221, line 30, at end insert—

 

“( )   

any regulations made under section (Pensions liberation: court’s

 

power to order restitution)(7);

 

( )   

any regulations made under section (Pensions liberation: repatriation

 

orders)(4);”

439

Page 221, line 36, leave out from “any” to end of line and insert “subordinate

 

legislation made under that Part;”

440

Page 221, line 41, at end insert—

 

“( )   

any ring-fencing notice issued by the Regulator under section

 

(Power of Regulator to require ring-fencing of assets);”

441

Page 221, line 42, after “section” insert “274,”

442

Page 221, line 42, after “293,” insert “(Modification of pensions legislation that refers to

 

employers),”

443

Page 221, line 42, after “303(2)” insert “or (3)”

Clause 293

444

Page 222, line 20, at end insert—

 

“( )   

any case where a partnership is the employer, or one of the

 

employers, in relation to an occupational pension scheme.”

445

Page 222, line 24, leave out paragraph (c)

446

Page 222, line 26, leave out second “and”

447

Page 222, line 28, at end insert “, and

 

( )   

Part 7 (cross-border activities within European Union).”

448

Page 222, line 33, after first “scheme” insert “rules”

After Clause 293

449

Insert the following new Clause—

 

“Modification of pensions legislation that refers to employers

 

(1)   

Regulations may modify any provision of pensions legislation for the

 

purpose of ensuring that it, or another provision of pensions legislation,

 

does not purport to refer to the employer of a self-employed person.

 

(2)   

Where a provision of pensions legislation contains a reference to an

 

employer in connection with an occupational pension scheme, regulations

 

may modify the provision, or another provision of pensions legislation, for

 

the purpose of excluding from the reference an employer who is a person—

 

(a)   

who does not participate in the scheme as regards people employed

 

by him, or


 

(  71  )

 
 

(b)   

who, as regards people employed by him, participates in the

 

scheme only to a limited extent.

 

(3)   

For the purposes of this section—

 

(a)   

“pensions legislation” means any enactment contained in or made

 

by virtue of—

 

(i)   

the Pension Schemes Act 1993 (c. 48),

 

(ii)   

Part 1 of the Pensions Act 1995 (c. 26), other than sections 62

 

to 66A of that Act (equal treatment),

 

(iii)   

Part 1 of the Welfare Reform and Pensions Act 1999 (c. 30),

 

or

 

(iv)   

this Act;

 

(b)   

a person is “self-employed” if he is in an employment but is not

 

employed in it by someone else;

 

(c)   

a person who holds an office (including an elective office), and is

 

entitled to remuneration for holding it, shall be taken to be

 

employed by the person responsible for paying the remuneration.

 

(4)   

In subsection (3)(b) “employment” includes any trade, business,

 

profession, office or vocation.”

Clause 294

450

Page 223, line 19, at end insert —

 

“( )   

In this section “Scottish partnership” means a partnership constituted

 

under the law of Scotland.”

Clause 298

451

Page 225, line 20, after “303(2)” insert “and (3)”

452

Page 225, line 28, leave out “Parts” and insert “provisions”

Clause 301

453

Page 227, line 4, at end insert—

 

“( )   

an order under section 168(7) (orders relating to amounts to be

 

raised by pension protection levies);”

454

Page 227, line 6, after “order” insert “or regulations”

455

Page 227, line 12, at end insert—

 

“( )   

an order under section 232(A1) (power to provide for minimum

 

fraction of member-nominated trustees or directors to be one-half);”

456

Page 227, line 18, at end insert—

 

“( )   

regulations under section 303(2)(b) (power to extend meaning of

 

employer);”

Clause 303

457

Page 228, line 21, leave out from first “of” to “to” in line 22 and insert “persons in

 

the description of employment”

458

Page 228, line 48, at end insert—


 

(  72  )

 
 

   

““the PPF Ombudsman” has the meaning given by section 200(1);”

459

Page 229, line 3, leave out “47(1)” and insert “47”

460

Page 229, line 3, at end insert—

 

   

““the register” has the meaning given by section 53(1);”

461

Page 229, line 5, at end insert—

 

   

““the Tribunal” has the meaning given by section 96(1).”

462

Page 229, line 5, at end insert—

 

“(1A)   

In this Act, unless the context otherwise requires, references to the scheme

 

rules, in relation to an occupational pension scheme, are references to—

 

(a)   

the rules of the scheme, except so far as overridden by a relevant

 

legislative provision,

 

(b)   

the relevant legislative provisions, to the extent that they have effect

 

in relation to the scheme and are not reflected in the rules of the

 

scheme, and

 

(c)   

any provision which the rules of the scheme do not contain but

 

which the scheme must contain if it is to conform with the

 

requirements of Chapter 1 of Part 4 of the Pension Schemes Act 1993

 

(c. 48) (preservation of benefit under occupational pension

 

schemes).

 

(1B)   

For the purposes of subsection (1A)—

 

(a)   

“relevant legislative provision” means any provision contained in

 

any of the following provisions—

 

(i)   

Schedule 5 to the Social Security Act 1989 (c. 24) (equal

 

treatment for men and women);

 

(ii)   

Chapters 2 to 5 of Part 4 of the Pension Schemes Act 1993

 

(c. 48) (certain protection for early leavers) or regulations

 

made under any of those Chapters;

 

(iii)   

Part 4A of that Act (requirements relating to pension credit

 

benefit) or regulations made under that Part;

 

(iv)   

section 110(1) of that Act (requirement as to resources for

 

annual increase of guaranteed minimum pensions);

 

(v)   

Part 1 of the Pensions Act 1995 (c. 26) (occupational

 

pensions) or subordinate legislation made or having effect

 

as if made under that Part;

 

(vi)   

section 31 of the Welfare Reform and Pensions Act 1999

 

(c. 30) (pension debits: reduction of benefit);

 

(vii)   

any provision mentioned in section 292(2) of this Act;

 

(b)   

a relevant legislative provision is to be taken to override any of the

 

provisions of the scheme if, and only if, it does so by virtue of any

 

of the following provisions—

 

(i)   

paragraph 3 of Schedule 5 to the Social Security Act 1989

 

(c. 24);

 

(ii)   

section 129(1) of the Pension Schemes Act 1993 (c. 48);

 

(iii)   

section 117(1) of the Pensions Act 1995 (c. 26);

 

(iv)   

section 31(4) of the Welfare Reform and Pensions Act 1999

 

(c. 30);

 

(v)   

section 292(1) of this Act.”

463

Page 229, line 7, leave out “and 5” and insert “to 7”


 
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