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|
|
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| (ii) | the investigation of complaints relating to the financial |
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| |
| | and for the establishment of a body or the appointment of a person |
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| or persons to hear such appeals or conduct such investigations;” |
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|
422 | Page 209, line 26, leave out from “have” to end of line 28 and insert “received |
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| information forwarded to them by the Regulator in accordance with section |
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| |
423 | Page 209, line 33, leave out from “employer”” to end of line 36 and insert “has the |
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| |
|
424 | Page 210, line 4, at end insert— |
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| “(1A) | On receipt of the application, the Regulator must— |
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| (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” |
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|
426 | Page 211, line 3, at end insert “and as to the other matters referred to in Article |
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| |
427 | Page 211, line 5, at end insert— |
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| |
| (a) | the trustees or managers of an occupational pension scheme are |
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| approved under section 277 in relation to a European employer, |
|
| |
| (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 |
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| previously forwarded under subsection (1), |
|
| | the Regulator must as soon as reasonably practicable forward the new |
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| information to the trustees or managers.” |
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|
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 |
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| 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 |
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| |
|
|
|
|
|
| (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.” |
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|
429 | Page 212, line 5, leave out “that member State” and insert “the member State in |
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| which the institution has its main administration” |
|
430 | Page 212, line 24, leave out “pensions” and insert “pension schemes” |
|
|
431 | Insert the following new Clause— |
|
| “Stopping disposal of assets of institutions administered in other member |
|
| |
| (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 |
|
| |
| (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), |
|
| |
| (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), |
|
| |
| (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 |
|
| |
| (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), |
|
| |
| (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). |
|
|
|
|
|
|
| (6) | For the purposes of this section— |
|
| | “European pensions institution” has the meaning given by section |
|
| |
| | “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.” |
|
|
432 | Page 212, line 46, leave out “pensions” and insert “pension schemes (within the |
|
| meaning of that Article)” |
|
|
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 |
|
| |
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 |
|
| |
|
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 |
|
| |
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. |
|
|
|
|
|
|
| | For this purpose “tax information” has the same meaning as in that |
|
| |
437 | Page 218, line 34, after first “to” insert “192 and” |
|
|
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 |
|
| |
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 |
|
| |
443 | Page 221, line 42, after “303(2)” insert “or (3)” |
|
|
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” |
|
|
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 |
|
| |
|
|
|
|
|
| (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 |
|
| |
| (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), |
|
| |
| |
| (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.” |
|
|
450 | Page 223, line 19, at end insert — |
|
| “( ) | In this section “Scottish partnership” means a partnership constituted |
|
| under the law of Scotland.” |
|
|
451 | Page 225, line 20, after “303(2)” insert “and (3)” |
|
452 | Page 225, line 28, leave out “Parts” and insert “provisions” |
|
|
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 |
|
| |
|
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— |
|
|
|
|
|
|
| | ““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 |
|
| |
| (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 |
|
| |
| (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 |
|
| |
| (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 |
|
| |
| (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 |
|
| |
| (v) | section 292(1) of this Act.” |
|
463 | Page 229, line 7, leave out “and 5” and insert “to 7” |
|
|