(73-79)

House of Commons

Session 2002 - 03
Internet Publications
Other Bills before Parliament

(  73  )
464
Page 229, line 8, after “include” insert “—

(a)”
465
Page 229, line 8, at end insert “;

(b)
such other persons as may be prescribed”
Clause 307
466
Page 230, line 39, leave out “to 5” and insert “to 7”
Clause 308
467
Page 231, line 6, leave out “, 8”
468
Page 231, line 14, leave out “, (5) and (6)” and insert “and (5) to (8)”
469
Page 231, line 14, after “200” insert “(other than paragraphs (b) to (d), (f) and (g) of

subsection (4), subsection (6) so far as relating to any of those paragraphs and

subsections (7) and (8))”
470
Page 231, line 14, after “201” insert “, 202(2A) and (2B)”
471
Page 231, line 14, leave out “and 203” and insert “, 203 and (Pension sharing)”
472
Page 231, line 23, at end insert—

“( )
Part 6 (financial assistance scheme for members of certain pension

schemes),”
473
Page 231, line 26, leave out from “sections” to “and” and insert “286(1) and (2), 287,

288(1) and (2)”
474
Page 231, line 26, after “288” insert “, 293”
475
Page 231, line 26, after “288” insert “, (Modification of pensions legislation that refers to

employers)”
476
Page 231, line 27, leave out “291” and insert “292”
477
Page 231, line 30, after “sections” insert “304(2),”
478
Page 231, line 34, after “304” insert “(1)”
Clause 309
479
Page 232, line 1, after “liabilities” insert “, or modification of a term of a contract of

insurance,”
480
Page 232, line 4, leave out “, (5) and (6)” and insert “and (5) to (8)”
Schedule 1
481
Page 234, line 36, leave out sub-paragraph (5) and insert—

     “(5)
By virtue of subsection (2) of section 9 (non-executive functions), the

function conferred on the Regulator by sub-paragraph (4)(b), so far as it

relates to the terms and conditions as to remuneration, is exercisable on

its behalf by the committee established under that section.”
482
Page 236, line 32, leave out paragraph (a) and insert—

(  74  )

“(a)
the committee established under section 9 or any of its sub-

committees, or”


483
Page 236, line 38, leave out “Non-Executive Committee” and insert “committee

established under section 9”
484
Page 238, line 3, leave out from “which” to end of line 4 and insert “, by virtue of

subsection (2) of section 9, must be discharged by the committee established under

that section),”


485
Page 238, line 30, at end insert—

“( )
the power to issue a clearance statement under section (Section 35

contribution notices: clearance statements);”
486
Page 238, line 32, at end insert—

“( )
the power to issue a clearance statement under section (Financial

support directions: clearance statements);”
487
Page 238, line 32, at end insert—

“( )
the power to make an order under section 145(7A);

( )
the power to make an order under section 210(3A);”
488
Page 239, line 13, leave out “Non-Executive Committee” and insert “committee

established under that section”


489
Page 239, line 44, leave out from “for” to end of line 1 on page 240 and insert “—

(a)
the modification of an occupational pension scheme under

section 69 of the Pensions Act 1995 (c. 26) or under any

corresponding provision in force in Northern Ireland, or

(b)
the issuing of a clearance statement under section (Section 35

contribution notices: clearance statements) or (Financial support

directions: clearance statements) or under any corresponding

provision in force in Northern Ireland.”
490
Page 242, line 44, leave out “Non-Executive Committee” and insert “committee

established under section 9“


Schedule 2
491
Page 244, line 34, at end insert—

“
The power to make or extend a restraining order under section (Pension

liberation: restraining orders).”
492
Page 244, line 34, at end insert—

“
The power to make an order under section (Pension liberation: restraining

orders)(10) permitting payments out of an account that is subject to a

restraining order.”
493
Page 244, line 34, at end insert—

“
The power to make a repatriation order under section (Pension liberation:

repatriation orders).”

(  75  )
494
Page 245, line 9, at end insert—

“
The power to issue a revised contribution notice under section 38(6C).”
495
Page 245, line 13, at end insert—

“
The power to issue a revised contribution notice under section 45(9).”
496
Page 245, line 23, at end insert—


“The power to issue a ring-fencing notice under section (Power of

Regulator to require ring-fencing of assets).”
Schedule 4
497
Page 253, line 24, after “State” insert “and the Department for Social Development

in Northern Ireland”
498
Page 254, line 29, at end insert—

“
In Schedule 15D to that Act (permitted disclosures of information) (as

inserted by Schedule 2 to the Companies (Audit, Investigations and

Community Enterprise) Act 2004), after paragraph 44 insert—

“44A
A disclosure for the purposes of proceedings before the

Pensions Regulator Tribunal.””
Schedule 5
499
Page 257, line 15, leave out sub-paragraph (6) and insert—

     “(6)
By virtue of subsection (4) of section 106 (non-executive functions), the

function conferred on the Board by sub-paragraph (5)(a) is exercisable

on its behalf by the committee established under that section.”
500
Page 257, line 30, leave out sub-paragraph (4) and insert—

     “(4)
By virtue of subsection (4) of section 106 (non-executive functions), the

functions conferred on the Board by sub-paragraph (3)(a) and (b) are

exercisable on its behalf by the committee established under that

section.”
501
Page 258, line 5, leave out “Non-Executive Committee” and insert “committee

established under section 106”


502
Page 258, line 7, leave out sub-paragraph (6)


503
Page 258, line 19, leave out “Non-Executive Committee” and insert “committee

established under section 106”


504
Page 258, line 24, leave out from “which” to end of line 25 and insert “must, by

virtue of subsection (4) of section 106, be discharged by the committee established

under that section)”


505
Page 259, line 14, leave out “(4)” and insert “18A(1)”

(  76  )
506
Page 259, line 14, leave out “sub-paragraph (1)” and insert “paragraph 18(1)”
507
Page 259, line 16, at end insert “any delegable review function.

      (2)
Where the Regulator is required to or may exercise any function on

behalf of the Board by virtue of—

(a)
section 172(4) or 180(6B) (administrative functions relating to

levies),

(b)
section 172(7)(b) or 180(8)(b) (recovery of levies), or

(c)
regulations under section 172(8) or 180(9) (collection, recovery

and waiver of levies),


the Board may also require the Regulator to exercise on behalf of the

Board any delegable review function.

      (3)
In this paragraph, “delegable review function”, in relation to a delegated

function, means—”
508
Page 259, line 17, after “198(1)(a)” insert “or (3)(a)”
509
Page 259, line 18, leave out “that” and insert “the delegated”
510
Page 259, line 26, after “(4)” insert—


““delegated function” means a function which is exercisable on

behalf of the Board as mentioned in sub-paragraph (1) or (2);”
511
Page 260, line 18, after “qualifications” insert “or experience, or a person approved

by the Secretary of State,”
512
Page 262, line 5, leave out “Non-Executive Committee” and insert “committee

established under section 106”


Schedule 7
513
Page 264, line 18, leave out “under the scheme or another scheme”
514
Page 264, line 24, leave out “under the scheme or another scheme”
515
Page 264, line 39, leave out “under the scheme”
516
Page 264, line 43, at beginning insert “Subject to sub-paragraph (3A),”
517
Page 264, line 49, at end insert—

    “(3A)
The pensioner’s widow or widower is not entitled to periodic

compensation under this paragraph in such circumstances as may be

prescribed.”
518
Page 265, line 30, after first “the” insert “postponed”
519
Page 265, line 30, leave out “under the scheme or another scheme”
520
Page 265, line 32, after “the” insert “postponed”
521
Page 265, line 42, leave out “under the scheme or another scheme”
522
Page 266, line 1, at beginning insert “Subject to sub-paragraph (3A),”
523
Page 266, line 8, at end insert—

(  77  )

    “(3A)
The postponed pensioner’s widow or widower is not entitled to periodic

compensation under this paragraph in such circumstances as may be

prescribed.”
524
Page 267, line 24, leave out “scheme”
525
Page 267, line 26, at end insert—


“paragraph 19A (compensation in respect of scheme right to

transfer payment or contribution refund),”
526
Page 267, line 32, at beginning insert “Subject to sub-paragraph (3A),”
527
Page 267, line 39, at end insert—

    “(3A)
The active member’s widow or widower is not entitled to periodic

compensation under this paragraph in such circumstances as may be

prescribed.”
528
Page 268, line 34, leave out second “paragraph” and insert “—


paragraph 19A (compensation in respect of scheme right to

transfer payment or contribution refund), and


paragraph”
529
Page 269, line 33, at end insert—


“paragraph 19A (compensation in respect of scheme right to

transfer payment or contribution refund),”
530
Page 270, line 20, at beginning insert “Subject to sub-paragraph (3A),”
531
Page 270, line 35, at end insert—

    “(3A)
The active member’s widow or widower is not entitled to periodic

compensation under this paragraph in such circumstances as may be

prescribed.”
532
Page 271, line 30, at end insert—


“paragraph 19A (compensation in respect of scheme right to

transfer payment or contribution refund),”
533
Page 272, line 21, leave out “under the scheme”
534
Page 273, line 12, leave out “under the scheme or another scheme”
535
Page 273, line 13, at beginning insert “Subject to sub-paragraph (3A),”
536
Page 273, line 29, at end insert—

    “(3A)
The deferred member’s widow or widower is not entitled to periodic

compensation under this paragraph in such circumstances as may be

prescribed.”
537
Page 274, line 10, at end insert—

“Compensation in respect of scheme right to transfer payment or contribution refund

19A   (1)
Compensation is payable in accordance with this paragraph where—

(a)
a person’s pensionable service terminates on the commencement

of the assessment period,

(b)
as a result, he has rights, under the admissible rules, to—

(  78  )

(i)
a transfer payment calculated by reference to the value of

benefits which have accrued to him under the scheme

(“the protected transfer payment”), or

(ii)
a cash payment calculated by reference to the amount of

contributions made by him or on his behalf to the scheme

(“the protected contribution repayment”),

(c)
Chapter 5 of Part 4 of the Pension Schemes Act 1993 (c. 48) (early

leavers: cash transfer sums and contribution refunds) does not

apply to him, and

(d)
he does not have relevant accrued rights to benefit (within the

meaning of section 101AA(4) of that Act).

      (2)
That person is entitled to compensation in the form of a lump sum in

respect of the protected transfer payment or protected contribution

repayment.

      (3)
The amount of the compensation is 90% of the amount of the protected

transfer payment or protected contribution repayment (whichever is the

greater).

      (4)
For the purposes of sub-paragraph (3), the amount of the protected

transfer payment or protected contribution repayment is to be calculated

in accordance with the admissible rules, which are to be applied for this

purpose subject to any prescribed modifications.

      (5)
The compensation is payable immediately after the transfer notice given

under section 151 is received by the trustees or managers of the scheme.

      (6)
This paragraph is subject to paragraph 29 (power of Secretary of State to

change percentage rates by order).

      (7)
Regulations may modify any provision of paragraph 8, 10, 11 or 14

(compensation for persons who were active members immediately

before assessment date) as it applies in the case of a person who is

entitled to compensation under this paragraph.

      (8)
Regulations may modify any provision of sub-paragraphs (1) to (6) as it

applies in the case of a person who is entitled to compensation under

paragraph 8, 10, 11 or 14.”
538
Page 274, line 16, at end insert—

“( )
in paragraph 15(1) and (2) the references to normal pension age

are to be read as references to normal benefit age,”
539
Page 274, line 22, leave out “of the scheme”
540
Page 274, line 30, leave out “, (2) and (5)” and insert “and (2)”
541
Page 274, line 31, after “age,” insert—

“( )
in paragraph 19(4) for the words from “the aggregate of” to the

end substitute “the accrued amount”,

( )
for paragraph 19(5) substitute—

“(5)
In sub-paragraph (4) “the accrued

amount” means an amount equal to the

amount of the scheme lump sum which,

under the admissible rules, the deferred

member is entitled to receive at normal

benefit age by virtue of his pension credit

rights.”,”
542
Page 275, line 12, leave out from “of” to end of line 16 and insert “—

(  79  )

(a)
partners of prescribed descriptions of persons of prescribed

descriptions who were members of the scheme immediately

before the assessment date,

(b)
dependants of prescribed descriptions of persons of prescribed

descriptions who—

(i)
were members of the scheme, or had rights to benefits

payable under the scheme rules in respect of a member,

immediately before the assessment date;

(ii)
became entitled to benefits under the scheme rules in

respect of a member on or after the assessment date but

before the time the trustees or managers of the scheme

received a transfer notice under section 151, or

(iii)
have become entitled to compensation under paragraph

21 (survivors who do not meet conditions for scheme

benefits at assessment date), in relation to the scheme.”
543
Page 275, line 43, after “scheme” insert “rules”
544
Page 278, line 38, leave out “under the scheme or another scheme”
545
Page 280, leave out lines 19 to 27 and insert—


““post-1997 service” means—

(a)
pensionable service which is within paragraph 33(4)(a)

and occurs on or after 6th April 1997, or

(b)
pensionable service which is within paragraph 33(4)(b)

and meets such requirements as may be prescribed;


“pre-1997 service” means—

(a)
pensionable service which is within paragraph 33(4)(a)

and occurred before 6th April 1997, or

(b)
pensionable service which is within paragraph 33(4)(b)

and meets such requirements as may be prescribed;”
546
Page 280, line 30, at end insert—

    “(6A)
But in this paragraph, in relation to any relevant pension credit amount,

“post-1997 service” and “pre-1997 service” have such meanings as may

be prescribed.

     (6B)
In sub-paragraph (6A), “relevant pension credit amount” means an

amount mentioned in sub-paragraph (3)(a) of—

(a)
paragraph 3,

(b)
paragraph 5, or

(c)
paragraph 15 as it applies by virtue of paragraph 20,


which is attributable (directly or indirectly) to a pension credit.”
547
Page 281, line 18, after “19(3)” insert “, 19A(3)”
548
Page 281, line 28, leave out “or 19(3)” and insert “, 19(3) or 19A(3)”
549
Page 282, line 7, leave out from beginning to first “is” in line 8 and insert “the effect

of disregarding rules within paragraphs (a) and (b) of paragraph 32(3)”
550
Page 282, line 26, at end insert—

“Short periods of service which terminate on commencement of assessment period

30A   (1)
This paragraph applies to a member of the scheme if—