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(  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—


 
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