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(3) In subsection (1)(b), after "second scheme," insert ", or the payment to the trustees or managers of that scheme,".'.
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No. 163, in page 272, line 37, at end insert—
'. In section 181(1) (general interpretation), in the definition of "transfer credits", for the words following "by reference to" substitute "—
(a) a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (which may include conditional rights and transfer credits allowed) under another scheme, other than rights attributable (directly or indirectly) to a pension credit, or
(b) a cash transfer sum paid under Chapter 5 of Part 4 in respect of him, to the trustees or managers of the scheme.".'.
No. 164, in page 272, line 37, at end insert—
'. In section 183(3) (sub-delegation), after "97(1)" insert ", 101AF(1)".'.
No. 165, in page 272, line 42, after '145A', insert '(except subsection (6)(b))'.
No. 166, in page 273, line 45, at end insert—
'. In section 34 (powers of investment and delegation) in subsection (1) after "subject to" insert "section 36(1) and to".
No. 167, in page 274, line 1, leave out paragraph 29.
No. 175, in page 274, line 3, leave out paragraph 30.
No. 176, in page 274, line 44, leave out paragraph 38 and insert—
'38 In section 69 (grounds for applying modifications)—
(a) in subsection (2) for "about the manner of dealing with applications under this section" substitute "requiring applications under this section to meet prescribed requirements",
(b) in subsection (3) omit paragraph (a),
(c) in subsection (4)(a) omit "(a) or", and
(d) in subsection (5)(a) omit "either of" and for "subsection (3)(a) or (b)" substitute "subsection (3)(b)".'.
No. 177, in page 275, line 31, leave out paragraph 44 and insert—
'44 In section 76 (excess assets on winding up)—
(a) in subsection (3), omit paragraph (c) (but not the word "and" immediately following it),
(b) omit subsection (5), and
(c) in subsection (6) for "sections 3 and 10 apply" substitute "section 10 applies".'.
No. 178, in page 275, line 33, leave out paragraph 45 and insert—
'45 In section 77 (excess assets remaining after winding up: power to distribute)—
(a) omit subsections (2) and (3),
(b) in subsection (4)—
(i) for the opening words substitute "Where this section applies—", and
(ii) in paragraph (a) for "those assets" substitute "the undistributed assets".
(c) in subsection (5) for "sections 3 and 10 apply" substitute "section 10 applies".'
No. 168, in page 275, line 39, leave out from 'schemes' to end of line 43 and insert ')—
(a) in subsection (1)(a)—
(i) for "sections 56 to 60" substitute "Part 3 of the Pensions Act 2004", and
(ii) for "those sections" substitute "that Part", and
(b) in subsection (2) omit "insolvency".'.
20 May 2004 : Column 1149
No. 169, in page 276, leave out lines 3 and 4 and insert—
' (1) Section 124 (interpretation of Part 1) is amended as follows.'.
No. 170, in page 276, line 4, at end insert—
'( ) In subsection (1), in the definition of "employer", for "persons in the description or category of employment" substitute "people with service in employments of the description".'.
No. 171, in page 276, line 4, at end insert—
' ( ) In that subsection, in the definition of "transfer credits", for the words following "by reference to" substitute "—
(a) a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (which may include conditional rights and transfer credits allowed) under another scheme, other than pension credit rights, or
(b) a cash transfer sum paid under Chapter 5 of Part 4 of the Pension Schemes Act 1993 (c.48) (early leavers) in respect of him, to the trustees or managers of the scheme.".'.
No. 172, in page 276, line 4, at end insert—
'( ) In subsection (3A) after "(3E)" insert "and to sections 25, 122 and 137 of the Pensions Act 2004".'—[Malcolm Wicks.]
Schedule 13
Amendments made: No. 173, in page 278, line 44, at end insert—
| 'Section 36(2).' |
No. 179, in page 278, line 54, at end insert—
| In section 69—(a) in subsection (3), paragraph (a),(b) in subsection (4)(a), the words "(a) or", and(c) in subsection (5)(a), the words "either of". |
No. 180, in page 279, line 8, at end insert—
| In section 76—(a) in subsection (3), paragraph (c) (but not the word "and" immediately following it), and(b) subsection (5). | |
| In section 77, subsections (2) and (3). |
No. 174, in page 279, line 13, at end insert—
| 'In section 89(2), the word "insolvency".'—[Malcolm Wicks.] |
3.1 pm
The Secretary of State for Work and Pensions (Mr. Andrew Smith): I beg to move, That the Bill be now read the Third time.
The Bill—and all it brings about—is a landmark in pensions reform. I start by thanking all those who have got us this far: officials who have worked long and hard and still have the other place to look forward to, the Employer Task Force on Pensions, everyone who took part in our extensive consultation, all members of the Standing Committee and all the hon. Members who have taken part in the debate on Report over the past two and a half days. I express particular thanks to my
20 May 2004 : Column 1150
hon. Friend the Minister for Pensions, and the Under-Secretary of State for Work and Pensions, my hon. Friend the Member for Gravesham (Mr. Pond), for doing a first-rate job in steering the Bill through Committee and Report.
As I said, the Pensions Bill is a landmark Bill. With the amendments and new clauses added in Committee and on Report, it is an even better and more comprehensive Bill than it was on Second Reading. My hon. Friend the Member for Cardiff, West (Kevin Brennan) yesterday described it as
"among the most progressive pieces of legislation to pass through this House"—[Official Report, 19 May 2004; Vol. 421, c. 1015.]
It is a vital step forward for security and confidence in pensions. It will transform pensions security by setting up the pension protection fund—a major social reform—to give invaluable reassurance to both members and scheme providers. It will benefit at least 13 million members by giving them the peace of mind they need when they pay into their company scheme, knowing that a fund is in place to pick up the pieces if and when companies go bust.
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