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Rights of Savers Bill


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Rights of Savers Bill
Schedule 1 — Consequential amendments

 

Schedules

Schedule 1

Section 14(1)

 

Consequential amendments

Pension Schemes Act 1993

1     (1)  

The Pension Schemes Act 1993 (c. 48) is amended as follows.

5

      (2)  

In section 111A (monitoring of employers’ payments to personal pension

schemes), in subsection (11), after paragraph (a), insert—

“(aa)   

required to pay a penalty under that section by virtue of

section 3(8) of the Rights of Savers Act 2005 (failures in

respect of SaRAs), or”.

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Pensions Act 1995

2     (1)  

The Pensions Act 1995 (c. 26) is amended as follows.

      (2)  

In section 49 (other responsibilities of trustees, employers, etc.), in

subsection (13), after paragraph (a), insert—

“(aa)   

required to pay a penalty under that section by virtue of

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section 3(8) of the Rights of Savers Act 2005 (failures in

respect of SaRAs), or”.

Pensions Act 2004

3     (1)  

The Pensions Act 2004 (c. 35) is amended as follows.

      (2)  

In section 5 (Regulator’s objectives)—

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(a)   

in subsection (2), after paragraph (b), insert “and

(c)   

where the scheme is a SaRA scheme, any other

members.”;

(b)   

in subsection (3), after the first word “section”, insert—

“‘SaRA scheme’ means a personal pension scheme

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which is or has been registered under section 2 of the

Rights of Savers Act 2005 (register of SaRA

schemes);”; and

(c)   

in the same subsection, in the definition of “work-based pension

scheme”, after paragraph (b), insert—

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“(ba)   

a SaRA scheme, or”.

      (3)  

In section 12 (provision of information, education and assistance)—

(a)   

in subsection (3), at the end, insert the words “and, in the case of

SaRA schemes, the persons upon whom duties are imposed by or by

 

 

Rights of Savers Bill
Schedule 1 — Consequential amendments

13

 

virtue of section 3 of the Rights of Savers Act 2005 (duty of employers

to facilitate access to SaRA schemes)”; and

(b)   

in subsection (4), after the second word “assistance”, insert the words

“‘SaRA scheme’,”.

      (4)  

In section 73 (inspection of premises)—

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(a)   

after subsection (3), insert—

“(3A)   

An inspector may, for the purposes of investigating whether,

in the case of a SaRA scheme sections 1 and 2(4) of the Rights

of Savers Act 2005 (SaRA schemes: registration etc.) are

being, or have been, complied with, at any reasonable time,

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enter premises liable to inspection.”;

(b)   

in subsection (7), after the first word “section”, insert—

“‘SaRA scheme’ means an occupational pension scheme

or a personal pension scheme which is or has been

registered under section 2 of the Rights of Savers Act

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2005 (register of SaRA schemes);”.

      (5)  

In section 80 (offences of providing false or misleading information), in

subsection (1), after paragraph (b), insert—

“(ba)   

is provided in applying for registration of a scheme under

section 2 of the Rights of Savers Act 2005 (registration of

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SaRA schemes), or”.

      (6)  

In section 101 (powers to vary or revoke orders, notices or directions, etc.),

in subsection (2), after paragraph (c), insert—

“(ca)   

a direction under section 2(3) of the Rights of Savers Act 2005

refusing to register a scheme under section 2 of that Act or

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removing a scheme from the register of SaRA schemes, or”.

      (7)  

In section 268 (form of protection)—

(a)   

in subsection (3), after the word “pension”, insert the words “or

SaRA”;

(b)   

in subsection (5), after the word “pension”, insert the words “or

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SaRA”; and

(c)   

in subsection (7), at the appropriate place, insert—

“‘SaRA scheme’ means a scheme which is registered under section

2 of the Rights of Savers Act 2005;”.

      (8)  

In Schedule 2 (the reserved regulatory functions), at the end, insert—

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“Part 5

Functions under the Rights of Savers Act 2005

45         

The power by direction under section 2(3)(b) to remove a scheme

from the register of SaRA schemes.”

 

 

Rights of Savers Bill
Schedule 2 — Repeals

14

 

Schedule 2

Section 14(2)

 

Repeals

 

Short title and chapter

Extent of repeal

 
 

Pension Schemes Act 1993

In section 111A(11), the word “or” after

 
 

(c. 48)

paragraph (a).

 

5

 

Pensions Act 1995 (c. 26)

In section 49(13), the word “or” after paragraph

 
  

(a).

 
 

Welfare Reform and Pensions

In section 3(9), in the definition of “qualifying

 
 

Act 1999 (c. 30)

scheme”, the word “or” after paragraph (a).

 
 

Finance Act 2004 (c. 12)

In Schedule 29, paragraph 16(1)(a).

 

10

 

Pensions Act 2004 (c. 35)

In section 4(2), the word “and” after paragraph

 
  

(a).

 
  

In section 4(3), in the definition of “work-based

 
  

pension scheme”, the word “or” after

 
  

paragraph (b).

 

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In section 80(1), the word “or” after paragraph

 
  

(b).

 
  

In section 101(2), the word “or” after paragraph

 
  

(c).

 
 

 

 
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