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1

 
 

House of Commons

 
 

Wednesday 14th December 2005

 

Standing Committee Proceedings

 

Standing Committee C

 

Rights of Savers Bill


 

[First Sitting]


 

Mr Stephen Timms                                                        

 

Not selected  1

 

Page  1,  line  4,  leave out Clause 1.

 

Clause Agreed to on division.

 


 

Mr Stephen Timms

 

Not selected  2

 

Page  2,  line  35,  leave out Clause 2.

 

Clause Agreed to on division.

 


 

Sir Malcolm Rifkind

 

Agreed to  20

 

Clause  3,  page  4,  line  25,  at end insert ‘, employing at least five employees’.

 

Mr Stephen Timms

 

Not selected  3

 

Page  3,  line  24,  leave out Clause 3.

 

Clause, as amended, Agreed to on division.

 


 

Mr Stephen Timms

 

Not selected  4

 

Page  4,  line  43,  leave out Clause 4.


 
 

S.C.C. Standing Committee Proceedings: 14th December 2005        

2

 

Rights of Savers Bill, continued

 
 

Clause Agreed to on division.

 


 

John Penrose

 

Agreed to  24

 

Clause  5,  page  6,  line  9,  after ‘child’, insert ‘or grandchild’.

 

John Penrose

 

Agreed to  23

 

Clause  5,  page  6,  line  15,  after ‘of’, insert ‘accredited’.

 

John Penrose

 

Agreed to  25

 

Clause  5,  page  6,  line  28,  at end insert—

 

    

“‘grandchild” means—

 

(a)    

a grandson or granddaughter of the account investor, or

 

(b)    

a person in respect of whom the account investor’s child had parental

 

responsibility when that person reached the age of 16;’.

 

Mr Stephen Timms

 

Not selected  5

 

Page  5,  line  30,  leave out Clause 5.

 

Clause, as amended, Agreed to on division.

 


 

Mr Stephen Timms

 

Not selected  6

 

Page  7,  line  16,  leave out Clause 6.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  7

 

Page  7,  line  29,  leave out Clause 7.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  8

 

Page  7,  line  37,  leave out Clause 8.


 
 

S.C.C. Standing Committee Proceedings: 14th December 2005        

3

 

Rights of Savers Bill, continued

 
 

Clause Agreed to.

 


 

John Penrose

 

Agreed to  21

 

Clause  9,  page  9,  line  11,  after ‘an’, insert ‘annual’.

 

John Penrose

 

Agreed to  22

 

Clause  9,  page  9,  line  38,  at end insert—

 

‘(9A)    

The ninth condition is that each member’s life expectancy is re-assessed at an

 

interval not exceeding twelve months.’.

 

John Penrose

 

Agreed to  26

 

Clause  9,  page  9,  line  38,  at end insert—

 

‘(9B)    

A SaRA may be converted into a Retirement Income Fund at the account holder’s

 

sole discretion, providing that he is either—

 

(a)    

over the age of 60, or

 

(b)    

in receipt of Incapacity Benefit, Disability Living Allowance or their

 

successors.’.

 

John Penrose

 

Agreed to  27

 

Clause  9,  page  9,  line  38,  at end insert—

 

‘(9C)    

Section 109(1)(b) of the Employment Rights Act 1996 (c. 18) shall not apply to

 

the holder of a SaRA.’.

 

Mr Stephen Timms

 

Not selected  9

 

Page  8,  line  39,  leave out Clause 9.

 

Clause, as amended, Agreed to.

 


 

Mr Stephen Timms

 

Not selected  10

 

Page  9,  line  39,  leave out Clause 10.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  11

 

Page  10,  line  9,  leave out Clause 11.


 
 

S.C.C. Standing Committee Proceedings: 14th December 2005        

4

 

Rights of Savers Bill, continued

 
 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  12

 

Page  10,  line  19,  leave out Clause 12.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  13

 

Page  10,  line  25,  leave out Clause 13.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  14

 

Page  10,  line  36,  leave out Clause 14.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  15

 

Page  11,  line  1,  leave out Clause 15.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  16

 

Page  11,  line  15,  leave out Clause 16.

 

Clause Agreed to.

 



 
 

S.C.C. Standing Committee Proceedings: 14th December 2005        

5

 

Rights of Savers Bill, continued

 
 

Mr Stephen Timms

 

Not selected  17

 

Page  11,  line  21,  leave out Clause 17.

 

Clause Agreed to.

 


 

Mr Stephen Timms

 

Not selected  18

 

Page  12,  line  2,  leave out Schedule 1.

 

Schedule Agreed to.

 


 

Mr Stephen Timms

 

Not selected  19

 

Page  14,  line  1,  leave out Schedule 2.

 

Schedule Agreed to.

 

Bill, as amended, to be reported.

 


 
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