Rights of Savers Bill

House of Commons

Session 2005 - 06
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Other Bills before Parliament

Rights of Savers Bill

Rights of Savers Bill
Part 4 — Miscellaneous and final provisions
12

(2)
The following provisions of this Act shall come into force on such day as the
Secretary of State may by order determine—
(a)
Part 1,
(b)
section 12, and
(c)
Part 3,
5

and different days may be appointed for different purposes.
(3)
Sections 9 to 11 shall come into force on 6th April 2007.
(4)
This Act does not extend to Northern Ireland.

Rights of Savers Bill
Schedule 1 — Consequential amendments
13

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”.
10
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
15
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)—
20
(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
25
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—
30
“(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
14

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)—
5
(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,
10
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
15
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
20
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
25
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
30
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—
35
“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
15

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).

15

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

(b).

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

(c).