| Pensions Bill - continued | House of Commons |
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Mr Nigel Waterson
22 Clause 19, page 21, line 27, at end insert— ‘(5A) In making preparations and giving advice, the Authority shall seek to ensure that the full costs of setting up and operating the scheme are covered by charges to be made either to employers or to members and not met from other sources.’. Mr Nigel Waterson
87 Clause 19, page 21, line 29, at end insert ‘, and such guidance must be reported to Parliament by an oral statement made by the Secretary of State.’. Mr Nigel Waterson
23 Clause 19, page 21, line 31, at end insert— ‘(7A) Before issuing guidance under subsection (6) the Secretary of State shall consult— (a) the Authority; (b) organisations appearing to him to be representative of consumers; (c) organisations appearing to him to be representative of employees; (d) organisations appearing to him to be representative of employers; (e) organisations appearing to him to be representative of the financial services industry; (f) such other persons as the Secretary of State considers it appropriate to consult in relation to the guidance. (7B) A draft of any guidance proposed to be issued under this section shall be laid before each House of Parliament. (7C) Guidance shall not be issued under this section until after the period of forty days beginning with— (a) the day on which the draft is laid before each House of Parliament; or (b) if the draft is laid before the House of Lords on one day and the House of Commons on another, the later of those two days. (7D) If, before the end of that period, either House resolves that the guidance should not be issued, the Secretary of State must not issue it. (7E) In reckoning any period of forty days for the purposes of subsection (5) or (6), no account shall be taken of any time during which— (a) Parliament is dissolved or prorogued, or (b) both Houses are adjourned for more than four days. (7F) The Secretary of State shall arrange for any guidance issued under this section to published in such manner as he considers appropriate.’. Mr David Laws
38 Clause 19, page 21, line 32, at end add— ‘(9) Prior to Parliament’s approval of proposals the Authority must evaluate the effect of means testing on levels of saving in personal accounts and its impact on returns in personal accounts and thereafter conduct and publish evaluations annually.’. Mr David Laws
39 Clause 19, page 21, line 32, at end insert— ‘(9) The Authority shall carry out a gender impact assessment of relevant proposals regarding saving in personal accounts as specified in subsection (2).’. Mr David Laws
65 Clause 19, page 21, line 32, at end add— ‘(9) The Authority shall, no later than 1st April 2008, publish a strategy for maximising participation in the new system of personal accounts in which it shall— (a) set out and give full explanation of targets for participation in personal accounts; (b) identify at-risk groups where auto-enrolment might risk very low rates or return; (c) outline contingency plans for coping with the workload if participation is higher than expected; (d) outline its strategy for maximising the participation among employees in small businesses.’. Mr David Laws
66 Clause 19, page 21, line 32, at end add— ‘(9) The Authority shall prepare and publish a report, no later than 1st April 2008, on measures it proposes to take to monitor the impact of the new personal accounts scheme on existing occupational pensions provision and to guard against levelling down.’. Mr David Laws
67 Clause 19, page 21, line 32, at end add— ‘(9) The Authority shall prepare and publish a report, no later than 1st April 2008, on how it plans to establish and develop any necessary IT system and reduce risks of IT problems with personal accounts.’. Mr David Laws
68 Clause 19, page 21, line 32, at end add— ‘(9) The Authority shall prepare and publish a report, no later than 1st April 2008, on the percentage of the target audience of personal accounts expected to accrue returns from saving in personal account pension schemes of— (a) more than 100 per cent, (b) 0-100 per cent, and (c) less than 0 per cent.’. Mr Nigel Waterson
79 Clause 20, page 21, line 36, leave out ‘the Authority thinks appropriate’ and insert ‘shall be specified in regulations’. Mr Nigel Waterson
80 Clause 20, page 21, line 38, leave out subsection (2). James Purnell 56 Clause 24, page 23, line 25, leave out subsection (3) and insert— ‘(3) The following repeals have effect at the end of the period of 2 months beginning with the day on which this Act is passed— (a) the repeals in Part 2 of Schedule
7 of the provisions of the (b) the repeal in Part 2 of Schedule
7 of paragraph 36 of Schedule 24 to the (c) the repeals in Part 3A of Schedule 7.’. James Purnell 60 Schedule 7, page 66, line 8, at end insert— ‘Part 3A Additional pension: simplified accrual rates
Mr Nigel Waterson
7 Schedule 7, page 66, line 27, at end insert—
NEW CLAUSES Report by Government Actuary on trends in longevity Mr Nigel Waterson
NC1 To move the following Clause:— ‘(1) Beginning in April 2014, the Government Actuary shall present a Report to Parliament every five years setting out the latest evidence on trends in longevity. (2) It shall be the duty of the Secretary of State to make a motion in the House of Commons in relation to any report under subsection (1).’. Review of pension credit entitlement Mr Nigel Waterson
NC2 To move the following Clause:— ‘(1) The Secretary of State may from time to time, and shall when required by subsection (2), lay before each House of Parliament a report by the Government Actuary or the Deputy Government Actuary on— (a) current rates and coverage of pension credit entitlement; (b) likely future rates of pension credit entitlement; and (c) such other matters as he considers to be relevant as affecting the present and future take-up of and eligibility for pension credit. (2) The Secretary of State shall lay such reports— (a) five years after the coming into force of Part I of this Act, and (b) thereafter at intervals of not more than five years.’. Review of the abolition of contracting-out for defined contribution pensions schemes Mr Nigel Waterson
NC3 To move the following Clause:— ‘(1) The Secretary of State shall make a statement to Parliament in each financial year after 6th April 2010 on the use of the revenue that would previously have been assigned to contracted-out rebates for defined contribution schemes. (2) For the purposes of subsection (1) above, the statement shall cover the extent to which the revenue is assigned to promoting saving.’. Winding up of Personal Accounts Delivery Authority Mr Nigel Waterson
NC4 To move the following Clause:— ‘The Authority shall be wound up as soon as the chairman has certified that the Authority has completed the task of setting up the structure for administering personal accounts, and in any event no later than April 2012, and the criteria for such certification shall be specified in regulations.’. Application of Freedom of Information Act to Personal Accounts Delivery Authority Mr Nigel Waterson
NC5 To move the following Clause:— ‘(1) The Freedom of Information Act 2000 (c. 36) is amended as follows. (2) In section 35 (formulation of government policy etc.) insert after subsection (2)— “(2A) Information held by or provided by the Personal Accounts Delivery Authority is not to be regarded— (a) for the purposes of subsection (1)(a), as relating to the formulation or development of government policy, or (b) for the purposes of subsection (1)(b), as relating to Ministerial communications.” (3) In section 36 (prejudice to effective conduct of public affairs) insert after subsection (2)— “(2A) Information held by or provided by the Personal Accounts Delivery Authority is not be to regarded— (a) for the purposes of subsection (2)(a), as relating to the maintenance of the convention of the collective responsibility of Ministers of the Crown, or (b) for the purposes of subsection (2)(b), as relating to the free and frank provision of advice, or the free and frank exchange of views for the purposes of deliberation; or (c) for the purposes of subsection (2)(c), as relating to the effective conduct of public affairs.”.’. Review of role and purpose of Financial Assistance Scheme Mr Nigel Waterson
NC6 To move the following Clause:— ‘(1) The Secretary of State shall commission an independent review of the Financial Assistance Scheme having regard (among other things) to— (a) the efficiency and cost effectiveness of its administration; (b) whether it could be more effective if administered by the staff of the Pension Protection Fund; (c) whether it is adequately financed; (d) what other sources of finance could be made available, including but not limited to unclaimed assets; (e) whether it should be engaged in the purchase of bulk annuities. (2) The Secretary of State shall publish the findings of such review within six months of this Act coming into force.’. Compliance with recommendations of the Parliamentary Ombudsman Mr Nigel Waterson
NC7 To move the following Clause:— ‘The Secretary of State shall, within three months of this Act coming into force, report to both Houses of Parliament on how he proposes to comply fully with the recommendations contained in the Parliamentary Ombudsman’s 6th Report of Session 2005-06, “Trusting in the pensions promise: government bodies and the security of final salary occupational pensions” (HC984).’. Retirement Income Funds Mr Nigel Waterson
NC8 To move the following Clause:— ‘(1) The Finance Act 2004 (c. 12) is amended as follows. (2) After section 152 (meaning of “arrangement”), insert— “152A Meaning of ‘Retirement Income Fund’ (1) In this Part, a Retirement Income Fund means a scheme for the reinvestment of savings in retirement which— (a) is operated by or on behalf of a person authorised to operate a registered pension scheme, (b) is a scheme in which investments are approved by the Inland Revenue, and (c) meets the conditions set out in subsections (2) to (9). (2) The first condition is that, subject to the other conditions in this section, funds held in the Retirement Income Fund may be invested and withdrawn by the member as and when he elects. (3) The second condition is that an authorised Retirement Income Fund provider must set an annual maximum withdrawal allowance for each member, based on an assessment of each member’s life expectancy, and a member’s withdrawals from the fund in any one year must not exceed that allowance. (4) The third condition is that, in setting annual maximum withdrawal allowances, an authorised provider must ensure that no member’s total future annual income falls below the Minimum Retirement Income level (as set under section [Minimum Retirement Income] of the Pensions Act 2007) except in the circumstances provided for in the sixth condition. (5) The fourth condition is that an authorised provider must set an annual minimum withdrawal allowance so that each member’s total income is at least equivalent to the Minimum Retirement Income level, except in the circumstances provided for in the sixth condition. (6) The fifth condition is that if a member chooses not to declare his total annual income to the authorised provider he must withdraw funds equivalent to the level of the Minimum Retirement Income level or his annual maximum withdrawal allowance, whichever is the lower. (7) The sixth condition is that, where there are insufficient funds to enable the annual minimum withdrawal allowance to be set so that a member’s total income is at least equivalent to the Minimum Retirement Income level, the allowance should be set at the highest level consistent with the assessment of the member’s life expectancy. (8) The seventh condition is that the maximum and minimum withdrawal allowances must be set at the same level if a member’s total annual income, including his maximum withdrawal allowance, is lower than the Minimum Retirement Income level. (9) The eighth condition is that a Retirement Income Fund, and any income derived from it, must not be capable of assignment or surrender by the member.”.’. Amendment of the pension rules Mr Nigel Waterson
NC9 To move the following Clause:— ‘(1) Section 165 of the Finance Act 2004 (c. 12) (pension rules) is amended as follows. (2) In subsection (1) (which sets out the pension rules)— (a) in Pension Rule 4, after paragraph (a), insert— “(aa) a withdrawal from a Retirement Income Fund,”; (b) in Pension Rule 4, after the second appearance of the words “scheme pension”, insert the words “a withdrawal from a Retirement Income Fund”; (c) in Pension Rule 6, after paragraph (a), insert— “(aa) a withdrawal from a Retirement Income Fund,”; (d) in Pension Rule 6, after the second appearance of the words “scheme pension”, insert the words “a withdrawal from a Retirement Income Fund”.’. Minimum Retirement Income Mr Nigel Waterson
NC10 To move the following Clause:— ‘(1) The amount of the Minimum Retirement Income in respect of each tax year shall be set by the Chancellor of the Exchequer by order at the level of the standard minimum guarantee prescribed under section 2 of the State Pension Credit Act 2002 (c. 16). (2) Before making an order under subsection (1), the Chancellor of the Exchequer shall consult such persons as he considers appropriate. (3) An order under this section (other than the order that applies to the first tax year during which this section is in force) must be made on or before 31st January of the tax year before the tax year to which the order applies.’. Removal of age limit for annuity protection lump sum death benefit Mr Nigel Waterson
NC11 To move the following Clause:— ‘(1) Schedule 29 to the Finance Act 2004 (c. 12) is amended as follows. (2) In paragraph 16(1) (definition of annuity protection lump sum death benefit), paragraph (a) shall cease to have effect.’. Report on phasing in the 30 year contribution condition Mr Nigel Waterson
NC12 To move the following Clause:— ‘The Secretary of State must, not later than 1st July 2007, lay before Parliament a report on the costs and feasibility of phasing in the condition introduced by paragraph 5A(2)(a) of Schedule 3 to the SSCBA (inserted by section 1(3) of this Act).’. Report on retraining opportunities for older workers etc. Mr Nigel Waterson
NC13 To move the following Clause:— ‘The Secretary of State shall present a report annually to the House of Commons— (a) analysing, by local authority area and by job sector, the number and distribution of people over 60 who are seeking work, and (b) on the provision of training for all workers seeking to retrain.’. Report on flexible working Mr Nigel Waterson
NC14 To move the following Clause:— ‘The Secretary of State must, in the course of each Parliament, lay before the House of Commons a report on the extent of flexible employment within— (a) the Department for Work and Pensions and its executive agencies, (b) other Government departments and executive agencies, and (c) the private sector.’. Report on contribution credits Mr Nigel Waterson
NC15 To move the following Clause:— ‘The Secretary of State shall present a report annually to the House of Commons on— (a) the number of carers in receipt of contribution credits; (b) the number of carers caring for 20 or more hours per week who are not in receipt of contribution credits; (c) the associated costs of contribution credits to the National Insurance Fund of (a); (d) an estimate of the cost of providing contribution credits to persons falling within paragraph (b), and (e) any proposals he may have for reviewing eligibility for contributions credits.’. Report on employment of people with disabilities Mr Nigel Waterson
NC16 To move the following Clause:— ‘The Secretary of State must, in the course of each Parliament, lay before the House of Commons a report on the extent of employment of people with disabilities within— (a) the Department for Work and Pensions and its executive agencies, (b) other government departments and executive agencies, and (c) the private sector.’. Allocation of child benefit to the relevant parent Mr Nigel Waterson
NC17 To move the following Clause:— ‘If child benefit is paid into a joint account and allocated to a parent who did not wish to accrue home responsibilities protection or contribution credits, and the other parent wishes to have accrued home responsibilities protection or contribution credits, the Secretary of State must reallocate the qualifying years of home responsibilities protection or contribution credits, as the case may be, to the parent who wished to receive them.’. |
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