Tuesday 6th February 2007
Public Bill Committee
Pensions Bill
Note
The Amendments have been arranged in accordance with the Order
of the Committee [23rd January].
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
16
Schedule 6, page 59, line 13, leave
out from ‘contain’ to ‘of’ in line 14 and insert
‘a majority of persons who are either members or employees’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
17
Schedule 6, page 59, line 18, leave
out paragraph 10.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
14
Schedule 6, page 59, line 20, at
end insert—
‘10A (1) The Authority must establish a committee
for the purpose of representing the interests of scheme members and
prospective scheme members.
(2) The chairman of the committee must be a consumer
representative appointed under paragraphs 1(1)(b) and 1(3A).’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
18
Schedule 6, page 62, line 28, at
end insert—
‘18A Such grants shall be classified as—
18B (1) Policy grants shall be used in support of
the Authority’s work on advising on preparing for the implementation
of, or the modification of, any relevant proposals about personal accounts.
18C Operational grants shall be used in support of the
Authority’s work in preparing for the implementation of proposals
for personal accounts.’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
19
Schedule 6, page 62, line 34, at
end insert—
‘(2A) A statement under sub-paragraph (1)(b)
must show separately the purposes to which policy grants and operational
grants have been applied.
(2B) A statement under sub-paragraph (1)(b) must
show the interest charges that would have accrued on the operational
grants if they had been loans taken out at commercial rates of interest.’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
83
Clause 19, page 20, line 35, leave
out ‘appropriate’ and insert ‘strictly necessary’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
84
Clause 19, page 21, line 2, leave
out from ‘State’ to ‘which’ in line 3.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
85
Clause 19, page 21, line 5, leave
out ‘pensions’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
20
Clause 19, page 21, line 11, at
end insert—
(a) appears to them to ensure, so far as they are facilitating
the implementation of any such proposals, that there is effective co-operation
in relation to the implementation of the proposals between themselves,
the Pensions Regulator, the Financial Services Authority and the Secretary
of State; and
Mr David Laws
Lorely Burt
40
Clause 19, page 21, line 11, at
end insert—
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
86
Clause 19, page 21, line 26, leave
out subsection (5).
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
21
Clause 19, page 21, line 27, at
end insert—
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
22
Clause 19, page 21, line 27, at
end insert—
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
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
Andrew Selous
Mr Mark Lancaster
23
Clause 19, page 21, line 31, at
end insert—
(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.
Mr David Laws
Lorely Burt
38
Clause 19, page 21, line 32, at
end add—
Mr David Laws
Lorely Burt
39
Clause 19, page 21, line 32, at
end insert—
Mr David Laws
Lorely Burt
65
Clause 19, page 21, line 32, at
end add—
Mr David Laws
Lorely Burt
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
Lorely Burt
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
Lorely Burt
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—
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
79
Clause 20, page 21, line 36, leave
out ‘the Authority thinks appropriate’ and insert ‘shall
be specified in regulations’.
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
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—
James Purnell
60
Schedule 7, page 66, line 8, at
end insert—
‘Part 3A
Additional pension: simplified accrual rates
Citation
|
Extent of repeal
|
Social Security Contributions and
Benefits Act 1992 (c. 4)
|
In section 39—
(a) the words “and Schedule 4A” wherever occurring;
(b) subsection (3).
|
In Schedule 4A, in paragraph 1(2) “39(1),”.
|
Child Support, Pensions and Social Security
Act 2000 (c. 19)
|
Section 35(3).’.
|
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
7
Schedule 7, page 66, line 27, at
end insert—
NEW CLAUSES
Report by Government Actuary on trends in longevity
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
NC1
Review of pension credit entitlement
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
NC2
‘(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—
Review of the abolition of contracting-out for
defined contribution pensions schemes
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
NC3
Winding up of Personal Accounts Delivery Authority
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
NC4
‘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
Andrew Selous
Mr Mark Lancaster
NC5
Review of role and purpose of Financial Assistance
Scheme
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
NC6
Compliance with recommendations of the Parliamentary
Ombudsman
Mr Nigel Waterson
Andrew Selous
Mr Mark Lancaster
NC7
‘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
Andrew Selous
Mr Mark Lancaster
NC8
(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.
(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.
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