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| Tuesday 6th February 2007 |
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| [ninth and tenth sittings]
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| Schedule 6, page 59, line 13, leave out from ‘contain’ to ‘of’ in line 14 and insert ‘a |
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| majority of persons who are either members or employees’. |
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| Schedule 6, page 59, line 18, leave out paragraph 10. |
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| Schedule 6, page 59, line 20, at end insert— |
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| | ‘10A (1) | The Authority must establish a committee for the purpose of representing the |
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| | interests of scheme members and prospective scheme members. |
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| | (2) | The chairman of the committee must be a consumer representative appointed |
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| | under paragraphs 1(1)(b) and 1(3A).’. |
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| Schedule 6, page 62, line 28, at end insert— |
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| | ‘18A | Such grants shall be classified as— |
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| | 18B(1) | Policy grants shall be used in support of the Authority’s work on advising on |
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| | preparing for the implementation of, or the modification of, any relevant |
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| | proposals about personal accounts. |
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| | (2) | Policy grants shall not be made more than two years after the commencement |
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| | 18C | Operational grants shall be used in support of the Authority’s work in |
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| | preparing for the implementation of proposals for personal accounts.’. |
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| Schedule 6, page 62, line 34, at end insert— |
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| | ‘(2A) | A statement under sub-paragraph (1)(b) must show separately the purposes to |
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| | which policy grants and operational grants have been applied. |
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| | (2B) | A statement under sub-paragraph (1)(b) must show the interest charges that |
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| | would have accrued on the operational grants if they had been loans taken out |
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| | at commercial rates of interest.’. |
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| Clause 19, page 20, line 35, leave out ‘appropriate’ and insert ‘strictly necessary’. |
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| Clause 19, page 21, line 2, leave out from ‘State’ to ‘which’ in line 3. |
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| Clause 19, page 21, line 5, leave out ‘pensions’. |
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| Clause 19, page 21, line 11, at end insert— |
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| | ‘(2A) | It shall be the duty of the Authority to carry out their functions under subsection |
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| | (a) | appears to them to ensure, so far as they are facilitating the |
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| | implementation of any such proposals, that there is effective co-operation |
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| | in relation to the implementation of the proposals between themselves, |
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| | the Pensions Regulator, the Financial Services Authority and the |
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| | (b) | does not interfere with the existing provision of personal or occupational |
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| Clause 19, page 21, line 11, at end insert— |
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| | ‘(2A) | In discharging its functions under this Part, the Authority shall publish a report on |
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| | how it can ensure that individuals who have money invested in Personal Accounts |
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| | and those considering doing so in future will have access to generic financial |
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| Clause 19, page 21, line 26, leave out subsection (5). |
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| Clause 19, page 21, line 27, at end insert— |
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| | ‘(5A) | In discharging its function under this section, the Authority shall ensure that its |
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| | actions and advice support the following objectives for the scheme— |
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| | (a) | ensuring that the overall outcome, taking account of the impact on the |
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| | existing market, is an increase in the number of people saving and the |
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| | overall amount being saved; |
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| | (b) | optimising levels of participation and contribution among the target |
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| | (c) | setting an investment strategy in the best interests of members; |
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| | (d) | minimising burdens on employers; |
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| | (e) | minimising the impact on other high-quality pension provision; |
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| | (f) | assuring security of administration; |
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| | (g) | governing in the best interests of members and beneficiaries; |
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| | (h) | ensuring that the board acts impartially, prudently, responsibly and |
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| | (i) | delivering appropriate levels of choice; |
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| | (j) | achieving charges that are fair and reasonable; |
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| | (k) | ensuring the funds are invested in the best interests of the members. |
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| | (5B) | Her Majesty may from time to time by Order in Council make provision for |
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| | amending the objectives set out in subsection (5A). |
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| | (5C) | No recommendation shall be made to Her Majesty to make an Order in Council |
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| | under subsection (5B) above unless a draft of the Order has been approved by |
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| | resolution of each House of Parliament.’. |
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| Clause 19, page 21, line 27, at end insert— |
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| | ‘(5A) | In making preparations and giving advice, the Authority shall seek to ensure that |
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| | the full costs of setting up and operating the scheme are covered by charges to be |
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| | made either to employers or to members and not met from other sources.’. |
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| Clause 19, page 21, line 29, at end insert ‘, and such guidance must be reported to |
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| Parliament by an oral statement made by the Secretary of State.’. |
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| Clause 19, page 21, line 31, at end insert— |
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| | ‘(7A) | Before issuing guidance under subsection (6) the Secretary of State shall |
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| | (b) | organisations appearing to him to be representative of consumers; |
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| | (c) | organisations appearing to him to be representative of employees; |
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| | (d) | organisations appearing to him to be representative of employers; |
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| | (e) | organisations appearing to him to be representative of the financial |
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| | (f) | such other persons as the Secretary of State considers it appropriate to |
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| | consult in relation to the guidance. |
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| | (7B) | A draft of any guidance proposed to be issued under this section shall be laid |
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| | before each House of Parliament. |
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| | (7C) | Guidance shall not be issued under this section until after the period of forty days |
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| | (a) | the day on which the draft is laid before each House of Parliament; or |
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| | (b) | if the draft is laid before the House of Lords on one day and the House of |
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| | Commons on another, the later of those two days. |
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| | (7D) | If, before the end of that period, either House resolves that the guidance should |
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| | not be issued, the Secretary of State must not issue it. |
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| | (7E) | In reckoning any period of forty days for the purposes of subsection (7C) or (7D), |
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| | no account shall be taken of any time during which— |
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| | (a) | Parliament is dissolved or prorogued, or |
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| | (b) | both Houses are adjourned for more than four days. |
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| | (7F) | The Secretary of State shall arrange for any guidance issued under this section to |
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| | published in such manner as he considers appropriate.’. |
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| Clause 19, page 21, line 32, at end add— |
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| | ‘(9) | Prior to Parliament’s approval of proposals the Authority must evaluate the effect |
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| | of means testing on levels of saving in personal accounts and its impact on returns |
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| | in personal accounts and thereafter conduct and publish evaluations annually.’. |
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| Clause 19, page 21, line 32, at end insert— |
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| | ‘(9) | The Authority shall carry out a gender impact assessment of relevant proposals |
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| | regarding saving in personal accounts as specified in subsection (2).’. |
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| Clause 19, page 21, line 32, at end add— |
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| | ‘(9) | The Authority shall, no later than 1st April 2008, publish a strategy for |
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| | maximising participation in the new system of personal accounts in which it |
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| | (a) | set out and give full explanation of targets for participation in personal |
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| | (b) | identify at-risk groups where auto-enrolment might risk very low rates or |
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| | (c) | outline contingency plans for coping with the workload if participation is |
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| | (d) | outline its strategy for maximising the participation among employees in |
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| Clause 19, page 21, line 32, at end add— |
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| | ‘(9) | The Authority shall prepare and publish a report, no later than 1st April 2008, on |
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| | measures it proposes to take to monitor the impact of the new personal accounts |
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| | scheme on existing occupational pensions provision and to guard against |
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| Clause 19, page 21, line 32, at end add— |
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| | ‘(9) | The Authority shall prepare and publish a report, no later than 1st April 2008, on |
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| | how it plans to establish and develop any necessary IT system and reduce risks of |
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| | IT problems with personal accounts.’. |
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| Clause 19, page 21, line 32, at end add— |
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| | ‘(9) | The Authority shall prepare and publish a report, no later than 1st April 2008, on |
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| | the percentage of the target audience of personal accounts expected to accrue |
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| | returns from saving in personal account pension schemes of— |
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| | (a) | more than 100 per cent, |
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| | (c) | less than 0 per cent.’. |
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| Clause 20, page 21, line 36, leave out ‘the Authority thinks appropriate’ and insert |
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| ‘shall be specified in regulations’. |
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| Clause 20, page 21, line 38, leave out subsection (2). |
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| | Clauses 21 to 23 Agreed to. |
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| Clause 24, page 23, line 25, leave out subsection (3) and insert— |
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| | ‘(3) | The following repeals have effect at the end of the period of 2 months beginning |
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| | with the day on which this Act is passed— |
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| | (a) | the repeals in Part 2 of Schedule 7 of the provisions of the Pensions Act |
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| | 1995 (c. 26) other than paragraphs 19 and 20 of Schedule 4 to that Act; |
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| | (b) | the repeal in Part 2 of Schedule 7 of paragraph 36 of Schedule 24 to the |
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| | Civil Partnership Act 2004 (c. 33); |
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| | (c) | the repeals in Part 3A of Schedule 7.’. |
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| | Clause, as amended, Agreed to. |
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| Schedule 7, page 66, line 8, at end insert— |
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| | Additional pension: simplified accrual rates |
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| | | | | | Social Security Contributions and |
| | | | | | (a) | the words “and Schedule 4A” wherever |
| | | | | | | | | | | | | | | In Schedule 4A, in paragraph 1(2) “39(1),”. |
| | | | Child Support, Pensions and Social |
| | | | | Security Act 2000 (c. 19) |
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| Schedule 7, page 66, line 27, at end insert— |
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| | Schedule, as amended, Agreed to. |
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| | Clauses 25 to 29 Agreed to. |
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| | Report by Government Actuary on trends in longevity |
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| To move the following Clause:— |
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| | ‘(1) | Beginning in April 2014, the Government Actuary shall present a Report to |
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| | Parliament every five years setting out the latest evidence on trends in longevity. |
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| | (2) | It shall be the duty of the Secretary of State to make a motion in the House of |
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| | Commons in relation to any report under subsection (1).’. |
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| | Review of pension credit entitlement |
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| To move the following Clause:— |
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| | ‘(1) | The Secretary of State may from time to time, and shall when required by |
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| | subsection (2), lay before each House of Parliament a report by the Government |
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| | Actuary or the Deputy Government Actuary on— |
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| | (a) | current rates and coverage of pension credit entitlement; |
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| | (b) | likely future rates of pension credit entitlement; and |
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| | (c) | such other matters as he considers to be relevant as affecting the present |
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| | and future take-up of and eligibility for pension credit. |
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| | (2) | The Secretary of State shall lay such reports— |
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| | (a) | five years after the coming into force of Part I of this Act, and |
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