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| Thursday 8th February 2007 |
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| [ELEVENTH and tWELFth sittings]
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| To move the following Clause:— |
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| | ‘(1) | The Finance Act 2004 (c. 12) is amended as follows. |
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| | (2) | After section 152 (meaning of “arrangement”), insert— |
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| | “152A | Meaning of ‘Retirement Income Fund’ |
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| | (1) | In this Part, a Retirement Income Fund means a scheme for the |
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| | reinvestment of savings in retirement which— |
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| | (a) | is operated by or on behalf of a person authorised to operate a |
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| | registered pension scheme, |
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| | (b) | is a scheme in which investments are approved by the Inland |
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| | (c) | meets the conditions set out in subsections (2) to (9). |
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| | (2) | The first condition is that, subject to the other conditions in this section, |
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| | funds held in the Retirement Income Fund may be invested and |
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| | withdrawn by the member as and when he elects. |
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| | (3) | The second condition is that an authorised Retirement Income Fund |
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| | provider must set an annual maximum withdrawal allowance for each |
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| | member, based on an assessment of each member’s life expectancy, and |
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| | a member’s withdrawals from the fund in any one year must not exceed |
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| | (4) | The third condition is that, in setting annual maximum withdrawal |
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| | allowances, an authorised provider must ensure that no member’s total |
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| | future annual income falls below the Minimum Retirement Income level |
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| | (as set under section [Minimum Retirement Income] of the Pensions Act |
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| | 2007) except in the circumstances provided for in the sixth condition. |
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| | (5) | The fourth condition is that an authorised provider must set an annual |
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| | minimum withdrawal allowance so that each member’s total income is at |
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| | least equivalent to the Minimum Retirement Income level, except in the |
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| | circumstances provided for in the sixth condition. |
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| | (6) | The fifth condition is that if a member chooses not to declare his total |
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| | annual income to the authorised provider he must withdraw funds |
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| | equivalent to the level of the Minimum Retirement Income level or his |
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| | annual maximum withdrawal allowance, whichever is the lower. |
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| | (7) | The sixth condition is that, where there are insufficient funds to enable |
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| | the annual minimum withdrawal allowance to be set so that a member’s |
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| | total income is at least equivalent to the Minimum Retirement Income |
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| | level, the allowance should be set at the highest level consistent with the |
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| | assessment of the member’s life expectancy. |
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| | (8) | The seventh condition is that the maximum and minimum withdrawal |
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| | allowances must be set at the same level if a member’s total annual |
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| | income, including his maximum withdrawal allowance, is lower than the |
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| | Minimum Retirement Income level. |
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| | (9) | The eighth condition is that a Retirement Income Fund, and any income |
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| | derived from it, must not be capable of assignment or surrender by the |
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| | Amendment of the pension rules |
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| To move the following Clause:— |
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| | ‘(1) | Section 165 of the Finance Act 2004 (c. 12) (pension rules) is amended as |
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| | (2) | In subsection (1) (which sets out the pension rules)— |
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| | (a) | in Pension Rule 4, after paragraph (a), insert— |
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| | “(aa) | a withdrawal from a Retirement Income Fund,”; |
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| | (b) | in Pension Rule 4, after the second appearance of the words “scheme |
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| | pension”, insert the words “a withdrawal from a Retirement Income |
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| | (c) | in Pension Rule 6, after paragraph (a), insert— |
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| | “(aa) | a withdrawal from a Retirement Income Fund,”; |
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| | (d) | in Pension Rule 6, after the second appearance of the words “scheme |
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| | pension”, insert the words “a withdrawal from a Retirement Income |
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| | Minimum Retirement Income |
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| To move the following Clause:— |
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| | ‘(1) | The amount of the Minimum Retirement Income in respect of each tax year shall |
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| | be set by the Chancellor of the Exchequer by order at the level of the standard |
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| | minimum guarantee prescribed under section 2 of the State Pension Credit Act |
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| | (2) | Before making an order under subsection (1), the Chancellor of the Exchequer |
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| | shall consult such persons as he considers appropriate. |
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| | (3) | An order under this section (other than the order that applies to the first tax year |
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| | during which this section is in force) must be made on or before 31st January of |
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| | the tax year before the tax year to which the order applies.’. |
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| | Removal of age limit for annuity protection lump sum death benefit |
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| To move the following Clause:— |
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| | ‘(1) | Schedule 29 to the Finance Act 2004 (c. 12) is amended as follows. |
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| | (2) | In paragraph 16(1) (definition of annuity protection lump sum death benefit), |
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| | paragraph (a) shall cease to have effect.’. |
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| | Report on phasing in the 30 year contribution condition |
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| | Negatived on division nc12 |
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| To move the following Clause:— |
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| | ‘The Secretary of State must, not later than 1st July 2007, lay before Parliament |
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| | a report on the costs and feasibility of phasing in the condition introduced by |
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| | paragraph 5A(2)(a) of Schedule 3 to the SSCBA (inserted by section 1(3) of this |
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| | Report on retraining opportunities for older workers etc. |
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| To move the following Clause:— |
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| | ‘The Secretary of State shall present a report annually to the House of |
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| | (a) | analysing, by local authority area and by job sector, the number and |
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| | distribution of people over 60 who are seeking work, and |
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| | (b) | on the provision of training for all workers seeking to retrain.’. |
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| | Report on flexible working |
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| To move the following Clause:— |
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| | ‘The Secretary of State must, in the course of each Parliament, lay before the |
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| | House of Commons a report on the extent of flexible employment within— |
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| | (a) | the Department for Work and Pensions and its executive agencies, |
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| | (b) | other Government departments and executive agencies, and |
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| | (c) | the private sector.’. |
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| | Report on contribution credits |
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| | Negatived on division nc15 |
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| To move the following Clause:— |
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| | ‘The Secretary of State shall present a report annually to the House of Commons |
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| | (a) | the number of carers in receipt of contribution credits; |
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| | (b) | the number of carers caring for 20 or more hours per week who are not in |
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| | receipt of contribution credits; |
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| | (c) | the associated costs of contribution credits to the National Insurance |
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| | (d) | an estimate of the cost of providing contribution credits to persons falling |
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| | within paragraph (b), and |
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| | (e) | any proposals he may have for reviewing eligibility for contributions |
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| | Report on employment of people with disabilities |
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| To move the following Clause:— |
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| | ‘The Secretary of State must, in the course of each Parliament, lay before the |
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| | House of Commons a report on the extent of employment of people with |
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| | (a) | the Department for Work and Pensions and its executive agencies, |
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| | (b) | other government departments and executive agencies, and |
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| | (c) | the private sector.’. |
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| | Allocation of child benefit to the relevant parent |
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| To move the following Clause:— |
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| | ‘If child benefit is paid into a joint account and allocated to a parent who did not |
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| | wish to accrue home responsibilities protection or contribution credits, and the |
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| | other parent wishes to have accrued home responsibilities protection or |
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| | contribution credits, the Secretary of State must reallocate the qualifying years of |
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| | home responsibilities protection or contribution credits, as the case may be, to the |
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| | parent who wished to receive them.’. |
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| To move the following Clause:— |
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| | ‘(1) | Section 5 (earnings limits) of the SSCBA is amended as follows. |
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| | (2) | After subsection (2) insert— |
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