|
| |
| |
| |
17 | Removal of Secretary of State’s role in approving actuarial guidance |
| |
Schedule 5 contains amendments removing requirements for, or powers to |
| |
require, certain forms of actuarial guidance to be approved by the Secretary of |
| |
| 5 |
| |
Personal Accounts Delivery Authority |
| |
18 | Personal Accounts Delivery Authority |
| |
(1) | There is to be a body corporate known as the Personal Accounts Delivery |
| |
Authority (referred to in this Part as the “Authority”). |
| 10 |
(2) | The Authority is not to be regarded as the servant or agent of the Crown or as |
| |
enjoying any status, immunity or privilege of the Crown. |
| |
(3) | Schedule 6 makes provision about the Authority. |
| |
19 | Initial function of the Authority |
| |
(1) | The Authority may do anything it thinks appropriate for preparing for the |
| 15 |
implementation of, or for advising on the modification of, any relevant |
| |
proposals about personal accounts. |
| |
(2) | In this Part “relevant proposals about personal accounts” means proposals by |
| |
the Secretary of State (whether or not Parliament has given any approval on |
| |
which their implementation depends) which are— |
| 20 |
(a) | proposals for the establishment of a national low-cost portable |
| |
pensions savings scheme, or |
| |
(b) | proposals that are made in connection with proposals falling within |
| |
| |
(i) | relate to the subject-matter of those proposals, or |
| 25 |
(ii) | relate to matters that are incidental or supplemental to those |
| |
proposals or proposals falling within sub-paragraph (i), or to |
| |
any consequential or transitional matters. |
| |
(3) | Subject to subsections (4) and (5), the Authority may do anything which is |
| |
calculated to facilitate, or is incidental or conducive to, the discharge of its |
| 30 |
function under this section. |
| |
(4) | Nothing in this section is to be taken, in relation to proposals that have not yet |
| |
been approved by Parliament— |
| |
(a) | as dispensing with the need for any Parliamentary approval otherwise |
| |
required for the implementation of the proposals; or |
| 35 |
(b) | as requiring the Authority, before any such approval is given, to carry |
| |
out any activities other than— |
| |
(i) | the formulation of the proposals; |
| |
(ii) | the taking of preparatory steps towards their implementation |
| |
| 40 |
(iii) | activities which are carried out in connection with activities |
| |
falling within sub-paragraph (i) or (ii). |
| |
| |
| |
|
| |
| |
(5) | The Authority may not borrow money from any person for the purposes of, or |
| |
in connection with, its function under this section. |
| |
(6) | The Secretary of State may from time to time issue guidance to the Authority |
| |
about the discharge of its function under this section. |
| |
(7) | If guidance is issued under subsection (6), the Authority must have regard to |
| 5 |
it in discharging its function under this section. |
| |
(8) | In this Part “modification” includes omissions, alterations and additions. |
| |
20 | Management of the Authority |
| |
(1) | In managing its affairs, the Authority must have regard— |
| |
(a) | to such general guidance concerning the management of the affairs of |
| 10 |
public bodies as the Authority thinks appropriate, and |
| |
(b) | to generally accepted principles of good corporate governance. |
| |
(2) | But the obligation in subsection (1)(b)— |
| |
(a) | is subject to guidance falling within subsection (1)(a), and |
| |
(b) | applies only to the extent that the principles in question may |
| 15 |
reasonably be regarded as applicable in relation to a statutory |
| |
| |
21 | Winding up of the Authority |
| |
(1) | If the condition in subsection (3) is satisfied the Secretary of State may by order |
| |
provide for the winding up and dissolution of the Authority. |
| 20 |
(2) | If the condition in subsection (3) is satisfied at any time after 2008, the Secretary |
| |
of State must lay before Parliament a draft of an order under this section as |
| |
soon as reasonably practicable. |
| |
(3) | The condition is that, as a result of the abandonment or modification of any |
| |
relevant proposals about personal accounts, it appears to the Secretary of State |
| 25 |
that it is no longer necessary for the Authority to continue to exist. |
| |
| |
(a) | the Secretary of State lays a draft of an order under this section before |
| |
Parliament in accordance with subsection (2), and |
| |
(b) | a motion for the approval of the order is defeated in either House, |
| 30 |
| that subsection is not to be taken to oblige the Secretary of State to lay any |
| |
further draft of such an order before Parliament. |
| |
(5) | An order under this section may, in particular— |
| |
(a) | provide for the transfer of property, rights or liabilities of the |
| |
| 35 |
(i) | to the Secretary of State, or |
| |
(ii) | to any other person specified in the order; |
| |
(b) | provide for the property, rights and liabilities of the Authority to be |
| |
divided between different persons; |
| |
(c) | provide, in connection with provision made under paragraph (a) or |
| 40 |
| |
(i) | for the creation of interests in property transferred or divided; |
| |
| |
| |
|
| |
| |
(ii) | for the creation of rights and liabilities in relation to such |
| |
| |
(iii) | for interests, rights and liabilities to be extinguished; |
| |
(d) | provide for the payment by the Secretary of State or the Authority of |
| |
compensation to any person who suffers loss or damage as a result of |
| 5 |
the provision made for the winding up of the Authority. |
| |
(6) | An order under this section may make— |
| |
(a) | such consequential, incidental or supplemental provision, and |
| |
(b) | such transitional, transitory or saving provision, |
| |
| as the Secretary of State thinks necessary or expedient in connection with, or in |
| 10 |
consequence of, the winding up and dissolution of the Authority. |
| |
(7) | An order under this section may also contain provision repealing any |
| |
provision of sections 18 to 20 or Schedule 6. |
| |
(8) | No order may be made under this section unless a draft of the order has been |
| |
laid before and approved by a resolution of each House of Parliament. |
| 15 |
| |
| |
22 | Orders and regulations |
| |
(1) | Any order or regulations under this Act must be made by statutory instrument. |
| |
(2) | Any power of the Secretary of State to make an order or regulations under this |
| 20 |
Act includes power to make different provision for different purposes or cases. |
| |
| |
| |
“the Administration Act” means the Social Security Administration Act |
| |
| 25 |
“the SSCBA” means the Social Security Contributions and Benefits Act |
| |
| |
“subordinate legislation” has the same meaning as in the Interpretation |
| |
| |
“tax year” has the same meaning as in Parts 1 to 6 of the SSCBA (see |
| 30 |
section 122(1) of that Act). |
| |
24 | Consequential etc. provision, repeals and revocations |
| |
(1) | The Secretary of State may by order make— |
| |
(a) | such supplementary, incidental or consequential provision, or |
| |
(b) | such transitory, transitional or saving provision, |
| 35 |
| as he considers appropriate for the general purposes, or any particular |
| |
purposes, of this Act, or in consequence of, or for giving full effect to, any |
| |
provision made by this Act. |
| |
(2) | Schedule 7 contains repeals and revocations. |
| |
(3) | The following repeals have effect at the end of the period of 2 months |
| 40 |
beginning with the day on which this Act is passed— |
| |
| |
| |
|
| |
| |
(a) | the repeals in Part 2 of Schedule 7 of the provisions of the Pensions Act |
| |
1995 (c. 26) other than paragraphs 19 and 20 of Schedule 4 to that Act; |
| |
(b) | the repeal in Part 2 of Schedule 7 of paragraph 36 of Schedule 24 to the |
| |
Civil Partnership Act 2004 (c. 33); |
| |
(c) | the repeals in Part 4 of Schedule 7. |
| 5 |
(4) | The following repeals and revocations have effect on 6th April 2010— |
| |
(a) | the repeals and revocations in Part 1 of Schedule 7; |
| |
(b) | the repeals in Part 2 of that Schedule other than those falling within |
| |
| |
(5) | The repeals in Part 3 of that Schedule have effect on 6th April in the tax year |
| 10 |
following the designated tax year (see section 5(4)). |
| |
(6) | The repeals in Part 5 of that Schedule have effect on the abolition date (within |
| |
the meaning of section 15). |
| |
(7) | The other repeals contained in that Schedule have effect on the date on which |
| |
they come into force by virtue of an order made under section 28. |
| 15 |
(8) | A statutory instrument containing an order under subsection (1) is subject to |
| |
annulment in pursuance of a resolution of either House of Parliament. |
| |
| |
(1) | There is to be paid out of money provided by Parliament— |
| |
(a) | any expenditure incurred by the Secretary of State by virtue of this Act; |
| 20 |
| |
(b) | any increase attributable to this Act in the sums payable under any |
| |
other Act out of money so provided. |
| |
(2) | There is to be paid into the Consolidated Fund any increase in the sums |
| |
payable into that Fund under any other Act. |
| 25 |
| |
An Order in Council under paragraph 1(1) of the Schedule to the Northern |
| |
Ireland Act 2000 (c. 1) (legislation for Northern Ireland during suspension of |
| |
devolved government) which contains a statement that it is made only for |
| |
purposes corresponding to those of this Act— |
| 30 |
(a) | is not subject to paragraph 2 of that Schedule (affirmative resolution of |
| |
both Houses of Parliament), but |
| |
(b) | is subject to annulment in pursuance of a resolution of either House of |
| |
| |
| 35 |
(1) | The following provisions of this Act extend to England and Wales, Scotland |
| |
| |
| |
(b) | this Part other than section 26. |
| |
(2) | The following provisions of this Act extend to Northern Ireland only— |
| 40 |
(a) | section 8 and the repeal in the Social Security Contributions and |
| |
Benefits (Northern Ireland) Act 1992 (c. 7) in Part 3 of Schedule 7, and |
| |
| |
| |
|
| |
| |
| |
(3) | The amendments made by Schedule 5 have the same extent as the enactments |
| |
| |
(4) | The other provisions of this Act extend to England and Wales and Scotland. |
| |
| 5 |
(1) | The following provisions of this Act come into force on the day on which it is |
| |
| |
(a) | sections 5 and 6, and Part 5 of Schedule 1, so far as relating to the |
| |
amounts mentioned in subsection (1)(d) of the new section 150A |
| |
inserted into the Administration Act by section 5(1); |
| 10 |
| |
| |
(2) | The following provisions of this Act come into force on such day as the |
| |
Secretary of State may by order appoint— |
| |
| 15 |
(b) | section 15(1), Part 2 of Schedule 4 and Part 6 of Schedule 7; |
| |
(c) | section 17, Schedule 5 and Part 7 of Schedule 7. |
| |
(3) | The other provisions of this Act come into force at the end of the period of 2 |
| |
months beginning with the day on which it is passed. |
| |
(4) | An order under subsection (2) may— |
| 20 |
(a) | appoint different days for different purposes; |
| |
(b) | make such provision as the Secretary of State considers necessary or |
| |
expedient for transitory, transitional or saving purposes in connection |
| |
with the coming into force of any provision falling within subsection |
| |
| 25 |
| |
This Act may be cited as the Pensions Act 2007. |
| |
| |
| |
|
