Pensions Bill, As Amended - continued          House of Commons

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Transfer of unclaimed assets

Mr David Cameron
Mr George Osborne
Mr Philip Hammond
Mr Nigel Waterson
Mr Patrick McLoughlin
Mr Frank Field

NC35

    To move the following Clause:—

      ‘(1) The Secretary of State shall by regulations, not later than twelve months after the passing of this Act, establish a scheme (“the Scheme”) for the transfer of a prescribed proportion of such unclaimed assets as the regulations shall prescribe to the Lifeboat Fund.

      (2) Regulations made under this subsection shall provide for—

        (a) a definition of those unclaimed assets to which the Scheme applies, including the extent to which the Scheme is applicable to assets whose ownership is known, or can be determined;

        (b) the transfer to the Agency of a prescribed proportion of such unclaimed assets as the regulations shall prescribe, and the manner and timing of such transfers;

        (c) the transfer to the Agency of liability for any claim in respect of assets transferred under the Scheme to the Lifeboat Fund or to the Agency;

        (d) penalties to be imposed on any person holding assets prescribed under subsections (1) or (2)(b) who fails to transfer them or such portion of them as is prescribed in accordance with the Scheme.

      (3) The power to make regulations under this section is exercisable by statutory instrument.

      (4) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of either House of Parliament.’.

Purchase of annuities

Mr David Cameron
Mr George Osborne
Mr Philip Hammond
Mr Nigel Waterson
Mr Patrick McLoughlin
Mr Frank Field

NC36

    To move the following Clause:—

      ‘The Secretary of State shall, as soon as is reasonably practicable, by regulations require the trustees of qualifying schemes as defined by the Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), which have not yet completed winding-up, to desist from purchasing (except where, at the date of passing of this Act, they are subject to a binding contractual commitment to purchase) or making binding commitments to purchase, annuities on behalf of qualifying scheme members, for a period of nine months from 1st May 2007.’.

Duty to make on-account payments

Mr David Cameron
Mr George Osborne
Mr Philip Hammond
Mr Nigel Waterson
Mr Patrick McLoughlin
Mr Frank Field

NC37

    To move the following Clause:—

      ‘(1) Pursuant to his powers under section 286(3)(d) of the Pensions Act 2004, the Secretary of State shall as soon as is reasonably practicable make regulations requiring trustees of qualifying pension schemes to make on-account payments to qualifying members.

      (2) The Secretary of State may make such loans to trustees of qualifying schemes as appear to him to be expedient to enable them to make such on-account payments where adequate scheme assets appear to him not to be available to them, and regulations may prescribe for the recovery of such loans upon completion of wind-up of a qualifying scheme.

      (3) The regulations made under subsection (1) above shall provide that on-account payments shall be made at the same level that would be payable under the Financial Assistance Scheme if no benefits were received under the qualifying scheme.

      (4) The regulations shall provide for payment to trustees of a qualifying pension scheme of payments due to a qualifying member of that pension scheme by the Financial Assistance Scheme in respect of periods for which on-account payments to that member have been made in accordance with subsection (1).’.

Mr David Cameron
Mr George Osborne
Mr Philip Hammond
Mr Nigel Waterson
Mr Patrick McLoughlin
Mr Frank Field

16

Title, line 4, after ‘Authority;’, insert ‘to make provision about the establishment and functions of, and to confer powers on, the Unclaimed Assets Agency;’.


 
 
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Prepared: 18 April 2007