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| | | Pensions Protection Lifeboat Fund |
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| | | Negatived on division nc41 |
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| | To move the following Clause:— |
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| | | ‘(1) | There shall be established as soon as reasonably practicable a Pension Protection |
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| | | Lifeboat Fund (“the Lifeboat Fund”) which shall be administered by the Board of |
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| | | the Pension Protection Fund (“the Board”). |
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| | | (2) | The purpose of the Lifeboat Fund shall be to make supplementary payments to |
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| | | persons who are qualifying members of qualifying schemes as defined by the |
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| | | Financial Assistance Scheme Regulations 2005 (S.I. 2006/1986) (or who would |
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| | | be qualifying members if the qualifying age for the Financial Assistance Scheme |
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| | | were set at the level of the qualifying scheme retirement age), in addition to the |
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| | | sums payable in any event under those regulations. |
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| | | (3) | The supplementary payments made to any person in accordance with subsection |
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| | | (2) shall equal the amount that, taken together with any amounts payable to that |
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| | | person under the Financial Assistance Scheme and amounts payable to that |
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| | | person as scheme benefits under the qualifying pension scheme in respect of |
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| | | which he is a qualifying member of the Financial Assistance Scheme (or would |
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| | | be a qualifying member if the qualifying age for the Financial Assistance Scheme |
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| | | were set at the level of the qualifying scheme retirement age), is the amount that |
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| | | would be payable to that person if that qualifying pension scheme was accepted |
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| | | into the Pension Protection Fund. |
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| | | (4) | The Secretary of State shall make such loans to the Lifeboat Fund as are necessary |
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| | | to allow the discharge of its functions and in particular its obligation to make |
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| | | supplementary payments under subsection (2). |
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| | | (5) | The Secretary of State shall make such loans from time to time having regard to— |
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| | | (a) | requests for such loans received from the Board; |
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| | | (b) | the amount of assets transferred or to be transferred to the Lifeboat Fund |
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| | | under the Scheme (as defined in section [Transfer of unclaimed assets] |
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| | | (c) | the level of any claims on the Lifeboat Fund in respect of assets |
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| | | transferred to it under the Scheme. |
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| | | (6) | Loans made in accordance with this section must be repaid to the Secretary of |
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| | | State as soon as, in the reasonable opinion of the Board, it is prudent to do so |
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| | | (a) | the obligations of the Lifeboat Fund; |
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| | | (b) | the amount of assets transferred or to be transferred to the Lifeboat Fund |
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| | | (c) | the level of claims on the Lifeboat Fund in respect of assets transferred to |
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| | | (7) | Loans made under this section shall be interest free. |
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| | | (8) | The assets of the Lifeboat Fund shall be held separately from the assets of any |
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| | | other fund under the control of the Board. |
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| | | (9) | The Secretary of State may by regulations make further provision in connection |
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| | | (10) | A statutory instrument containing regulations under this section is subject to |
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| | | annulment in pursuance of a resolution of either House of Parliament.’. |
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| | | Pensions Unclaimed Assets Recovery Agency |
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| | To move the following Clause:— |
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| | | ‘(1) | There shall be a body called the Pensions Unclaimed Assets Recovery Agency |
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| | | (2) | The Agency must be established no later than three months after the passing of |
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| | | (3) | The Agency shall consist of not fewer than six nor more than twelve members to |
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| | | be appointed by the Secretary of State, and the Secretary of State shall appoint |
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| | | one member to be the chairman, and another member to be a deputy chairman, of |
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| | | (4) | In appointing a person to be a member of the Agency, the Secretary of State shall |
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| | | have regard to the desirability of appointing persons who have knowledge of, or |
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| | | experience relating to, matters relevant to the functions of the Agency. |
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| | | (5) | A member of the Agency may hold office for such a period as the Secretary of |
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| | | State may determine, but not exceeding— |
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| | | (a) | six years, in the case of the chairman, and |
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| | | (b) | four years, in the case of other members. |
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| | | (6) | The Secretary of State may make payments to the members of the Agency by way |
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| | | of remuneration and make payments to them in respect of expenses incurred by |
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| | | them in the performance of their duties. |
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| | | (7) | The Secretary of State may also defray any other expenses of the Agency.’. |
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| | | Functions of the Pensions Unclaimed Assets Recovery Agency |
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| | To move the following Clause:— |
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| | | The functions of the Agency are— |
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| | | (a) | to obtain such information about such classes of unclaimed assets as may |
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| | | be prescribed by the Secretary of State by regulations; |
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| | | (b) | to provide the Secretary of State with that information and any other |
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| | | related information held by the Agency which the Secretary of State may |
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| | | from time to time require; |
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| | | (c) | to administer the scheme to be established by virtue of section [Transfer |
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| | | Pensions Unclaimed Assets Recovery Agency: provision of information |
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| | To move the following Clause:— |
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| | | ‘(1) | Subject to subsection (2) below, the Agency may, by notice, require any person |
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| | | to supply it, within a specified period or at a specified time or times, such |
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| | | specified information as the Agency considers it needs for the purposes of |
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| | | carrying out its functions under section [Function of the Pensions Unclaimed |
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| | | (2) | This section does not authorise any requirement in relation to information to be |
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| | | imposed on any person unless that person carries on a business in the United |
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| | | Kingdom; but a requirement may be imposed under this section on a person in |
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| | | relation to information in the possession or control of a connected person or |
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| | | undertaking outside the United Kingdom. |
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| | | (3) | Any person who, when required to do so under this section, fails without |
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| | | reasonable excuse to supply any information, shall be liable on summary |
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| | | (a) | to a fine not exceeding level 5 on the standard scale; and |
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| | | (b) | in the case of a continuing offence, to an additional fine not exceeding |
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| | | £200 for every day during which the offence continues. |
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| | | (4) | Any person who knowingly or recklessly supplies any information which is false |
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| | | or misleading shall be liable— |
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| | | (a) | on conviction on indictment, to imprisonment for a term not exceeding |
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| | | two years, or to a fine, or both; and |
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| | | (b) | on summary conviction, to a fine not exceeding the statutory maximum.’. |
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| | | Transfer of unclaimed assets |
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| | To move the following Clause:— |
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| | | ‘(1) | The Secretary of State shall by regulations, not later than twelve months after the |
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| | | passing of this Act, establish a scheme (“the Scheme”) for the transfer of such |
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| | | unclaimed assets as the regulations shall prescribe to the Lifeboat Fund. |
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| | | (2) | Regulations made under this subsection shall provide for— |
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| | | (a) | a definition of those unclaimed assets to which the Scheme applies, |
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| | | including the extent to which the Scheme is applicable to assets whose |
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| | | ownership is known, or can be determined; |
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| | | (b) | the transfer to the Lifeboat Fund of a prescribed proportion of such |
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| | | unclaimed assets as the regulations shall prescribe, and the manner and |
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| | | timing of such transfers; |
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| | | (c) | the transfer to the Lifeboat Fund of liability for any claim in respect of |
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| | | assets transferred under the Scheme to the Lifeboat Fund; |
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| | | (d) | penalties to be imposed on any person holding assets prescribed under |
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| | | subsections (1) or (2)(b) who fails to transfer them or such proportion of |
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| | | them as is prescribed in accordance with the Scheme. |
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| | | (3) | The power to make regulations under this section is exercisable by statutory |
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| | | (4) | A statutory instrument containing regulations under this section is subject to |
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| | | annulment in pursuance of a resolution of either House of Parliament.’. |
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| | To move the following Clause:— |
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| | | ‘The Secretary of State shall, as soon as is reasonably practicable, by regulations |
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| | | require the trustees of qualifying schemes as defined by the Financial Assistance |
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| | | Scheme Regulations 2005 which have not yet completed winding-up to desist |
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| | | from purchasing (except where, on or before 18th April 2007, they have entered |
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| | | into a binding contractual commitment so to do) or making binding commitments |
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| | | to purchase, annuities on behalf of scheme members, for a period of nine months |
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| | | Duty to make on-account payments |
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| | To move the following Clause:— |
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| | | ‘(1) | Pursuant to his powers under section 286(3)(d) of the Pensions Act 2004, the |
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| | | Secretary of State shall as soon as is reasonably practicable make regulations |
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| | | requiring trustees of qualifying pension schemes to make on-account payments to |
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| | | qualifying members, or persons who would be qualifying members if the |
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| | | qualifying age for the Financial Assistance Scheme were set at the level of the |
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| | | qualifying scheme retirement age. |
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| | | (2) | The Secretary of State may make such loans to trustees of qualifying schemes as |
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| | | appear to him to be expedient to enable them to make such on-account payments |
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| | | where adequate scheme assets appear to him not to be available to them and |
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| | | regulations may prescribe for the recovery of such loans upon completion of |
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| | | wind-up of a qualifying scheme. |
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| | | (3) | Regulations made under subsection (1) above shall provide that on-account |
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| | | payments shall equal the amounts that would be payable if the qualifying scheme |
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| | | was accepted into the Pension Protection Fund. |
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| | | (4) | The regulations shall provide for payment to trustees of a qualifying pension |
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| | | scheme of payments due to a qualifying member of that pension scheme (or a |
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| | | person who would be a qualifying member if the qualifying age for the Financial |
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| | | Assistance Scheme were set at the level of the qualifying scheme retirement age) |
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| | | by the Financial Assistance Scheme or by the Lifeboat Fund (as defined in section |
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| | | [Transfer of unclaimed assets]) in respect of periods for which on-account |
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| | | payments to that member have been made in accordance with subsection (1).’. |
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| | Page 24, line 37 [Clause 27], at end insert— |
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| | | ‘( ) | section (Financial assistance scheme: increased levels of payments),’. |
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| | Page 25, line 10 [Clause 28], at end insert— |
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| | | ‘( ) | section (Financial assistance scheme: increased levels of payments)(4) |
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| | Page 25, line 17 [Clause 28], at end insert— |
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| | | ‘( ) | section (Financial assistance scheme: increased levels of payments) (1) |
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| | Page 69, line 38 [Schedule 7], at end add— |
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| | FINANCIAL ASSISTANCE SCHEME |
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| | | | | | | | Pensions Act 2004 (c. 35) |
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| | Title, line 4, after ‘Authority;’, insert ‘to establish the Pension Protection Lifeboat |
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| | Title, line 4, after ‘Authority;’, insert ‘to make provision for the transfer of a proportion |
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| | of unclaimed assets to the Pension Protection Lifeboat Fund;’. |
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| | Title, line 4, after ‘Authority;’, insert ‘to make provision about the establishment and |
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| | functions of, and to confer powers on, the Pensions Unclaimed Assets Recovery |
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| | New Clauses and Amendments Relating to Part 3 |
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| | | Application of Freedom of Information Act to Personal Accounts Delivery Authority |
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| | To move the following Clause:— |
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| | | ‘(1) | The Freedom of Information Act 2000 (c. 36) is amended as follows. |
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| | | (2) | In section 35 (formulation of government policy etc.) insert after subsection (2)— |
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