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12

 
 

“32A  

Discharge of protected rights on winding up: insurance policies

 

(1)    

Where an occupational pension scheme is being wound up, effect

 

may not be given to the protected rights of a member of the

 

scheme by taking out a policy of insurance (or a number of such

 

policies) under which the member is the beneficiary unless the

 

policy (or each such policy) satisfies the requirement in

 

subsection (2).

 

(2)    

The requirement is that the policy of insurance makes such

 

provision in relation to giving effect to the protected rights of the

 

beneficiary as a scheme to which section 25A applies is required

 

to make under or by virtue of section 27A in relation to giving

 

effect to the protected rights of a member of the scheme.””

41

Page 52, line 11, at end insert—

 

“          

In section 2 of that Act (registration of stakeholder pension schemes) in

 

subsection (2) (when Authority to register schemes) in paragraph (b)(i)

 

for “to (10)” substitute “to (9)”.”

42

Page 52, line 14, at end insert—

 

“          

In Schedule 5 to that Act (pension credits: mode of discharge) in

 

paragraph 7(6) (disqualification as destination for pension credit) in the

 

definition of “contracted-out rights”—

 

(a)    

in paragraph (a), omit “or (3)”;

 

(b)    

after paragraph (a) insert—

 

“(ab)    

an occupational pension scheme constituting a

 

money purchase contracted-out scheme for the

 

purposes of that Act, or”;

 

(c)    

in paragraph (b), for “which is” substitute “constituting”.”

43

Page 53, line 23, at end insert—

 

“          

In section 20 (transfer of accrued rights) in subsection (3) (regulations

 

may provide for certain provisions to have effect subject to

 

modifications) omit “and 43 to 45”.

 

            

Omit section 31 (investment and resources of scheme).”

44

Page 54, leave out lines 35 to 38 and insert—

 

“(a)    

omit the definition of “appropriate flat-rate percentage”;

 

(b)    

for the definition of “the percentage for contributing earners”

 

substitute—

 

““the percentage for contributing earners” means 3

 

per cent;”;

 

(c)    

for the definition of “the percentage for non-contributing

 

earners” substitute—

 

““the percentage for non-contributing earners”

 

means 4.8 per cent.””

Schedule 6

45

Page 59, line 13, leave out paragraph (d) and insert—

 

“(d)    

is unfit for office by reason of misconduct,”

46

Page 59, line 21, leave out sub-paragraphs (1) and (2) and insert—


 
 

13

 
 

    “(1)  

The Authority may—

 

(a)    

pay to the chairman and other non-executive members such

 

remuneration, and

 

(b)    

pay to or in respect of the chairman and other non-executive

 

members such sums by way of or in respect of allowances and

 

gratuities,

 

            

as the Secretary of State may determine.”

47

Page 59, line 40, leave out sub-paragraph (4)

48

Page 60, line 11, leave out sub-paragraph (3) and insert—

 

    “(3)  

During any vacancy in the office of chairman, or at any time when the

 

chairman is absent or otherwise unable to act, any of his functions may

 

be discharged by the deputy chairman.

 

      ( )  

In discharging any function of the chairman under sub-paragraph (3),

 

the deputy chairman must have regard to any guidance given by the

 

chairman as to the discharge of that function by the deputy chairman.”

49

Page 61, line 9, leave out sub-paragraph (4)

50

Page 61, line 36, leave out “or a non-executive member”

51

Page 66, line 7, leave out paragraph (b) and insert—

 

“(b)    

send a copy of the certified statement and of his report to the

 

Secretary of State as soon as possible.

 

      ( )  

The Secretary of State must lay a copy of the statement and report sent

 

under sub-paragraph (5)(b) before Parliament.”

Schedule 7

52

Page 68, line 42, at end insert—

 

“Part 2A

 

Up-rating

 

Citation

Extent of repeal

 
 

Social Security Contributions

In Schedule 5, in each of paragraphs 5A(3)(a),

 
 

and Benefits Act 1992 (c. 4)

6(4)(b) and 6A(2)(b), the words “after it has

 
  

been reduced by the amount of any increases

 
  

under section 109 of the Pensions Act”.”

 

53

Page 69, line 17, column 2, leave out “Section” and insert “Sections 32(2) and”

54

Page 69, line 38, column 2, at end insert—

  

“Sections 28 to 29.”

 

55

Page 70, line 19, column 2, leave out “136(4)” and insert “136(2) and (4)”

56

Page 70, line 20, column 2, at end insert—

  

“Sections 142 to 146.”

 

 
 

14

57

Page 70, line 22, column 2, at end insert “and paragraphs 34 and 35”

58

Page 70, line 22, column 2, at end insert “and paragraph 37(a)”

59

Page 70, line 22, at end insert—

 

Social Security Act 1998 (c. 14)

In Schedule 7, paragraph 126.”

 

60

Page 70, line 23, column 2, after “paragraphs” insert “33,”

61

Page 70, line 23, column 2, after “35(3)” insert “, 41”

62

Page 70, line 27, column 2, at end insert—

  

“In Schedule 2, paragraph 5 (and the cross

 
  

heading immediately preceding it).”

 

63

Page 70, line 27, column 2, at end insert—

  

“In Schedule 5 in paragraph 7(6), in the

 
  

definition of “contracted-out rights”—

 
  

(a)    

in paragraph (a), “or (3)”;

 
  

(b)    

the “or” following paragraph (a).”

 

64

Page 70, line 27, at end insert—

 

“Child Support, Pensions and

In Schedule 5, paragraphs 2(2) and 3(2).

 
 

Social Security Act 2000

  
 

(c. 19)

  
 

Financial Services and Markets

Articles 117 and 118.”

 
 

Act 2000 (Consequential

  
 

Amendments and Repeals)

  
 

Order 2001 (S.I. 2001/3649)

  

65

Page 70, line 28, column 2, at end insert—

  

“Section 284(3) to (7).”

 

66

Page 70, line 29, column 2, at end insert “and (5)”

67

Page 70, line 29, at end insert—

 

“Civil Partnership (Contracted-

In Schedule 1, paragraphs 9 to 11.

 
 

out Occupational and

  
 

Appropriate Personal

  
 

Pension Schemes) (Surviving

  
 

Civil Partners) Order 2005

  
 

(S.I. 2005/2050)

  
 

Taxation of Pension Schemes

Article 7(3) and (4).”

 
 

(Consequential

  
 

Amendments) Order 2006

  
 

(S.I. 2006/745)

  

68

Page 70, line 43, column 2, at end insert—


 
 

15

 
  

“In section 20(3), “and 43 to 45”.

 
  

Section 31.”

 

69

Page 71, line 18, column 2, at end insert—

  

(a)    

in sub-paragraph (5), the definition of

 
  

“appropriate flat-rate percentage.””

 

70

Page 71, line 19, column 2, leave out “and (6)” and insert “, (6) and (7)”

71

Page 71, line 22, column 2, after “paragraphs” insert “36,”

72

Page 71, line 24, column 2, after “34(b),” insert “43,”

73

Page 71, line 30, at end insert—

 

“Part 6A

 

Removal of annuity protection lump sum death benefit

 

Citation

Extent of repeal

 
 

Finance Act 2004 (c. 12)

In Schedule 29, paragraph 16(1)(a).”

 

 
 

16


 
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