|
| |
|
(b) | any information the Secretary of State directs, relating to the financial |
| |
position of the trustee corporation or any other matter. |
| |
(3) | The Secretary of State must lay before Parliament a copy of each report |
| |
received under this paragraph. |
| |
| 5 |
| |
| |
18 (1) | The Secretary of State may give financial assistance to the trustee corporation. |
| |
| |
(a) | may take the form of grants, loans, guarantees or indemnities; |
| 10 |
(b) | may be given on conditions (which may include conditions about repayment |
| |
with or without interest). |
| |
19 | The trustee corporation may make charges in connection with the exercise of |
| |
| |
| 15 |
20 (1) | The trustee corporation must— |
| |
(a) | keep proper accounting records, and |
| |
(b) | prepare a statement of accounts in respect of each financial year. |
| |
(2) | A statement under sub-paragraph (1)(b) must be prepared by the trustee |
| |
corporation in such form as the Secretary of State may direct. |
| 20 |
(3) | The trustee corporation must send a copy of a statement under sub- |
| |
| |
(a) | to the Secretary of State, and |
| |
(b) | to the Comptroller and Auditor General. |
| |
(4) | A copy of a statement must be sent under sub-paragraph (3) within such |
| 25 |
period, beginning with the end of the financial year to which the statement |
| |
relates, as the Secretary of State may direct. |
| |
(5) | The Comptroller and Auditor General must— |
| |
(a) | examine, certify and report on a statement received under this |
| |
| 30 |
(b) | send a copy of the certified statement and of the report on it to the |
| |
Secretary of State as soon as possible. |
| |
(6) | The Secretary of State must lay before Parliament a copy of the statement |
| |
and report sent under sub-paragraph (5)(b). |
| |
| 35 |
| |
| |
21 | In Part 2 of Schedule 1 to the House of Commons Disqualification Act 1975 |
| |
|
| |
|
| |
|
(c. 24) (bodies of which all members are disqualified) insert at the |
| |
| |
“The trustee corporation established by section 57 of the |
| |
| |
22 | In Part 2 of Schedule 1 to the Northern Ireland Assembly Disqualification |
| 5 |
Act 1975 (c. 25) (bodies of which all members are disqualified) insert at the |
| |
| |
“The trustee corporation established by section 57 of the |
| |
| |
Records and freedom of information |
| 10 |
23 | In Schedule 1 to the Public Records Act 1958 (c. 51) (definition of public |
| |
records) in paragraph 3, insert at the appropriate place in Part 2 of the Table |
| |
(other establishments and organisations)— |
| |
“The trustee corporation established by section 57 of the |
| |
| 15 |
24 | In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (c. 36) (public |
| |
authorities: miscellaneous) insert at the appropriate place— |
| |
“The trustee corporation established by section 57 of the |
| |
| |
| 20 |
25 | In Schedule 1A to the Race Relations Act 1976 (c. 74) (bodies subject to |
| |
general duty), in Part 2, under “Other Bodies, Etc” insert at the appropriate |
| |
| |
“The trustee corporation established by section 57 of the |
| |
| 25 |
| |
| |
“financial year” means such period as the Secretary of State may by |
| |
| |
“occupational pension scheme” and “personal pension scheme”— |
| 30 |
(a) | in relation to England and Wales or Scotland, have the same |
| |
meanings as in the Pension Schemes Act 1993 (c. 48) (see |
| |
| |
(b) | in relation to Northern Ireland, have the same meanings as in |
| |
the Pension Schemes (Northern Ireland) Act 1993 (c. 49) (see |
| 35 |
| |
“the relevant authority” means— |
| |
(a) | in relation to England and Wales or Scotland, the Secretary of |
| |
| |
(b) | in relation to Northern Ireland, the Department for Social |
| 40 |
Development in Northern Ireland; |
| |
| |
(a) | in relation to England and Wales or Scotland, is to be |
| |
construed in accordance with section 178 of the Pension |
| |
|
| |
|
| |
|
Schemes Act 1993 (trustees and managers of schemes: |
| |
| |
(b) | in relation to Northern Ireland, is to be construed in |
| |
accordance with section 173 of the Pension Schemes |
| |
(Northern Ireland) Act 1993 (c. 49) (trustees or managers of |
| 5 |
| |
(2) | In this Schedule references to the relevant authority's functions relating to |
| |
occupational pension schemes or personal pension schemes include such |
| |
functions conferred at any time after the passing of this Act. |
| |
| 10 |
| |
Revaluation of accrued benefits etc |
| |
| |
Revaluation of accrued pension benefits |
| |
Amendments to Schedule 3 to the 1993 Act |
| |
1 | This Part makes amendments to Schedule 3 to the Pension Schemes Act 1993 |
| 15 |
(c. 48) (methods of revaluing accrued pension benefits). |
| |
2 | In paragraph 1 (the final salary method), for sub-paragraphs (1) to (3) |
| |
| |
“(1) | The final salary method is to add to the amount that would be |
| |
payable but for Chapter 2 of Part 4, or regulations made under it, |
| 20 |
the additional amount specified in sub-paragraph (1A), (1B), (1C) |
| |
or (1D) (whichever applies). |
| |
| |
(a) | the termination of pensionable service occurs before 1st |
| |
| 25 |
(b) | the whole of the member’s pensionable service falls on or |
| |
| |
| the additional amount is the appropriate higher revaluation |
| |
percentage of the accrued benefit. |
| |
| 30 |
(a) | the termination of pensionable service occurs before 1st |
| |
| |
(b) | some of the member’s pensionable service falls before 1st |
| |
| |
| the additional amount is such proportion of the appropriate |
| 35 |
higher revaluation percentage of the accrued benefit as the |
| |
member’s pensionable service falling on or after 1st January 1985 |
| |
bears to the member’s total pensionable service. |
| |
(1C) | Where the termination of pensionable service occurs— |
| |
(a) | on or after 1st January 1991, but |
| 40 |
(b) | before the day on which section 79 of the Pensions Act 2008 |
| |
comes into force (“the 2008 Act commencement day”), |
| |
|
| |
|
| |
|
| the additional amount is the appropriate higher revaluation |
| |
percentage of the accrued benefit. |
| |
(1D) | Where the termination of pensionable service occurs on or after |
| |
the 2008 Act commencement day, the additional amount is the |
| |
| 5 |
(a) | the appropriate higher revaluation percentage of so much |
| |
of the accrued benefit as is attributable to the member’s |
| |
pensionable service falling before the 2008 Act |
| |
| |
(b) | the appropriate lower revaluation percentage of so much |
| 10 |
of the accrued benefit as is attributable to the member’s |
| |
pensionable service falling on or after that day. |
| |
(1E) | In this paragraph “the accrued benefit” means the amount of the |
| |
pension or other benefit which on the termination date has |
| |
accrued to the member or to any other person in respect of the |
| 15 |
member (excluding any part of that amount which consists of— |
| |
(a) | the member’s guaranteed minimum, or |
| |
(b) | the guaranteed minimum of the member’s widow, |
| |
widower or surviving civil partner). |
| |
(2) | For the purposes of this paragraph, a member’s pensionable |
| 20 |
service includes any notional pensionable service which is |
| |
credited to the member by the scheme (“notional service”). |
| |
| But notional service shall not be taken into account in determining |
| |
which of sub-paragraphs (1A), (1B), (1C) and (1D) applies. |
| |
(3) | For the purposes of determining the additional amount where |
| 25 |
sub-paragraph (1B) applies, any notional service shall be taken to |
| |
have ended immediately before the member’s actual pensionable |
| |
| |
(3A) | For the purposes of determining the additional amount where |
| |
sub-paragraph (1D) applies, any notional service shall be treated |
| 30 |
as falling on or after the 2008 Act commencement day only if, or to |
| |
the extent that, it is so treated for the purposes of the scheme.” |
| |
3 (1) | Paragraph 2 (the revaluation percentage and the appropriate revaluation |
| |
percentage) is amended as follows. |
| |
(2) | In sub-paragraph (1), for “specify a relevant percentage for each period” |
| 35 |
substitute “specify (so far as it is necessary to do so)— |
| |
(a) | a higher revaluation percentage, and |
| |
(b) | a lower revaluation percentage, |
| |
| |
(3) | For sub-paragraph (3) substitute— |
| 40 |
“(3) | The higher revaluation percentage which the Secretary of State is |
| |
to specify in relation to a revaluation period is the lesser of— |
| |
(a) | the percentage which appears to the Secretary of State to be |
| |
the percentage increase in the general level of prices in |
| |
Great Britain during the period which is the reference |
| 45 |
period in relation to the revaluation period (“the inflation |
| |
| |
|
| |
|
| |
|
(b) | the higher maximum rate. |
| |
(3A) | The lower revaluation percentage which the Secretary of State is to |
| |
specify in relation to a revaluation period is the lesser of— |
| |
(a) | the percentage which appears to the Secretary of State to be |
| |
the inflation percentage, and |
| 5 |
(b) | the lower maximum rate.” |
| |
(4) | For sub-paragraphs (6) and (7) substitute— |
| |
“(6) | For the purposes of sub-paragraph (3)(b) and (3A)(b)— |
| |
“the higher maximum rate”, in relation to a revaluation |
| |
| 10 |
(a) | in the case of a revaluation period of 12 months, 5 |
| |
| |
(b) | in any other case, the percentage that would be the |
| |
inflation percentage had the general level of prices |
| |
increased at the rate of 5 per cent compound per |
| 15 |
annum during the reference period in question; |
| |
“the lower maximum rate”, in relation to a revaluation |
| |
| |
(a) | in the case of a revaluation period of 12 months, 2.5 |
| |
| 20 |
(b) | in any other case, the percentage that would be the |
| |
inflation percentage had the general level of prices |
| |
increased at the rate of 2.5 per cent compound per |
| |
annum during the reference period in question. |
| |
| 25 |
“the appropriate higher revaluation percentage” means the |
| |
higher revaluation percentage specified in the last |
| |
calendar year before the date on which the member attains |
| |
normal pension age as the higher revaluation percentage |
| |
for the revaluation period which is of the same length as |
| 30 |
the number of complete years in the pre-pension period; |
| |
“the appropriate lower revaluation percentage” has a |
| |
| |
| |
Revaluation of accrued amounts etc |
| 35 |
Amendments to Schedule 7 to the 2004 Act |
| |
4 | This Part makes amendments to Schedule 7 to the Pensions Act 2004 (c. 35) |
| |
(pension compensation provisions). |
| |
5 (1) | Paragraph 12 (active members who have not attained normal pension age at |
| |
assessment date: the revaluation amount for the revaluation period) is |
| 40 |
| |
(2) | In sub-paragraph (3), for paragraph (b) substitute— |
| |
“(b) | in any other case, the aggregate of— |
| |
(i) | the higher revaluation percentage of so much of the |
| |
accrued amount as is attributable to the active |
| 45 |
|
| |
|
| |
|
member’s pensionable service falling before the |
| |
day on which section 79 of the Pensions Act 2008 |
| |
comes into force (“the 2008 Act commencement |
| |
| |
(ii) | the lower revaluation percentage of so much of the |
| 5 |
accrued amount as is attributable to the active |
| |
member’s pensionable service falling on or after |
| |
| |
(3) | After sub-paragraph (3) insert— |
| |
“(3A) | For the purposes of sub-paragraph (3)(b)— |
| 10 |
(a) | any service within paragraph 36(4)(b) (notional |
| |
pensionable service) is to be treated as falling on or after |
| |
the 2008 Act commencement day if, or to the extent that, it |
| |
is so treated for the purposes of the scheme; |
| |
(b) | regulations may make provision in relation to cases where |
| 15 |
it is unclear whether or not any particular pensionable |
| |
service (either actual or notional) falls, or is to be treated as |
| |
falling, on or after that day.” |
| |
(4) | For sub-paragraphs (4) and (5) substitute— |
| |
“(4) | In sub-paragraph (3)(b)— |
| 20 |
“the higher revaluation percentage” means the lesser of— |
| |
(a) | the percentage increase in the general level of |
| |
prices in Great Britain during the revaluation |
| |
period determined in the prescribed manner (“the |
| |
inflation percentage”), and |
| 25 |
(b) | the higher maximum revaluation rate; |
| |
“the lower revaluation percentage” means the lesser of— |
| |
(a) | the inflation percentage, and |
| |
(b) | the lower maximum revaluation rate. |
| |
(5) | For the purposes of sub-paragraph (4)— |
| 30 |
“the higher maximum revaluation rate”, in relation to the |
| |
| |
(a) | if that period is a period of 12 months, 5%, and |
| |
(b) | in any other case, the percentage that would be the |
| |
inflation percentage had the general level of prices |
| 35 |
in Great Britain increased at the rate of 5% |
| |
compound per annum during that period; |
| |
“the lower maximum revaluation rate”, in relation to the |
| |
| |
(a) | if that period is a period of 12 months, 2.5%, and |
| 40 |
(b) | in any other case, the percentage that would be the |
| |
inflation percentage had the general level of prices |
| |
in Great Britain increased at the rate of 2.5% |
| |
compound per annum during that period. |
| |
| This is subject to paragraph 29 (power of Board to determine |
| 45 |
maximum revaluation rates etc).” |
| |
|
| |
|
| |
|
6 (1) | Paragraph 17 (deferred members who have not attained normal pension age |
| |
at assessment date: the revaluation amount for the second revaluation |
| |
period) is amended as follows. |
| |
(2) | In sub-paragraph (3), for paragraph (b) substitute— |
| |
“(b) | in any other case, the aggregate of— |
| 5 |
(i) | the higher revaluation percentage of so much of the |
| |
relevant amount as is attributable to the deferred |
| |
member’s pensionable service falling before the |
| |
day on which section 79 of the Pensions Act 2008 |
| |
comes into force (“the 2008 Act commencement |
| 10 |
| |
(ii) | the lower revaluation percentage of so much of the |
| |
relevant amount as is attributable to the deferred |
| |
member’s pensionable service falling on or after |
| |
| 15 |
(3) | After sub-paragraph (3) insert— |
| |
“(3A) | For the purposes of sub-paragraph (3)(b)— |
| |
(a) | any service within paragraph 36(4)(b) (notional |
| |
pensionable service) is to be treated as falling on or after |
| |
the 2008 Act commencement day if, or to the extent that, it |
| 20 |
is so treated for the purposes of the scheme; |
| |
(b) | regulations may make provision in relation to cases where |
| |
it is unclear whether or not any particular pensionable |
| |
service (either actual or notional) falls, or is to be treated as |
| |
falling, on or after that day.” |
| 25 |
(4) | For sub-paragraphs (4) and (5) substitute— |
| |
“(4) | In sub-paragraph (3)— |
| |
“the higher revaluation percentage” means the lesser of— |
| |
(a) | the percentage increase in the general level of |
| |
prices in Great Britain during the revaluation |
| 30 |
period determined in the prescribed manner (“the |
| |
inflation percentage”), and |
| |
(b) | the higher maximum revaluation rate; |
| |
“the lower revaluation percentage” means the lesser of— |
| |
(a) | the inflation percentage, and |
| 35 |
(b) | the lower maximum revaluation rate; |
| |
“the relevant amount” means the aggregate of— |
| |
(a) | the accrued amount, and |
| |
(b) | the revaluation amount for the first revaluation |
| |
period (see paragraph 16). |
| 40 |
(5) | For the purposes of sub-paragraph (3)— |
| |
“the higher maximum revaluation rate”, in relation to the |
| |
second revaluation period, is— |
| |
(a) | if that period is a period of 12 months, 5%, and |
| |
(b) | in any other case, the percentage that would be the |
| 45 |
inflation percentage had the general level of prices |
| |
in Great Britain increased at the rate of 5% |
| |
compound per annum during that period; |
| |
|
| |
|