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319

 

House of Commons

 
 

Notices of Amendments

 

given on

 

Thursday 7th February 2008

 

For other Amendment(s) see the following page(s):

 

Pensions Bill Committee 293-317

 

Public Bill Committee


 

Pensions Bill

 

Mr Mike O’Brien

 

187

 

Clause  109,  page  48,  line  12,  leave out ‘61’ and insert ‘60’.

 

Member’s explanatory statement

 

This amendment provides for definitions applying for the purposes of clauses 50 to 56 (power to

 

provide for a pension scheme) to come into force with those clauses on Royal Assent.

 

Mr Mike O’Brien

 

188

 

Clause  109,  page  48,  line  14,  at end insert ‘and Schedule 8’.

 

Member’s explanatory statement

 

This amendment corrects an omission. It provides for Schedule 8 (repeals), like clause 108 which

 

introduces it, to be brought into force by commencement order under clause 109(1).

 

Financial assistance scheme

 

Mr Mike O’Brien

 

NC20

 

To move the following Clause:—

 

‘(1)    

Subsection (2) of section 286 of the Pensions Act 2004 (financial assistance

 

scheme for members of certain pension schemes) is amended as follows.

 

(2)    

In the definition of “qualifying member”, for the words from “a person” to the end

 

of paragraph (b) substitute “a person who, at such time as may be prescribed, is a

 

member of the scheme or has ceased to be a member of the scheme,”.

 

(3)    

In the definition of “qualifying pension scheme” after paragraph (b) insert—

 

“(ba)    

the assets of which, at such time as may be prescribed, are

 

insufficient to satisfy in full the liabilities of the scheme

 

calculated in the prescribed manner,”.


 
 

Notices of Amendments: 7th February 2008                

320

 

Pensions Bill, continued

 
 

(4)    

Omit the definition of “scheme’s pension liabilities” and the words from “and a

 

qualifying pension scheme” to the end.’.

 

Member’s explanatory statement

 

This New Clause extends the 'qualifying member' definition in section 286 of the Pensions Act 2004

 

(which provides for financial assistance for members of certain pension schemes), so that all rel­

 

evant members can be qualifying members regardless of whether their liabilities are likely to be

 

met by their scheme.

 

Mr Mike O’Brien

 

189

 

Schedule  8,  page  87,  line  33,  at end insert—

 

‘Part 2A

 

Financial assistance scheme

 

Title

Extent of repeal

 
 

Pensions Act 2004 (c. 35)

In section 286(2) the definition of “scheme’s pension

 
  

liabilities” and the words from “and a qualifying

 
  

pension scheme” to the end.’.

 
 

Member’s explanatory statement

 

This amendment relates to a repeal made by NC20.

 

Personal account sharing on divorce

 

Mr Nigel Waterson

 

Andrew Selous

 

James Duddridge

 

NC21

 

To move the following Clause:—

 

‘(1)    

Any sum may be transferred from one personal account into another personal

 

account when—

 

(a)    

a divorce or dissolution of a civil partnership leads to a court order or

 

agreement by mutual consent splitting the assets of the parties concerned;

 

(b)    

the court order or agreement by mutual consent instructs that a proportion

 

of the value of the personal account of the transferor should be made the

 

property of the transferee; and

 

(c)    

both the transferor and the transferee hold a personal account.

 

(2)    

In this section “the transferor” and “the transferee” shall be defined as in section

 

83 of this Act.’.

 

Member’s explanatory statement

 

This New Clause is intended to ensure fair treatment of divorcing couples or separating civil part­

 

ners within the personal accounts system.

 


 
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Revised 8 February 2008