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| | Clause 57, page 27, line 12, leave out subsection (3). |
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| | Schedule 1, page 49, line 11, at end insert— |
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| | | ‘(c) | the appointment of any member of the corporation shall be approved by |
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| | | the Work and Pensions Committee of the House of Commons.’. |
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| | Schedule 1, page 49, line 14, at end insert ‘of which at least three members shall be |
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| | appointed to represent the interests of members and prospective members.’. |
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| | Schedule 1, page 50, line 2, after ‘financial’ insert ‘, political.’ |
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| | Schedule 1, page 51, line 8, leave out ‘four’ and insert ‘three’.’ |
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| | Schedule 1, page 51, line 19, leave out ‘the Secretary of State may determine’ and |
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| | Schedule 1, page 55, line 10, leave out ‘grants’. |
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| | Schedule 1, page 55, line 11, leave out from ‘which’ to end of line 12 and insert |
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| | ‘shall include conditions about repayment and interest at commercial rates.’. |
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| | Schedule 1, page 55, line 13, leave out ‘may’ and insert ‘is required to make.’ |
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| | Schedule 1, page 55, line 33, leave out ‘must’ to end of line 34 and insert ‘publish |
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| | and lay before Parliament a copy of the statement and report sent under sub-paragraph |
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| | (5)(b) on the first working day following receipt.’. |
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| | Clause 58, page 27, line 26, leave out paragraph (b). |
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| | Clause 58, page 27, line 28, leave out subsection (4). |
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| | Clause 61, page 28, line 23, leave out paragraph (b). |
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| | Clause 61, page 28, line 36, leave out paragraph (b). |
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| | Clause 61, page 28, line 37, leave out subsection (7). |
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| | Clause 62, page 29, line 2, leave out ‘have regard to’ and insert ‘at all times comply |
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| | Clause 62, page 29, line 5, leave out ‘qualifying’ and insert ‘occupational and |
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| | Clause 62, page 29, line 6, at end insert ‘, and the Authority shall at no time seek to |
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| | provide financial products beyond the scope of personal accounts;’. |
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| | Clause 62, page 29, line 9, leave out ‘qualifying’ and insert ‘occupational and |
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| | Clause 62, page 29, line 11, at end insert ‘, and in particular the Authority shall |
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| | seek to optimise levels of participation and contribution among the target group, |
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| | especially those on low incomes and who are not currently saving at all, or enough, for |
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| | Clause 62, page 29, line 13, at end insert ‘and initially based on an annual |
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| | management charge of no more than 0.3 per cent. per annum.’. |
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| | Clause 62, page 29, line 14, after ‘the’ insert ‘needs and’. |
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| | Clause 62, page 29, line 16, at end insert ‘, provided this can be done at no |
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| | disproportionate cost to the scheme overall.’. |
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| | Clause 62, page 29, line 18, at end insert— |
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| | | ‘(g) | the best interests of prospective members in the period prior to 2012; |
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| | | (h) | the level of savings shall be increased as well as the number of existing |
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| | | savers, and that in general better retirement incomes are achieved.’. |
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| | Clause 62, page 29, line 20, after ‘others’ insert ‘including Opposition parties’. |
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| | Clause 62, page 29, line 21, at end add— |
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| | | ‘(4) | The Secretary of State shall collect and publish appropriate data annually, and |
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| | | will consult with industry, to measure the extent to which the Authority has |
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| | | achieved these principles in carrying out its functions. |
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| | | (5) | The Secretary of State shall by regulation identify the data and targets to be used |
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| | Clause 63, page 29, line 30, at end insert ‘ as soon as is practicable.’. |
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| | Clause 64, page 29, line 37, leave out ‘grants’. |
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| | Clause 64, page 29, line 38, leave out from ‘which’ to end of line 39 and insert |
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| | ‘shall include conditions about repayment and interest at commercial rates.’. |
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| | Clause 64, page 29, line 39, at end add— |
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| | | ‘( ) | For the avoidance of doubt, all the costs incurred by the Authority in establishing |
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| | | the pension scheme under section 50 of the Pensions Act 2008 (c. ) shall be |
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| | | recouped through charges to members over a period of five years from 2012.’. |
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| | Clause 74, page 35, line 21, at end insert— |
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| | | ‘( ) | subsection (1) shall not apply to any member of the reserve forces who is paid for |
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| | | more than six months in any three-year period.’. |
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| | Clause 89, page 41, line 17, leave out ‘4 months’ and insert ‘2 months.’. |
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| | Clause 90, page 41, line 39, at end insert ‘and transferor.’. |
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| | Clause 90, page 42, line 12, leave out subsection (8). |
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| | Clause 91, page 42, line 24, leave out paragraph (a). |
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| | | Offence of offering financial inducements |
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| | To move the following Clause:— |
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| | | ‘An offence is committed if an employer offers financial inducements to opt out |
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| | | of an automatic enrolment scheme.’. |
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| | | Projections of numbers of those on means-tested benefits |
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| | To move the following Clause:— |
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| | | ‘(1) | On or before 1st April 2009 the Secretary of State shall publish his projections of |
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| | | the numbers of people likely to be subject to means-tested benefits (including |
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| | | housing benefit) and in ‘at risk’ groups following the introduction of personal |
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| | | (2) | If the projected figure published in accordance with subsection (1) exceeds 10 per |
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| | | cent. of the pensioner population, the implementation of the scheme shall be |
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| | | postponed for at least 12 months after the date of publication. |
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| | | (3) | The Secretary of State shall publish any proposals for reform concurrently with |
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| | | the publication of the projections under subsection (1).’ |
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| | | Restoring link with earnings |
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| | To move the following Clause:— |
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| | | ‘Before the coming into force of this Act, the Secretary of State shall announce to |
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| | | Parliament his intention as to the timing of the implementation of Section 5 of the |
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| | To move the following Clause:— |
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| | | ‘Before implementing Part 1 of this Act, the Secretary of State shall publish his |
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| | | proposals to provide transitional assistance to small employers in implementing |
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| | | Provision for conditional indexation |
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| | To move the following Clause:— |
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| | | ‘(1) | Schedule [Provision for conditionally indexed arrangements etc] which— |
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| | | (a) | amends section 84 and Schedule 3 of the Pension Schemes Act 1993 |
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| | | (b) | amends section 51 of the Pensions Act 1995 (annual increase in rate of |
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| | | (c) | amends section 67 of the Pensions Act 1995 (restriction on powers to |
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| | | (d) | amends schedule 7 to the Pension Schemes Act 2004 (pension |
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| | | compensation provision); and |
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