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Notices of Amendments: 11th January 2008                



Pensions Bill, continued



makes provisions for consequential amendments for the operation of


conditional indexation in relation to a scheme that satisfies prescribed





has effect.



The amendments made by Schedule [Provision for conditionally indexed


arrangements etc] do not apply in relation to any scheme or arrangement in


existence prior to the coming into force of this section.



In this section conditional indexation relates to benefits provided by conditional


indexed scheme, which—



was established after the coming into force of this section;



is not a money purchase scheme as defined by section 181(1) of the


Pension Schemes Act of 1993;



Provides that indexation of pensions both in deferment and in payment


may be modified in accordance with prescribed requirements; and



complies with such other requirements as may be prescribed.’.





Mr Nigel Waterson


Andrew Selous


Mr Stewart Jackson




To move the following Schedule:—


‘Provision for conditional indexed arrangements etc


Part 1


Basis of Revaluation



The Pension Schemes Act 1993 (c.48) (Basis of Revaluation) is amended as





In section 84 after subsection (3) there is added—



If any benefit as is mentioned in paragraph (a) of section 83(1) is a


conditional indexation benefit that benefit shall be revalued using the


conditional indexation method”.



In Schedule 3 (Methods of Revaluation Accrued Pension Benefit) after


paragraph 4 there is added—



The conditional indexation method is to revalue the benefits which


have accrued to the member in respect of the pre-pension period in


such manner as may be prescribed”.


Part 2


Annual Increase in Rate of Pension



The Pensions Act 1995 (c.26) (Annual Increase in Rate of Pension) is amended


as follows—


Notices of Amendments: 11th January 2008                



Pensions Bill, continued



After section 51(1)(iii) there is added “(iv) which is not a conditionally indexed


scheme which complies with such requirements in relation to increases in the


rate of a pension as may be prescribed”.


Part 3


Restriction on Powers to Alter Schemes



Section 67 of the Pensions Act 1995 (c.26) (Restriction to Alter Schemes), is


amended as follows—



After section 67(3)(b) there is added “(c) for a prescibed purpose relating to the


operation of a conditionally indexed scheme”.


Part 4


Pensions Compensation Provisions



Schedule 7 to the Pensions Act 2004 (c.35) (Pensions Compensation


Provisions) is amended as follows—



After paragraph 2 to the Schedule there is added “2A This Schedule shall be


modified in relation to a conditionally indexed scheme in such manner as may


be prescribed.”.’.



Order of the House [7th january 2008]


That the following provisions shall apply to the Pensions Bill:





The Bill shall be committed to a Public Bill Committee.


Proceedings in Public Bill Committee



Proceedings in the Public Bill Committee shall (so far as not previously


concluded) be brought to a conclusion on Tuesday 26th February 2008.



The Public Bill Committee shall have leave to sit twice on the first day on


which it meets.


Consideration and Third Reading



Proceedings on consideration shall (so far as not previously concluded) be


brought to a conclusion one hour before the moment of interruption on the


day on which those proceedings are commenced.



Proceedings on Third Reading shall (so far as not previously concluded) be


brought to a conclusion at the moment of interruption on that day.



Standing Order No. 83B (Programming committees) shall not apply to


proceedings on consideration and Third Reading.


Other proceedings



Any other proceedings on the Bill (including any proceedings on


consideration of Lords Amendments or on any further messages from the


Lords) may be programmed.


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