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Notices of Amendments: 11th January 2008                

31

 

Pensions Bill, continued

 
 

(e)    

makes provisions for consequential amendments for the operation of

 

conditional indexation in relation to a scheme that satisfies prescribed

 

conditions,

 

    

has effect.

 

(2)    

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.

 

(3)    

In this section conditional indexation relates to benefits provided by conditional

 

indexed scheme, which—

 

(a)    

was established after the coming into force of this section;

 

(b)    

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

 

Pension Schemes Act of 1993;

 

(c)    

Provides that indexation of pensions both in deferment and in payment

 

may be modified in accordance with prescribed requirements; and

 

(d)    

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

 


 

NEW SCHEDULE

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

NS1

 

To move the following Schedule:—

 

‘Provision for conditional indexed arrangements etc

 

Part 1

 

Basis of Revaluation

 

1          

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

 

follows—

 

            

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

 

“(3A)    

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—

 

“(4A)  

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

 

2          

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

 

as follows—


 
 

Notices of Amendments: 11th January 2008                

32

 

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

 

3          

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

 

4          

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:

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

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

 

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

 

3.    

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

 

which it meets.

 

Consideration and Third Reading

 

4.    

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.

 

5.    

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

 

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

 

6.    

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

 

proceedings on consideration and Third Reading.

 

Other proceedings

 

7.    

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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