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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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| Schedule 1, page 56, line 42, leave out from beginning to end of line 6 on page 57. |
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| | | Member’s explanatory statement
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| | | This Amendment and Amendment 142 move the definition of “trustee or manager” to Clause 77 |
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| | | where it will apply for the purposes of the Part, and so will cover the expression where it is inserted |
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| | | by Amendments 139 and 140. |
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| | Clause 58, page 27, line 21, at end insert— |
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| | | ‘(c) | to consider the impact of means-tested benefits on members of the |
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| | | scheme established under section 50, and report these findings on an |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that means-tested benefits are not having an adverse |
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| | | effect on those enrolled into personal accounts. |
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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 26, after ‘Part’, insert ‘but excluding sections 14 to 24’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that PADA does not suffer a conflict of interest. |
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| | Clause 61, page 28, line 29, at end insert— |
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| | | ‘(3A) | The authority must within 12 months of the passing of this Act, and at such other |
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| | | time as the Secretary of State directs, publish a report analysing the potential |
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| | | impact on the financial position of a scheme under section 50(1) of different rates |
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| | | | the scheme, and setting out appropriate options for managing the financial risks |
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| | | associated with different outcomes. |
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| | | (3B) | In preparing the report under subsection (3A) the Authority must have regard to |
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| | | such independent actuarial advice as it considers appropriate.’. |
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| | | Member’s explanatory statement
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| | | This amendment highlights issues surrounding the financial management of personal accounts by |
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| | | seeking to place a duty on PADA to publish a report which examines issues such as public subsidy |
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| | | in detail and sets out how it will manage different scenarios for take-up, persistency and contribu |
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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, after ‘in’, insert ‘existing’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to counter any adverse affect that Personal Accounts may have |
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| | | on existing good quality pension schemes. |
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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 6, at end insert ‘among those on low incomes and who are |
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| | not currently saving enough for retirement’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that personal accounts are properly aimed at the target |
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| | Clause 62, page 29, line 9, after ‘on’, insert ‘existing’. |
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| | | Member’s explanatory statement
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| | | See Member’s explanatory statement for amendment 66. |
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| | Clause 62, page 29, line 9, after ‘on’, insert ‘high-quality’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that the adverse effects on high-quality qualifying |
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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 18, at end insert— |
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| | | ‘(g) | the Authority acts in the best interests of prospective members in the |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that PADA acts in the best interests of prospective |
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| | Clause 62, page 29, line 18, at end insert— |
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| | | ‘(h) | the Authority achieves delivery of a simple system of personal accounts’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that PADA delivers a simple system of personal ac |
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| | Clause 62, page 29, line 18, at end insert— |
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| | | ‘(g) | the UN Principles for Responsible Investment should be adhered to’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that PADA adheres to the UN Principles of Responsi |
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| | | ble Investment as developing a capability to monitor and manage environmental, social and gov |
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| | | ernance issues increases returns and financial security. |
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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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| | Page 29, line 31, leave out Clause 64. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to ensure that a proper debate can take place on the financing |
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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 77, page 36, line 29, leave out ‘or 6(3)’ and insert ‘, 6(3) or [Workers |
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| | without qualifying earnings](2)’. |
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| | | Member’s explanatory statement
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| | | This amendment is related to New Clause 8. It extends the definition of “enrolment duty” to in |
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| | | clude a duty under that New Clause. |
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