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| | Clause 53, page 26, line 1, leave out subsection (3) and insert— |
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| | | ‘(3) | There shall be an absolute prohibition on transfers between the pension scheme |
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| | | established under section 50 and other pension or savings schemes, and jobholder |
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| | | contributions shall be limited to £3,600 in any one year.’. |
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| | Clause 53, page 26, line 1, leave out subsection (3). |
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| | Clause 53, page 26, line 6, leave out subsection (5). |
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| | Clause 55, page 26, line 19, leave out ‘have regard to’ and insert ‘take account of’. |
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| | Clause 57, page 27, line 12, leave out subsection (3). |
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| Clause 61, page 28, line 29, at end add— |
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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 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 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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| | 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 54, line 42, leave out ‘and’ and insert— |
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| | | ‘(aa) | an analysis of the potential impact on the financial position of the trustee |
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| | | corporation of different levels of— |
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| | | | the scheme, and setting out appropriate options for managing the |
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| | | financial risks associated with different outcomes; and’. |
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| | | Member’s explanatory statement
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| | | The purpose of this amendment is to place a duty on PADA to incorporate in its annual report as |
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| | | a trustee corporation a report relating to the financial position of the corporation, addressing is |
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| | | sues such as take-up, persistency and contributions. |
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| | | Schedule 1, page 55, line 2, at end insert— |
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| | | ‘(2A) | In preparing the report, the Trustee Coporation must have regard to such |
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| | | independent actuarial advice as it considers appropriate.’. |
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| | | Member’s explanatory statement
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| | | See Member’s explanatory statement for amendment 68. |
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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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