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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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| | | (e) | makes provisions for consequential amendments for the operation of |
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| | | conditional indexation in relation to a scheme that satisfies prescribed |
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| | | (2) | The amendments made by Schedule [Provision for conditionally indexed |
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| | | arrangements etc] do not apply in relation to any scheme or arrangement in |
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| | | existence prior to the coming into force of this section. |
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| | | (3) | In this section conditional indexation relates to benefits provided by conditional |
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| | | (a) | was established after the coming into force of this section; |
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| | | (b) | is not a money purchase scheme as defined by section 181(1) of the |
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| | | Pension Schemes Act of 1993; |
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| | | (c) | Provides that indexation of pensions both in deferment and in payment |
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| | | may be modified in accordance with prescribed requirements; and |
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| | | (d) | complies with such other requirements as may be prescribed.’. |
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| | To move the following Schedule:— |
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| | | ‘Provision for conditional indexed arrangements etc |
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| | | 1 | The Pension Schemes Act 1993 (c.48) (Basis of Revaluation) is amended as |
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| | | | In section 84 after subsection (3) there is added— |
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| | | “(3A) | If any benefit as is mentioned in paragraph (a) of section 83(1) is a |
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| | | conditional indexation benefit that benefit shall be revalued using the |
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| | | conditional indexation method”. |
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| | | | In Schedule 3 (Methods of Revaluation Accrued Pension Benefit) after |
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| | | paragraph 4 there is added— |
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| | | “(4A) | The conditional indexation method is to revalue the benefits which |
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| | | have accrued to the member in respect of the pre-pension period in |
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| | | such manner as may be prescribed”. |
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| | | |
| | | Annual Increase in Rate of Pension |
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| | | 2 | The Pensions Act 1995 (c.26) (Annual Increase in Rate of Pension) is amended |
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| | | | After section 51(1)(iii) there is added “(iv) which is not a conditionally indexed |
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| | | scheme which complies with such requirements in relation to increases in the |
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| | | rate of a pension as may be prescribed”. |
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| | | Restriction on Powers to Alter Schemes |
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| | | 3 | Section 67 of the Pensions Act 1995 (c.26) (Restriction to Alter Schemes), is |
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| | | | After section 67(3)(b) there is added “(c) for a prescibed purpose relating to the |
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| | | operation of a conditionally indexed scheme”. |
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| | | |
| | | Pensions Compensation Provisions |
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| | | 4 | Schedule 7 to the Pensions Act 2004 (c.35) (Pensions Compensation |
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| | | Provisions) is amended as follows— |
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| | | | After paragraph 2 to the Schedule there is added “2A This Schedule shall be |
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| | | modified in relation to a conditionally indexed scheme in such manner as may |
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| | | Order of the House [7th january 2008] |
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| | | That the following provisions shall apply to the Pensions Bill: |
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| | | 1. | The Bill shall be committed to a Public Bill Committee. |
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| | | Proceedings in Public Bill Committee |
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| | | 2. | Proceedings in the Public Bill Committee shall (so far as not previously |
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| | | concluded) be brought to a conclusion on Tuesday 26th February 2008. |
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| | | 3. | The Public Bill Committee shall have leave to sit twice on the first day on |
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| | | Consideration and Third Reading |
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| | | 4. | Proceedings on consideration shall (so far as not previously concluded) be |
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| | | brought to a conclusion one hour before the moment of interruption on the |
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| | | day on which those proceedings are commenced. |
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| | | 5. | Proceedings on Third Reading shall (so far as not previously concluded) be |
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| | | brought to a conclusion at the moment of interruption on that day. |
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| | | 6. | Standing Order No. 83B (Programming committees) shall not apply to |
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| | | proceedings on consideration and Third Reading. |
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| | | 7. | Any other proceedings on the Bill (including any proceedings on |
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| | | consideration of Lords Amendments or on any further messages from the |
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| | | Lords) may be programmed. |
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| | |
| | | Order of the Committee [15th january 2008] |
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| | | (1) | the Committee shall (in addition to its first meeting at 10.30 a.m. on Tuesday |
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| | | (a) | at 4.00 p.m. on Tuesday 15th January; |
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| | | (b) | at 9.00 a.m. and 1.00 p.m. on Thursday 17th January; |
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| | | (c) | at 10.30 a.m. and 4.00 p.m. on Tuesday 22nd January; |
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| | | (d) | at 9.30 a.m. and 1.00 p.m. on Thursday 24th January; |
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| | | (e) | at 10.30 a.m. and 4.00 p.m. on Tuesday 29th January; |
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| | | (f) | at 9.30 a.m. and 1.00 p.m. on Thursday 31st January; |
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| | | (g) | at 10.30 a.m. and 4.00 p.m. on Tuesday 5th February; |
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| | | (h) | at 9.30 a.m. and 1.00 p.m. on Thursday 7th February; |
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| | | (i) | at 10.30 a.m. and 4.00 p.m. on Tuesday 19th February; |
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| | | (j) | at 9.30 a.m. and 1.00 p.m. on Thursday 21st February; |
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| | | (k) | at 10.30 a.m. and 4.00 p.m. on Tuesday 26th February. |
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| | | (2) | the Committee shall hear oral evidence in accordance with the following |
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