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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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| Clause 77, page 37, line 12, at end add— |
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| | (a) | in relation to England and Wales or Scotland, is to be construed in |
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| | accordance with section 178 of the Pension Schemes Act 1993 (c. 48) |
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| | (trustees and managers of schemes: interpretation); |
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| | (b) | in relation to Northern Ireland, is to be construed in accordance with |
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| | section 173 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49) |
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| | (trustees or managers of schemes);’. |
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| | Member’s explanatory statement
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| | See Member’s explanatory statement for Amendment 141. |
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| Page 37, line 20, leave out Clause 79. |
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| | Member’s explanatory statement
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| | The purpose of this amendment is to ensure that deferred pensions are not unfairly devalued. |
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| Page 57, line 10, leave out Schedule 2. |
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| | Member’s explanatory statement
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| | The purpose of this amendment is to ensure that deferred pensions are not unfairly devalued. |
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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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| Schedule 8, page 88, line 16, at end add— |
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| | Removal of annuity protection lumpsum death benefit |
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| | | | | | | In Schedule 29 paragraph 16(1)(a).’. |
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| | Member’s explanatory statement
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| | This amendment intends to repeal the qualifying age limit of 75 upon a member’s death in defining |
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| | an annuity protection lump sum death benefit. |
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| | Workers without qualifying earnings |
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| To move the following Clause:— |
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| | ‘(1) | This section applies to a worker— |
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| | (a) | to whom paragraphs (a) and (b) of section 1(1) apply (working in Great |
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| | Britain and aged between 16 and 75), |
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| | (b) | to whom paragraph (c) of section 1(1) does not apply (qualifying |
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| | (c) | who is not an active member of a pension scheme that satisfies the |
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| | requirements of this section. |
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| | (2) | The worker may by notice require the employer to arrange for the worker to |
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| | become an active member of a pension scheme that satisfies the requirements of |
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| | (3) | The Secretary of State may by regulations make provision— |
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| | (a) | about the form and content of the notice; |
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| | (b) | about the arrangements that the employer is required to make; |
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| | (c) | for determining the date with effect from which the worker is (subject to |
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| | compliance with any requirements of the scheme rules) to become an |
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| | active member under the arrangements. |
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| | (4) | Subsections (5) and (6) apply where a worker becomes an active member of a |
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| | pension scheme in pursuance of a notice under this section and, within the period |
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| | of 12 months beginning with the day on which that notice was given— |
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| | (a) | ceases to be an active member of that scheme because of any action or |
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| | omission by the worker, and |
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| | (b) | gives the employer a further notice under this section. |
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| | (5) | The further notice does not have effect to require the employer to arrange for the |
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| | worker to become an active member of a pension scheme. |
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| | (6) | But any arrangements the employer makes for the worker to become, within that |
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| | period, an active member of a pension scheme that satisfies the requirements of |
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| | this section must be made in accordance with regulations under this section. |
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| | (7) | A pension scheme satisfies the requirements of this section if— |
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| | (a) | it is an occupational pension scheme or a personal pension scheme, |
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| | (b) | it is registered under Chapter 2 of Part 4 of the Finance Act 2004 (c. 12), |
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| | (c) | in the case of a personal pension scheme, there are, in relation to the |
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| | worker concerned, direct payment arrangements (within the meaning of |
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| | section 111A of the Pension Schemes Act 1993 (c. 48)) between the |
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| | worker and the employer.’. |
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| | Member’s explanatory statement
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| | This New Clause provides that a worker who does not have qualifying earnings may require the |
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| | employer to enrol the worker into a pension scheme that satisfies the requirements in subsection |
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| | (7). The employer is not required to make any contributions, nor accept a notice more than once |
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| | Transitional periods for money purchase and personal pension schemes |
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| To move the following Clause:— |
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| | ‘(1) | During the first transitional period for money purchase and personal pension |
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| | (a) | sections 18(1)(b) and 24(3)(b) have effect as if for “3%” there were |
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| | (b) | sections 18(1)(c) and 24(4)(b) have effect as if for “8%” there were |
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| | (2) | The first transitional period is a prescribed period of at least one year, beginning |
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| | with the coming into force of section 18. |
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| | (3) | During the second transitional period for money purchase and personal pension |
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| | (a) | sections 18(1)(b) and 24(3)(b) have effect as if for “3%” there were |
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| | (b) | sections 18(1)(c) and 24(4)(b) have effect as if for “8%” there were |
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| | (4) | The second transitional period is a prescribed period of at least one year, |
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| | beginning with the end of the first transitional period.’. |
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| | Member’s explanatory statement
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| | This New Clause is related to Amendment 138. The purpose of the Amendment is to set out how the |
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| | minimum employer and jobholder contributions will be phased in where the employer is using a |
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| | money purchase scheme to discharge the employer duties. |
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| | Transitional period for defined benefits and hybrid schemes |
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| To move the following Clause:— |
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| | ‘(1) | Subsection (3) applies if, in relation to a person who on the employer’s first |
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| | enrolment date is a jobholder to whom section 3 applies, the conditions in |
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| | subsection (2) are satisfied, and continue to be satisfied during the transitional |
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| | period for defined benefits and hybrid schemes. |
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| | (2) | The conditions are that— |
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| | (a) | the jobholder has been employed by the employer for a continuous period |
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| | beginning before the employer’s first enrolment date, |
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| | (b) | at a time in that period before the employer’s first enrolment date, the |
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| | jobholder became entitled to become an active member of a defined |
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| | benefits scheme or a hybrid scheme, |
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| | (c) | the jobholder is, and has always since that time been, entitled to become |
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| | an active member of a defined benefits scheme or a hybrid scheme, and |
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| | (d) | the scheme to which that entitlement relates is a qualifying scheme, and |
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| | any scheme to which it has related on or after the employer’s first |
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| | enrolment date has been a qualifying scheme. |
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| | (3) | Where this subsection applies, section 3 has effect in relation to the jobholder |
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| | with the substitution for subsection (2) of the following subsection— |
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