Notices of Amendments: 7th January 2008

8

Pensions Bill, continued

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

45

Clause  62,  page  29,  line  16,  at end insert ‘, provided this can be done at no

disproportionate cost to the scheme overall.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

46

Clause  62,  page  29,  line  18,  at end insert—

‘(g)	the best interests of prospective members in the period prior to 2012;

(h)	the level of savings shall be increased as well as the number of existing

savers, and that in general better retirement incomes are achieved.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

47

Clause  62,  page  29,  line  20,  after ‘others’ insert ‘including Opposition parties’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

48

Clause  62,  page  29,  line  21,  at end add—

‘(4)	The Secretary of State shall collect and publish appropriate data annually, and

will consult with industry, to measure the extent to which the Authority has

achieved these principles in carrying out its functions.

(5)	The Secretary of State shall by regulation identify the data and targets to be used

for this purpose.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

49

Clause  63,  page  29,  line  30,  at end insert ‘ as soon as is practicable.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

50

Clause  64,  page  29,  line  37,  leave out ‘grants’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

51

Clause  64,  page  29,  line  38,  leave out from ‘which’ to end of line 39 and insert

‘shall include conditions about repayment and interest at commercial rates.’.

Notices of Amendments: 7th January 2008

9

Pensions Bill, continued

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

52

Clause  64,  page  29,  line  39,  at end add—

‘( )	For the avoidance of doubt, all the costs incurred by the Authority in establishing

the pension scheme under section 50 of the Pensions Act 2008 (c. ) shall be

recouped through charges to members over a period of five years from 2012.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

53

Schedule  1,  page  49,  line  11,  at end insert—

‘(c)	the appointment of any member of the corporation shall be approved by

the Work and Pensions Committee of the House of Commons.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

54

Schedule  1,  page  49,  line  14,  at end insert ‘of which at least three members shall be

appointed to represent the interests of members and prospective members.’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

55

Schedule  1,  page  50,  line  2,  after ‘financial’ insert ‘, political.’

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

56

Schedule  1,  page  51,  line  8,  leave out ‘four’ and insert ‘three’.’

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

57

Schedule  1,  page  51,  line  19,  leave out ‘the Secretary of State may determine’ and

insert ‘it thinks fit.’

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

58

Clause  53,  page  26,  line  6,  leave out subsection (5).

Notices of Amendments: 7th January 2008

10

Pensions Bill, continued

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

59

Schedule  1,  page  55,  line  10,  leave out ‘grants’.

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

60

Schedule  1,  page  55,  line  11,  leave out from ‘which’ to end of line 12 and insert

‘shall include conditions about repayment and interest at commercial rates.’.

Transitional assistance

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

NC4

To move the following Clause:—

‘Before implementing Part 1 of this Act, the Secretary of State shall publish his

proposals to provide transitional assistance to small employers in implementing

the legislation.’.

Provision for conditional indexation

Mr Nigel Waterson

Andrew Selous

Mr Stewart Jackson

NC5

To move the following Clause:—

‘(1)	Schedule [Provision for conditionally indexed arrangements etc] which—

(a)	amends section 84 and Schedule 3 of the Pension Schemes Act 1993

(Basis of Revaluation);

(b)	amends section 51 of the Pensions Act 1995 (annual increase in rate of

pension);

(c)	amends section 67 of the Pensions Act 1995 (restriction on powers to

alter schemes);

(d)	amends schedule 7 to the Pension Schemes Act 2004 (pension

compensation provision); and

(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;

Notices of Amendments: 7th January 2008

11

Pensions Bill, continued

(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.’.

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	Section 84 of the Pension Schemes Act 1993 (c.48) (Basis of Revaluation) is

amended as follows—

2	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”.

3	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

1	Section 51 of the Pensions Act 1995 (c.26) (Annual Increase in Rate of

Pension) is amended as follows—

2	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

1	Section 67 of the Pensions Act 1995 (c.26) (Restriction to Alter Schemes), is

amended as follows—

2	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

1	Schedule 7 to the Pensions Act 2004 (c.35) (Pensions Compensation

Provisions) is amended as follows—

Notices of Amendments: 7th January 2008

12

Pensions Bill, continued

2	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.”.’.

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Revised 8 January 2008