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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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| | Page 55, line 10 [Schedule 1], leave out ‘grants’. |
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| | Page 55, line 11 [Schedule 1], 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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| | Page 55, line 13 [Schedule 1], leave out from ‘may’ and insert ‘is required to |
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| | Page 29, line 13 [Clause 62], 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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| | Page 29, line 39 [Clause 64], at end insert— |
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| | | ‘(3) | 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 27, line 26 [Clause 58], leave out paragraph (b). |
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| | Page 27, line 28 [Clause 58], leave out subsection (4). |
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| | Page 29, line 6 [Clause 62], at end insert ‘among those on low incomes and who |
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| | are not currently saving enough for retirement.’. |
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| | Page 29, line 18 [Clause 62], at end insert— |
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| | | ‘(g) | the best interests of prospective members in the period prior to 2012 are |
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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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| | Page 29, line 21 [Clause 62], at end insert— |
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| | | ‘(4) | The Secretary of State shall collect and publish appropriate data annually, and |
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| | | will consult with the industry, to measure the extent to which the Authority has |
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| | | achieved these principles in carrying out its function. |
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| | | (5) | The Secretary of State shall by regulation identify the data and targets to be sued |
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| | Page 29, line 5 [Clause 62], after ‘in’ insert ‘existing’. |
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| | Page 29, line 5 [Clause 62], leave out ‘qualifying’ and insert ‘occupational and |
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| | Page 29, line 6 [Clause 62], at end insert ‘, and the Authority shall at no time seek |
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| | to provide financial products beyond the scope of personal accounts;’. |
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| | Page 29, line 9 [Clause 62], after ‘on’, insert ‘existing’. |
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| | Page 29, line 9 [Clause 62], leave out ‘qualifying’ and insert ‘occupational and |
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| | Page 29, line 14 [Clause 62], after ‘the’, insert ‘needs and’. |
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| | Page 29, line 16 [Clause 62], at end insert ‘, provided this can be done at no |
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| | disproportionate cost to the scheme overall.’. |
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| | Page 29, line 37 [Clause 64], leave out ‘grants’. |
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| | Page 29, line 38 [Clause 64], 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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