|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | | |
| | 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.’. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 50, line 2, after ‘financial’, insert ‘, political.’ |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 51, line 8, leave out ‘four’ and insert ‘three’.’ |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 51, line 19, leave out ‘the Secretary of State may determine’ and |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 54, line 42, leave out ‘and’ and insert— |
|
| | | ‘(aa) | an analysis of the potential impact on the financial position of the trustee |
|
| | | corporation of different levels of— |
|
| | | |
| | | |
| | | |
| | | | the scheme, and setting out appropriate options for managing the |
|
| | | financial risks associated with different outcomes; and’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to place a duty on PADA to incorporate in its annual report as |
|
| | | a trustee corporation a report relating to the financial position of the corporation, addressing is |
|
| | | sues such as take-up, persistency and contributions. |
|
|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 55, line 2, at end insert— |
|
| | | ‘(2A) | In preparing the report, the Trustee Coporation must have regard to such |
|
| | | independent actuarial advice as it considers appropriate.’. |
|
| | | Member’s explanatory statement
|
|
| | | See Member’s explanatory statement for amendment 68. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 55, line 10, leave out ‘grants’. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | 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.’. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 55, line 13, leave out ‘may’ and insert ‘is required to make.’ |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Schedule 1, page 55, line 33, leave out ‘must’ to end of line 34 and insert ‘publish |
|
| | and lay before Parliament a copy of the statement and report sent under sub-paragraph |
|
| | (5)(b) on the first working day following receipt.’. |
|
|
| |
| | |
| | |
| |
| | |
| | | |
| | Schedule 1, page 56, line 42, leave out from beginning to end of line 6 on page 57. |
|
| | | Member’s explanatory statement
|
|
| | | This Amendment and Amendment 142 move the definition of “trustee or manager” to Clause 77 |
|
| | | where it will apply for the purposes of the Part, and so will cover the expression where it is inserted |
|
| | | by Amendments 139 and 140. |
|
| | |
| | |
| | |
| | | |
| | Clause 58, page 27, line 21, at end insert— |
|
| | | ‘(c) | to consider the impact of means-tested benefits on members of the |
|
| | | scheme established under section 50, and report these findings on an |
|
| | | |
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that means-tested benefits are not having an adverse |
|
| | | effect on those enrolled into personal accounts. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 58, page 27, line 26, leave out paragraph (b). |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 58, page 27, line 28, leave out subsection (4). |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 61, page 28, line 23, leave out paragraph (b). |
|
|
| |
| | |
| | |
| |
| | |
| | |
| | | |
| | Clause 61, page 28, line 26, after ‘Part’, insert ‘but excluding sections 14 to 24’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that PADA does not suffer a conflict of interest. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 61, page 28, line 29, at end insert— |
|
| | | ‘(3A) | The authority must within 12 months of the passing of this Act, and at such other |
|
| | | time as the Secretary of State directs, publish a report analysing the potential |
|
| | | impact on the financial position of a scheme under section 50(1) of different rates |
|
| | | |
| | | |
| | | |
| | | |
| | | | the scheme, and setting out appropriate options for managing the financial risks |
|
| | | associated with different outcomes. |
|
| | | (3B) | In preparing the report under subsection (3A) the Authority must have regard to |
|
| | | such independent actuarial advice as it considers appropriate.’. |
|
| | | Member’s explanatory statement
|
|
| | | This amendment highlights issues surrounding the financial management of personal accounts by |
|
| | | seeking to place a duty on PADA to publish a report which examines issues such as public subsidy |
|
| | | in detail and sets out how it will manage different scenarios for take-up, persistency and contribu |
|
| | | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 61, page 28, line 36, leave out paragraph (b). |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 61, page 28, line 37, leave out subsection (7). |
|
| | |
|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 2, leave out ‘have regard to’ and insert ‘at all times comply |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 5, after ‘in’, insert ‘existing’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to counter any adverse affect that Personal Accounts may have |
|
| | | on existing good quality pension schemes. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 5, leave out ‘qualifying’ and insert ‘occupational and |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 6, at end insert ‘, and the Authority shall at no time seek to |
|
| | provide financial products beyond the scope of personal accounts;’. |
|
| | |
| | |
| | | |
| | Clause 62, page 29, line 6, at end insert ‘among those on low incomes and who are |
|
| | not currently saving enough for retirement’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that personal accounts are properly aimed at the target |
|
| | | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 9, after ‘on’, insert ‘existing’. |
|
| | | Member’s explanatory statement
|
|
| | | See Member’s explanatory statement for amendment 66. |
|
|
| |
| | |
| | |
| |
| | |
| | |
| | | |
| | Clause 62, page 29, line 9, after ‘on’, insert ‘high-quality’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that the adverse effects on high-quality qualifying |
|
| | | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 9, leave out ‘qualifying’ and insert ‘occupational and |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 11, at end insert ‘, and in particular the Authority shall |
|
| | seek to optimise levels of participation and contribution among the target group, |
|
| | especially those on low incomes and who are not currently saving at all, or enough, for |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 13, at end insert ‘and initially based on an annual |
|
| | management charge of no more than 0.3 per cent. per annum.’. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 14, after ‘the’, insert ‘needs and’. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 16, at end insert ‘, provided this can be done at no |
|
| | disproportionate cost to the scheme overall.’. |
|
|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | | |
| | 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.’. |
|
| | |
| | |
| | | |
| | Clause 62, page 29, line 18, at end insert— |
|
| | | ‘(g) | the Authority acts in the best interests of prospective members in the |
|
| | | |
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that PADA acts in the best interests of prospective |
|
| | | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 18, at end insert— |
|
| | | ‘(h) | the Authority achieves delivery of a simple system of personal accounts’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that PADA delivers a simple system of personal ac |
|
| | | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 18, at end insert— |
|
| | | ‘(g) | the UN Principles for Responsible Investment should be adhered to’. |
|
| | | Member’s explanatory statement
|
|
| | | The purpose of this amendment is to ensure that PADA adheres to the UN Principles of Responsi |
|
| | | ble Investment as developing a capability to monitor and manage environmental, social and gov |
|
| | | ernance issues increases returns and financial security. |
|
| | |
| | |
| | |
| | |
| | |
| | | |
| | Clause 62, page 29, line 20, after ‘others’, insert ‘including Opposition parties’. |
|
|
