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| | Thursday 31st January 2008 |
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| | [eleventh and twelfth Sittings]
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| | Page 18, line 21, leave out Clause 42. |
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| | Clause 43, page 19, line 21, leave out from first ‘planning’ to end of line 22 and |
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| | insert ‘and “the Northern Ireland Department” have the same meaning as in paragraph |
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| | Clause 43, page 19, line 22, at end add— |
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| | | ‘(1A) | Section 323 of the Pensions Act 2004 (c. 35) (extent) is amended as follows. |
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| | | (1B) | In subsection (2)(c) (provisions extending to Northern Ireland)— |
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| | | (a) | for “paragraph 2” substitute “paragraphs 2 and 4”; |
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| | | (b) | for “that paragraph” substitute “those paragraphs”. |
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| | | (1C) | In subsection (4), for “paragraph 2” substitute “paragraphs 2 and 4”.’. |
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| | | Clause, as amended, Agreed to. |
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| | Clause 45, page 20, line 6, at end add— |
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| | | ‘(cb) | to fund the set-up costs incurred by the duties under Chapter 1 of Part 1 |
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| | | of the Pensions Act 2008 from the Consolidated Fund.’.
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| | Clause 46, page 20, line 31, at end add— |
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| | | ‘(6) | An applicant for a job has the right not to be refused employment on grounds |
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| | | relating to pension scheme membership.’. |
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| | | Clauses 47 and 48 Agreed to. |
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| | Clause 49, page 22, line 34, at end insert— |
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| | | ‘( ) | The fact that an agreement is to any extent void under subsection (1) does not |
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| | | entitle the employer to recover any property transferred, or the value of any |
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| | | benefit conferred, as an inducement to enter into, or otherwise in connection with, |
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| | | Clause, as amended, Agreed to. |
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| | Clause 50, page 24, line 10, leave out from ‘State’ to ‘and’ and insert ‘shall |
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| | establish a money purchase scheme’. |
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| | Clause 50, page 24, line 10, after ‘scheme’, insert ‘which shall commence |
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| | operation with effect from 1st April 2012’. |
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| | Clause 50, page 24, line 13, at end insert— |
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| | | ‘( ) | A scheme established under this section shall not be subject to the requirements |
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| | | to obtain audited accounts and an auditor’s statement about contributions under |
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| | | regulations made pursuant to section 41 of the Pensions Act 1995. |
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| | | ( ) | The Secretary of State may make regulations requiring that the trustees of a |
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| | | scheme established under this section— |
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| | | (a) | make a declaration regarding the scheme systems and controls, and |
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| | | (b) | appoint a reporting accountant to review the scheme’s systems and |
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| | | controls and obtain a statement from such reporting accounting about |
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| | | their design and operation.’. |
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| | Clause 51, page 25, line 15, leave out subsection (5). |
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| | Clause 52, page 25, line 26, leave out subsection (3) and insert— |
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| | | ‘(3) | The Members’ Panel is to consist of such members and future members, or |
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| | | persons representing the interests of members and future members, as the trustees |
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| | | (3A) | The trustees must appoint one of the members of the Members’ Panel to be the |
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| | | (3B) | The trustees must secure that the membership of the Members’ Panel is such as |
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| | | (a) | give a fair degree of representation to members and future members; and |
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| | | (b) | respect diversity among members and future members of the scheme. |
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| | | (3C) | The chairman and other members of the Members’ Panel are to be— |
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| | | (a) | appointed for a fixed period, and on other terms and conditions, |
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| | | determined by the trustees, and |
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| | | (b) | paid by the trustees in accordance with provision made by or under the |
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| | | (3D) | But a person may be removed from office in accordance with those terms and |
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| | | conditions only with the approval of the Secretary of State. |
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| | | (3E) | A person who ceases to be a chairman or another member of the Members’ Panel |
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| | | (3F) | Representations by the Members’ Panel— |
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| | | (a) | the Trustees must consider any representations made to it by the |
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| | | (b) | if the Trustees disagree with a view expressed, or proposal made, in the |
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| | | representations, it must give the Members’ Panel a notice to that effect |
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| | | stating its reasons for disagreeing. |
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| | | (c) | the Members’ Panel may publish such information as it thinks fit about |
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| | | any representations made by it to the trustees. |
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| | | (d) | where the Members’ Panel publishes information about any |
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| | | representations made by it, the trustees must publish any notice it gives |
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| | | under subsection (2) in respect of those representations. |
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| | | (3G) | Advice and research functions of the Members’ Panel— |
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| | | (a) | The Members’ Panel may, at the request of the trustees— |
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| | | (i) | carry out research for the trustees; |
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| | | (ii) | give advice to the trustees. |
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| | | (b) | The trustees must consider any advice given and the results of any |
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| | | research carried out under this section. |
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| | | (c) | the Members’ Panel may publish such information as it thinks fit about |
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| | | advice it gives, and about the results of research carried out by it, under |
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| | Clause 52, page 25, line 26, leave out ‘panels are’ and insert ‘employers panel is’. |
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| | Clause 52, page 25, line 26, leave out ‘by order under section 50, or’. |
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| | Clause 52, page 25, line 27, at end insert— |
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| | | ‘(3A) | The members’ panel shall be comprised of members of the scheme nominated |
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| | | and selected by a process including all the members of the scheme or an |
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| | | organisation representing the members.’. |
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| | Clause 52, page 25, line 28, after ‘panel’, insert ‘and employers’ panel’.
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| | Clause 52, page 25, line 30, leave out subsection 5. |
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| | Clause 52, page 25, line 31, at end add— |
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| | | ‘(6) | The Secretary of State must provide the panels with— |
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| | | (a) | an annual report considering the impact of means-tested benefits on |
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| | | members of the scheme established under section 50, |
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| | | (b) | an annual report assessing the quality of qualifying schemes’. |
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| | Clause 53, page 25, line 33, leave out subsection (1) and insert— |
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| | | ‘(1) | Member contributions shall be limited to £10,000 in the first year of the scheme |
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| | | and £3,600 for each following year’. |
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| | Clause 53, page 25, line 34, at end insert ‘save that the employers’ contribution |
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| | shall be fixed at 3 per cent. of the amount of jobholders’ qualifying earnings in any pay |
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| | Clause 53, page 25, line 34, at end insert ‘of £3,600’. |
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| | Clause 53, page 25, line 34, at end insert— |
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| | | ‘(1A) | The Secretary of State must in each tax year from 2005 determine whether the |
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| | | amount prescribed in subsection (1) has maintained its value. |
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| | | (1B) | If the average earnings index (including bonuses) for the whole economy for |
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| | | September of a year is higher than the index for the previous September, the |
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| | | Secretary of State shall as soon as practicable make an order in relation to the |
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| | | amount in section (1), increasing the amount, if the new index is higher, by the |
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| | | same percentage as the amount of the increase of the index.’. |
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| | Clause 53, page 26, line 1, leave out subsection (3) and insert— |
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| | | ‘(3) | There shall be an absolute prohibition on transfers between the pension scheme |
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| | | established under section 50 and other pension or savings schemes, and jobholder |
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| | | contributions shall be limited to £3,600 in any one year.’. |
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| | Clause 53, page 26, line 1, leave out subsection (3) and insert— |
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| | | ‘(3) | A member may make payments that are not contributions for the purposes of |
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| | | provision under subsection (1) up to a maximum of 2 per cent. of the standard |
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| | Clause 53, page 26, line 1, leave out subsection (3). |
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| | Clause 53, page 26, line 6, leave out subsection (5). |
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| | Clause 55, page 26, line 19, leave out ‘have regard to’ and insert ‘take account of’. |
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| | Clause 57, page 27, line 12, leave out subsection (3). |
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| | Schedule 1, page 49, line 11, at end insert— |
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| | | ‘(c) | the appointment of any member of the corporation shall be approved by |
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| | | the Work and Pensions Committee of the House of Commons.’. |
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| | Schedule 1, page 49, line 14, at end insert ‘of which at least three members shall be |
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| | appointed to represent the interests of members and prospective members.’. |
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