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33

 

House of Commons

 
 

Tuesday 5th February 2008

 

Public Bill Committee Proceedings

 

Pensions Bill

 

[Thirteenth and fourteenth Sittings]

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  56

 

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

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  57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

 

Mr John Greenway

 

Miss Julie Kirkbride

 

Withdrawn  68

 

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—

 

(i)    

take-up of;

 

(ii)    

persistency in; and

 

(iii)    

contributions to,

 

    

the scheme, and setting out appropriate options for managing the

 

financial risks associated with different outcomes; and’.

 
 

Public Bill Committee Proceedings: 5th February 2008      

34

 

Pensions Bill, continued

 
 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Mr John Greenway

 

Miss Julie Kirkbride

 

Not called  69

 

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.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Negatived on division  59

 

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

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  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.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  61

 

Schedule  1,  page  55,  line  13,  leave out ‘may’ and insert ‘is required to make.’

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  62

 

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.’.

 

Mr Mike O’Brien

 

Agreed to  141

 

Schedule  1,  page  56,  line  42,  leave out from beginning to end of line 6 on page 57.

 

Schedule, as amended, Agreed to.

 

 
 

Public Bill Committee Proceedings: 5th February 2008      

35

 

Pensions Bill, continued

 
 

Danny Alexander

 

Paul Rowen

 

Not called  104

 

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

 

annual basis.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  33

 

Clause  58,  page  27,  line  26,  leave out paragraph (b).

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  34

 

Clause  58,  page  27,  line  28,  leave out subsection (4).

 

Clause Agreed to.

 

Clauses 59 and 60 Agreed to.

 

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  35

 

Clause  61,  page  28,  line  23,  leave out paragraph (b).

 

Danny Alexander

 

Paul Rowen

 

Not called  105

 

Clause  61,  page  28,  line  26,  after ‘Part’, insert ‘but excluding sections 14 to 24’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Mr John Greenway

 

Miss Julie Kirkbride

 

Not called  65

 

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

 

of—

 
 

Public Bill Committee Proceedings: 5th February 2008      

36

 

Pensions Bill, continued

 
 

(a)    

take-up of;

 

(b)    

persistency in; and

 

(c)    

contributions to

 

    

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.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  36

 

Clause  61,  page  28,  line  36,  leave out paragraph (b).

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  37

 

Clause  61,  page  28,  line  37,  leave out subsection (7).

 

Clause Agreed to.

 

 

Danny Alexander

 

Paul Rowen

 

Withdrawn  160

 

Clause  62,  page  29,  line  2,  after ‘must’ insert—

 

‘(a)    

exercise an overriding duty to act in the best interests of members and

 

future members of the scheme, and

 

(b)    

’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  38

 

Clause  62,  page  29,  line  2,  leave out ‘have regard to’ and insert ‘at all times comply

 

with’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Mr John Greenway

 

Miss Julie Kirkbride

 

Withdrawn  66

 

Clause  62,  page  29,  line  5,  after ‘in’, insert ‘existing’.

 
 

Public Bill Committee Proceedings: 5th February 2008      

37

 

Pensions Bill, continued

 
 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  39

 

Clause  62,  page  29,  line  5,  leave out ‘qualifying’ and insert ‘occupational and

 

personal pension’.

 

Danny Alexander

 

Paul Rowen

 

Not called  161

 

Clause  62,  page  29,  line  5,  after ‘participation’, insert ‘amongst appropriate

 

eligible employees’.

 

Danny Alexander

 

Paul Rowen

 

Not called  162

 

Clause  62,  page  29,  line  5,  leave out ‘qualifying schemes’ and insert ‘a scheme

 

established under section 50’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  40

 

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;’.

 

Danny Alexander

 

Paul Rowen

 

Not called  106

 

Clause  62,  page  29,  line  6,  at end insert ‘among those on low incomes and who are

 

not currently saving enough for retirement’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Mr John Greenway

 

Miss Julie Kirkbride

 

Not called  67

 

Clause  62,  page  29,  line  9,  after ‘on’, insert ‘existing’.

 

Danny Alexander

 

Paul Rowen

 

Not selected  107

 

Clause  62,  page  29,  line  9,  after ‘on’, insert ‘high-quality’.

 
 

Public Bill Committee Proceedings: 5th February 2008      

38

 

Pensions Bill, continued

 
 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  42

 

Clause  62,  page  29,  line  9,  leave out ‘qualifying’ and insert ‘occupational and

 

personal.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not selected  41

 

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

 

retirement.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  43

 

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.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  44

 

Clause  62,  page  29,  line  14,  after ‘the’, insert ‘needs and’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  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

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  46

 

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

 

‘(g)    

the best interests of prospective members in the period prior to 2012 are

 

served;

 
 

Public Bill Committee Proceedings: 5th February 2008      

39

 

Pensions Bill, continued

 
 

(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.’.

 

Danny Alexander

 

Paul Rowen

 

Not called  108

 

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

 

‘(g)    

the Authority acts in the best interests of prospective members in the

 

period prior to 2012’.

 

Danny Alexander

 

Paul Rowen

 

Not called  109

 

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

 

‘(h)    

the Authority achieves delivery of a simple system of personal accounts’.

 

Danny Alexander

 

Paul Rowen

 

Withdrawn  110

 

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

 

‘(g)    

the UN Principles for Responsible Investment should be adhered to’.

 

Nick Ainger

 

Not called  159

 

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

 

‘(g)    

international best practice on responsible ownership and environmental,

 

social and corporate governance issues should be considered.’.

 

Danny Alexander

 

Paul Rowen

 

Withdrawn  163

 

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

 

‘(g)    

clear and robust information and generic advice should be available to

 

members and future members of the scheme’.

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Withdrawn  47

 

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

 

Mr Nigel Waterson

 

Andrew Selous

 

Mr Stewart Jackson

 

Miss Julie Kirkbride

 

Mr John Greenway

 

Not called  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.

 
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