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| | “(aa) | a withdrawal from a Retirement Income Fund,”; |
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| | (d) | in Pension Rule 6, after the second appearance of the words “scheme |
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| | pension”, insert the words “or a withdrawal from a Retirement Income |
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| | Minimum retirement income |
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| To move the following Clause:— |
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| | ‘(1) | The amount of the Minimum Retirement Income in respect of each tax year shall |
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| | be set by the Chancellor of the Exchequer by order at the level of the standard |
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| | minimum guarantee prescribed under section 2 of the State Pension Credit Act |
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| | |
| | (2) | Before making an order under subsection (1), the Chancellor of the Exchequer |
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| | shall consult such persons as he considers appropriate. |
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| | (3) | An order under this section (other than the order that applies to the first tax year |
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| | during which this section is in force) must be made on or before 31st January of |
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| | the tax year before the tax year to which the order applies.’. |
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| | Provision for conditionally indexed arrangements etc |
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| To move the following Clause:— |
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| | ‘(1) | Schedule [Provision for conditionally indexed arrangements etc] which— |
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| | (a) | amends section 84 and Schedule 3 of the Pension Schemes Act 1993 |
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| | (b) | amends section 51 of the Pensions Act 1995 (annual increase in rate of |
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| | (c) | amends section 67 of the Pensions Act 1995 (restriction on powers to |
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| | |
| | (d) | amends Schedule 7 to the Pension Schemes Act 2004 (pension |
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| | compensation provision); and |
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| | (e) | makes provision for consequential amendments for the operation of |
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| | conditional indexation in relation to a scheme that satisfies prescribed |
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| | |
| | (2) | The amendments made by Schedule [Provisions for conditionally indexed |
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| | arrangements etc] do not apply in relation to any scheme or arrangement in |
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| | existence prior to the coming into force of this section. |
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| | (3) | In this section conditional indexation relates to benefits provided by a |
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| | conditionally indexed scheme, which— |
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| | (a) | was established after the coming into force of this section; |
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| | (b) | is not a money purchase scheme as defined by section 181(1) of the |
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| | Pension Schemes Act of 1993; |
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| | (c) | provides that indexation of pensions both in deferment and in payment |
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| | may be modified in accordance with prescribed requirements; and |
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| | (d) | complies with such other requirements as may be prescribed.’. |
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| To move the following Clause:— |
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| | ‘The Authority must have regard to the United Nations principles for responsible |
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| | investment (“UN PRI”) and adherence to those principles will be part of the |
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| | contractual arrangements with fund managers in respect of— |
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| | (a) | addressing environmental, social and corporate governance issues in |
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| | investment policy statements; |
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| | (b) | assessing the capabilities of internal and external investment managers to |
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| | |
| | (c) | asking investment managers to report on their engagement with such |
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| | |
| | (d) | including UN PRI requirements in requests for proposals; |
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| | (e) | aligning investment mandates, monitoring procedures and performance |
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| | indicators with the UN PRI.’. |
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| To move the following Clause:— |
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| | ‘The Regulator, in conjunction with the providers and employers of qualifying |
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| | schemes, may conduct risk-based periodic reviews to determine whether an |
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| | employer has consistently paid contributions lower than those which would have |
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| | been required under Personal Accounts.’. |
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| | Penalties for failure to comply with requirements on consultation |
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| To move the following Clause:— |
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| | ‘(1) | The Pensions Act 2004 (c. 35) is amended as follows. |
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| | (2) | After section 261 (further provisions about regulations relating to consultation) |
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| | |
| | “261A | Section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to |
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| | any person who has failed to comply with any requirement imposed |
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| | under sections 259 to 261 or the regulations made under them.”’. |
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| |
| | Regulations relating to indexation and revaluation |
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| To move the following Clause:— |
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| | ‘The Secretary of State shall make regulations prescribing circumstances in |
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| | which a statutory override can be applied that enables scheme rules to be |
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| | amended to reflect the Pensions Act 2004 changes to the indexation cap for |
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| | service going forward and for the change in the revaluation cap introduced under |
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| To move the following Clause:— |
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| | ‘The Secretary of State shall announce to Parliament his intention, as to the |
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| | timing of the implementation of section 5 of the Pensions Act 2007, no later than |
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| | the publication of the Pre-Budget Report for the financial year 2009-10.’. |
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| | Open market option as the default for the administration of personal accounts |
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| To move the following Clause:— |
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| | ‘(1) | An annuity bought with funds saved through the scheme established under |
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| | section 58 or a qualifying scheme is a lifetime annuity if— |
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| | (a) | it is payable by an insurance company, |
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| | (b) | the member was required to select the insurance company from the open |
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| | |
| | (c) | it is payable until the member’s death or until the later of the member’s |
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| | death and the end of a term certain not exceeding 10 years, and |
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| | (d) | it is a level annuity, an increasing annuity or a relevant linked annuity. |
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| | (2) | An annuity is a level annuity if its amount does not vary from year to year. |
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| | (3) | An annuity is an increasing annuity if its amount increases from year to year. |
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| | (4) | An annuity is a relevant linked annuity if its amount varies from year to year but |
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| | only in line with changes in (or by an amount which does not exceed the amount |
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| | by which it would vary if it varied in line with changes in)— |
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| | (a) | the retail prices index, |
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| | (b) | the market value of freely marketable assets, or |
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| | (c) | an index reflecting the market value of freely marketable assets. |
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| | (5) | “Freely marketable assets” means assets which are sold on the open market at a |
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| | price not determined by the member.’. |
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| | Uprating pensions in line with earnings |
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| To move the following Clause:— |
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| | ‘The Pensions Act 2007 is amended as follows—
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| | “In Section 5, subsection 4, delete from ‘means’ to end and insert ‘the tax year |
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| | beginning 1st April 2009’.”.’. |
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| |
| | Terminally ill claimants and the Pension Protection Fund |
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| To move the following Clause:— |
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| | ‘(1) | Where the Board is satisfied that a qualifying member is “terminally ill”, that |
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| | member, regardless of whether they have reached normal pension age, shall be |
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| | entitled to a lump sum payment equal to twice their annual entitlement under the |
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| | scheme if they retired at normal pension age. |
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| | (2) | A person is “terminally ill” at any time if at that time they suffer from a |
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| | progressive disease and their death in consequence of that disease can reasonably |
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| | be expected within six months.’. |
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| |
| | Scope of financial assistance scheme |
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| | To move the following Clause:— |
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| | ‘The Financial Assistance Scheme shall cover those pension schemes which have |
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| | registered with the Department for Work and Pensions by 1st January 2008 and |
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| | which would have been entitled to assistance by either the Financial Assistance |
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| | Scheme or the Pension Protection Fund but for decisions taken either by the |
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| | company sponsoring the pension scheme or by the Trustees of the pension |
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| | scheme where the insolvency event occurred before the setting up of the Pension |
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| | Protection Fund but the winding up occurred after that date.’. |
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| Page 2, line 28 [Clause 3], leave out subsection (5) and insert— |
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| | ‘( ) | Subsection (2) does not apply if there are prescribed arrangements under which |
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| | the jobholder is entitled to become an active member, with effect from the |
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| | automatic enrolment date, of a qualifying scheme which is a personal pension |
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| | scheme of a prescribed description. |
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| | ( ) | An order will be made under this section to prescribe the terms under which it is |
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| | applicable, and the basis on which its application may be withdrawn with respect |
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| | to specific scheme providers or employers.’. |
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| Page 2, line 37 [Clause 3], at end insert— |
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| | ‘(8) | The Secretary of State must publish an annual report on the impact of means- |
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| | tested benefits on automatically enrolled members of the scheme established |
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| | |
| | (9) | Any report published under subsection (8) shall include details on the number of |
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| | pensioners facing marginal deduction rates of 40 per cent. and above.’. |
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| Page 6, line 4 [Clause 9], leave out lines 5 to 7 and insert ‘that all jobholders and |
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| workers are entitled to 30 minutes of one to one generic advice either by phone or in |
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| person, depending on their preference, that is— |
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| | (c) | delivered through at least one advice centre in every parliamentary |
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| | |
| | (3) | A scheme under section 58 may not be implemented before the entitlement set out |
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| | in subsection (2) can be delivered. |
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| | (4) | The Secretary of State must publish an annual report on the cost of delivering the |
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| | entitlement set out in subsection (2).’. |
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| |
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| Page 6, line 40 [Clause 12], leave out ‘wages, commission, bonuses and overtime’ |
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| Page 7, line 5 [Clause 12], at end insert— |
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| | ‘(4) | For the purposes of scheme contributions by and on behalf of members of a |
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| | qualifying scheme other than that established by Chapter 4 of this Act, |
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| | subsections12(1) to (3) may be disregarded if contributions are made in relations |
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| | to the individuals’ total basic earnings.’. |
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| Page 7, line 22 [Clause 14], at end insert— |
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| | ‘(c) | for the purposes of section 19(1)(b) and section 25, 12 months.’. |
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| Page 9, line 14 [Clause 19], at end insert— |
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| | ‘(4) | The employer must not significantly alter components of an employee’s earnings |
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| | with the result of appreciably reducing contributions to qualifying schemes below |
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| | that which would be achieved in a Personal Account.’. |
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| Page 11, line 10 [Clause 25], at end insert— |
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| | ‘(c) | the employer must not significantly alter components of an employee’s |
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| | earnings with the result of appreciably reducing contributions to |
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| | qualifying schemes below that which would be achieved in a Personal |
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| Page 31, line 9 [Clause 60], leave out ‘, but only in respect of reasonable expenses’. |
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