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| | Page 31, line 21 [Clause 61], 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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| | Page 31, line 21 [Clause 61], leave out subsection (3). |
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| | Page 31, line 26 [Clause 61], leave out subsection (5). |
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| | Page 33, line 7 [Clause 66], leave out paragraph (b). |
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| | Page 33, line 9 [Clause 66], leave out subsection (4). |
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| | Page 34, line 11 [Clause 69], at end insert— |
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| | | ‘(3A) | The Authority must within 12 months of the passing of this Act, and at such other |
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| | | time as the Secretary of State directs, publish a report analysing the potential |
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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 34, line 25 [Clause 70], after ‘in’, insert ‘existing’. |
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| | Page 34, line 25 [Clause 70], leave out ‘qualifying’ and insert ‘occupational and |
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| | Page 34, line 26 [Clause 70], 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 34, line 26 [Clause 70], 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 34, line 29 [Clause 70], after ‘on’, insert ‘existing’. |
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| | Page 34, line 29 [Clause 70], leave out ‘qualifying’ and insert ‘occupational and |
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| | Page 34, line 31 [Clause 70], 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 34, line 34 [Clause 70], after ‘the’, insert ‘needs and’. |
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| | Page 34, line 36 [Clause 70], 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 34, line 38 [Clause 70], 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 34, line 38 [Clause 70], at end insert— |
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| | | ‘(g) | the UN Principles for Responsible Investment should be adhered to’. |
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| | Page 34, line 41 [Clause 70], 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 35, line 13 [Clause 72], leave out ‘grants’. |
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| | Page 35, line 15 [Clause 72], leave out from ‘(which’ to end of line 16 and insert |
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| | ‘shall include conditions about repayment and interest at commercial rates.’. |
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| | Page 35, line 16 [Clause 72], 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 58 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 39, line 40, leave out Clause 79. |
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| | Page 40, line 31, leave out Clause 82. |
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| | To move the following Schedule:— |
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| | | ‘Provision for conditionally indexed arrangements etc |
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| | | 1 (1) | The Pension Schemes Act 1993 (c.48) (Basis of Revaluation) is amended as |
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| | | (2) | In section 84 after subsection (3) there is added— |
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| | | “(3A) | If any benefit as is mentioned in paragraph (a) of section 83(1) is a |
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| | | conditional indexation benefit then that benefit shall be revalued using |
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| | | the conditional indexation method”. |
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| | | (3) | In Schedule 3 (Methods of Revaluation of Accrued Pension Benefit) after |
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| | | paragraph 4 there is added— |
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| | | “(4A) | The conditional indexation method is to revalue the benefits which |
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| | | have accrued to the member in respect of the pre-pension period in |
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| | | such manner as may be prescribed”. |
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| | | Annual Increase in Rate of Pension |
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| | | 2 (1) | The Pensions Act 1995 (c.26) (Annual Increase in Rate of Pension) is amended |
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| | | (2) | After section 51(1)(iii) there is added “(iv) which is not a conditionally indexed |
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| | | scheme which complies with such requirements in relation to increases in the |
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| | | rate of a pension as may be prescribed”. |
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| | | Restriction on Powers to Alter Schemes |
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| | | 3 (1) | Section 67 of the Pensions Act 1995 (c.26) (Restriction to Alter Schemes), is |
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| | | (2) | After section 67(3)(b) there is added “(c) for a prescribed purpose relating to |
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| | | the operation of a conditionally indexed scheme”. |
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| | | Pension Compensation Provisions |
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| | | 4 (1) | Schedule 7 to the Pensions Act 2004 (c.35) (Pensions Compensation |
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| | | Provisions) is amended as follows— |
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| | | (2) | After paragraph 2 there is added “2A This Schedule shall be modified in |
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| | | relation to a conditionally indexed scheme in such manner as may be |
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| | Page 62, line 11 [Schedule 1], leave out ‘grants’. |
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| | Page 62, line 12 [Schedule 1], leave out from ‘which’ to end of line 13 and insert |
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| | ‘shall include conditions about repayment and interest at commercial rates.’. |
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| | Page 62, line 14 [Schedule 1], leave out from ‘may’ and insert ‘is required to |
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| | Page 99, line 20 [Schedule 9], at end add— |
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| | | Removal of Annuity Protection Lumpsum Death Benefit |
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| | | | | | | | | In Schedule 29, paragraph 16(1)(a)’. |
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| | |
| | | Order of the House [7th january 2008] |
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| | | That the following provisions shall apply to the Pensions Bill: |
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| | | 1. | The Bill shall be committed to a Public Bill Committee. |
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| | | Proceedings in Public Bill Committee |
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| | | 2. | Proceedings in the Public Bill Committee shall (so far as not previously |
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| | | concluded) be brought to a conclusion on Tuesday 26th February 2008. |
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| | | 3. | The Public Bill Committee shall have leave to sit twice on the first day on |
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| | | Consideration and Third Reading |
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| | | 4. | Proceedings on consideration shall (so far as not previously concluded) be |
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| | | brought to a conclusion one hour before the moment of interruption on the |
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| | | day on which those proceedings are commenced. |
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| | | 5. | Proceedings on Third Reading shall (so far as not previously concluded) be |
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| | | brought to a conclusion at the moment of interruption on that day. |
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| | | 6. | Standing Order No. 83B (Programming committees) shall not apply to |
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| | | proceedings on consideration and Third Reading. |
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| | | 7. | Any other proceedings on the Bill (including any proceedings on |
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| | | consideration of Lords Amendments or on any further messages from the |
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| | | Lords) may be programmed. |
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