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Notices of Amendments: 18th April 2008                  

1740

 

Pensions Bill, continued

 
 

Mr Nigel Waterson

 

Andrew Selous

 

James Duddridge

 

31

 

Page  7,  line  5  [Clause  12],  at end insert—

 

‘(4)    

For the purposes of scheme contributions by and on behalf of members of a

 

qualifying scheme other than that established by Chapter 4 of this Act,

 

subsections12(1) to (3) may be disregarded if contributions are made in relations

 

to the individuals’ total basic earnings.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

James Duddridge

 

30

 

Page  7,  line  22  [Clause  14],  at end insert—

 

‘(c)    

for the purposes of section 19(1)(b) and section 25, 12 months.’.

 


 

Mr Nigel Waterson

 

Andrew Selous

 

James Duddridge

 

32

 

Page  9,  line  14  [Clause  19],  at end insert—

 

‘(4)    

The employer must not significantly alter components of an employee’s earnings

 

with the result of appreciably reducing contributions to qualifying schemes below

 

that which would be achieved in a Personal Account.’.

 


 

Mr Nigel Waterson

 

Andrew Selous

 

James Duddridge

 

33

 

Page  11,  line  10  [Clause  25],  at end insert—

 

‘(c)    

the employer must not significantly alter components of an employee’s

 

earnings with the result of appreciably reducing contributions to

 

qualifying schemes below that which would be achieved in a Personal

 

Account.’.

 


 

Mr Secretary Purnell

 

34

 

Page  31,  line  9  [Clause  60],  leave out ‘, but only in respect of reasonable expenses’.

 

Mr Nigel Waterson

 

Andrew Selous

 

6

 

Page  31,  line  21  [Clause  61],  leave out subsection (3) and insert—


 
 

Notices of Amendments: 18th April 2008                  

1741

 

Pensions Bill, continued

 
 

‘(3)    

There shall be an absolute prohibition on transfers between the pension scheme

 

established under section 50 and other pension or savings schemes, and jobholder

 

contributions shall be limited to £3,600 in any one year.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

7

 

Page  31,  line  21  [Clause  61],  leave out subsection (3).

 

Mr Nigel Waterson

 

Andrew Selous

 

8

 

Page  31,  line  26  [Clause  61],  leave out subsection (5).

 


 

Mr Nigel Waterson

 

Andrew Selous

 

15

 

Page  33,  line  7  [Clause  66],  leave out paragraph (b).

 

Mr Nigel Waterson

 

Andrew Selous

 

16

 

Page  33,  line  9  [Clause  66],  leave out subsection (4).

 


 

Mr Nigel Waterson

 

Andrew Selous

 

9

 

Page  34,  line  11  [Clause  69],  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—

 

(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

 

20

 

Page  34,  line  25  [Clause  70],  after ‘in’, insert ‘existing’.


 
 

Notices of Amendments: 18th April 2008                  

1742

 

Pensions Bill, continued

 
 

Mr Nigel Waterson

 

Andrew Selous

 

21

 

Page  34,  line  25  [Clause  70],  leave out ‘qualifying’ and insert ‘occupational and

 

personal pension’.

 

Mr Nigel Waterson

 

Andrew Selous

 

17

 

Page  34,  line  26  [Clause  70],  at end insert ‘among those on low incomes and who

 

are not currently saving enough for retirement.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

22

 

Page  34,  line  26  [Clause  70],  at end insert ‘, and the Authority shall at no time seek

 

to provide financial products beyond the scope of personal accounts;’.

 

Mr Nigel Waterson

 

Andrew Selous

 

23

 

Page  34,  line  29  [Clause  70],  after ‘on’, insert ‘existing’.

 

Mr Nigel Waterson

 

Andrew Selous

 

24

 

Page  34,  line  29  [Clause  70],  leave out ‘qualifying’ and insert ‘occupational and

 

personal’.

 

Mr Nigel Waterson

 

Andrew Selous

 

13

 

Page  34,  line  31  [Clause  70],  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

 

25

 

Page  34,  line  34  [Clause  70],  after ‘the’, insert ‘needs and’.

 

Mr Nigel Waterson

 

Andrew Selous

 

26

 

Page  34,  line  36  [Clause  70],  at end insert ‘, provided this can be done at no

 

disproportionate cost to the scheme overall.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

18

 

Page  34,  line  38  [Clause  70],  at end insert—

 

‘(g)    

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

 

served;

 

(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.’.


 
 

Notices of Amendments: 18th April 2008                  

1743

 

Pensions Bill, continued

 
 

Danny Alexander

 

Paul Rowen

 

39

 

Page  34,  line  38  [Clause  70],  at end insert—

 

‘(g)    

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

 

Mr Nigel Waterson

 

Andrew Selous

 

19

 

Page  34,  line  41  [Clause  70],  at end insert—

 

‘(4)    

The Secretary of State shall collect and publish appropriate data annually, and

 

will consult with the industry, to measure the extent to which the Authority has

 

achieved these principles in carrying out its function.

 

(5)    

The Secretary of State shall by regulation identify the data and targets to be sued

 

for this purpose.’.

 


 

Mr Nigel Waterson

 

Andrew Selous

 

27

 

Page  35,  line  13  [Clause  72],  leave out ‘grants’.

 

Mr Nigel Waterson

 

Andrew Selous

 

28

 

Page  35,  line  15  [Clause  72],  leave out from ‘(which’ to end of line 16 and insert

 

‘shall include conditions about repayment and interest at commercial rates.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

14

 

Page  35,  line  16  [Clause  72],  at end insert—

 

‘(3)    

For the avoidance of doubt, all the costs incurred by the Authority in establishing

 

the pension scheme under section 58 of the Pensions Act 2008 (c. ) shall be

 

recouped through charges to members over a period of five years from 2012.’.

 


 

Mr Secretary Purnell

 

35

 

Page  39,  line  40,  leave out Clause 79.

 



 
 

Notices of Amendments: 18th April 2008                  

1744

 

Pensions Bill, continued

 
 

Mr Secretary Purnell

 

36

 

Page  40,  line  31,  leave out Clause 82.

 


 

NEW SCHEDULE

 

Mr Nigel Waterson

 

Andrew Selous

 

NS1

 

To move the following Schedule:—

 

‘Provision for conditionally indexed arrangements etc

 

Part 1

 

Basis of Revaluation

 

1    (1)  

The Pension Schemes Act 1993 (c.48) (Basis of Revaluation) is amended as

 

follows.

 

      (2)  

In section 84 after subsection (3) there is added—

 

“(3A)    

If any benefit as is mentioned in paragraph (a) of section 83(1) is a

 

conditional indexation benefit then that benefit shall be revalued using

 

the conditional indexation method”.

 

      (3)  

In Schedule 3 (Methods of Revaluation of Accrued Pension Benefit) after

 

paragraph 4 there is added—

 

“(4A)  

The conditional indexation method is to revalue the benefits which

 

have accrued to the member in respect of the pre-pension period in

 

such manner as may be prescribed”.

 

Part 2

 

Annual Increase in Rate of Pension

 

2    (1)  

The Pensions Act 1995 (c.26) (Annual Increase in Rate of Pension) is amended

 

as follows.

 

      (2)  

After section 51(1)(iii) there is added “(iv) which is not a conditionally indexed

 

scheme which complies with such requirements in relation to increases in the

 

rate of a pension as may be prescribed”.

 

Part 3

 

Restriction on Powers to Alter Schemes

 

3    (1)  

Section 67 of the Pensions Act 1995 (c.26) (Restriction to Alter Schemes), is

 

amended as follows—

 

      (2)  

After section 67(3)(b) there is added “(c) for a prescribed purpose relating to

 

the operation of a conditionally indexed scheme”.

 

Part 4

 

Pension Compensation Provisions


 
 

Notices of Amendments: 18th April 2008                  

1745

 

Pensions Bill, continued

 
 

4    (1)  

Schedule 7 to the Pensions Act 2004 (c.35) (Pensions Compensation

 

Provisions) is amended as follows—

 

      (2)  

After paragraph 2 there is added “2A This Schedule shall be modified in

 

relation to a conditionally indexed scheme in such manner as may be

 

prescribed.”.’.

 


 

Mr Nigel Waterson

 

Andrew Selous

 

10

 

Page  62,  line  11  [Schedule  1],  leave out ‘grants’.

 

Mr Nigel Waterson

 

Andrew Selous

 

11

 

Page  62,  line  12  [Schedule  1],  leave out from ‘which’ to end of line 13 and insert

 

‘shall include conditions about repayment and interest at commercial rates.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

12

 

Page  62,  line  14  [Schedule  1],  leave out from ‘may’ and insert ‘is required to

 

make’.

 


 

Mr Nigel Waterson

 

Andrew Selous

 

1

 

Page  99,  line  20  [Schedule  9],  at end add—

 

‘Part 5

 

Removal of Annuity Protection Lumpsum Death Benefit

 

Title

Extent of repeal

 
 

Finance Act 2004 (c. 12)

In Schedule 29, paragraph 16(1)(a)’.

 
 

 

Order of the House [7th january 2008]

 

That the following provisions shall apply to the Pensions Bill:

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously


 
 

Notices of Amendments: 18th April 2008                  

1746

 

Pensions Bill, continued

 
 

concluded) be brought to a conclusion on Tuesday 26th February 2008.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Consideration and Third Reading

 

4.    

Proceedings on consideration shall (so far as not previously concluded) be

 

brought to a conclusion one hour before the moment of interruption on the

 

day on which those proceedings are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on consideration and Third Reading.

 

Other proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of Lords Amendments or on any further messages from the

 

Lords) may be programmed.

 

 

NOTICES WITHDRAWN

 

The following Notices have been withdrawn:

 

Mr Nigel Waterson

 

Andrew Selous

 

3

 

Page  9,  line  10  [Clause  19],  at end insert—

 

‘(3)    

The Secretary of State must report annually on the extent to which employers

 

operating schemes defined under subsection (1) have reduced their contribution.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

4

 

Page  9,  line  32  [Clause  20],  at end insert—

 

‘(5)    

The Secretary of State must report annually on the extent to which employers

 

operating schemes defined under subsection (1) have reduced their contribution.’.

 

Mr Nigel Waterson

 

Andrew Selous

 

5

 

Page  10,  line  36  [Clause  23],  at end insert—

 

‘(5)    

The Secretary of State must report annually on the extent to which employers

 

operating schemes defined under subsection (1) have reduced their

 

contributions.’.

 


 
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