House of Commons Amendments

House of Commons

Session 2007 - 08
Internet Publications
Other Bills before Parliament

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the date on which the Secretary of State publishes a

statement of the intention to make the regulations; and

(b)
without prejudice to section 315(5), make consequential

provision applying with modifications any provision of

this Act which relates to financial support directions

under section 43.”

11
In section 306(2) (overriding requirements)—

(a)
after paragraph (d) insert—

“(da)
any direction issued by the Regulator under

section 39A(6);”; and

(b)
after paragraph (e) insert—

“(ea)
any direction issued by the Regulator under

section 43A(3);”.

12
In section 316(2) (subordinate legislation under Act that is subject to

affirmative resolution procedure), after paragraph (za) (as inserted by

paragraph 5 of this Schedule) insert—

“(zb)
regulations under section 39A(5), 39B(8) or 43B(8)

(contribution notices and financial support directions:

bulk transfers);”.

13
In Part 4 of Schedule 2 (the reserved regulatory functions of Pensions

Regulator: functions under 2004 Act)—

(a)
after paragraph 30 insert—

“30A
The power to issue a direction under section 39A(6) to

any person.”; and

(b)
after paragraph 33 insert—

“33A
The power to issue a direction under section 43A(3) to

any person.”

Financial support directions: meaning of “insufficiently resourced”

14  (1)
In section 44(3) (meaning of “insufficiently resourced”), for paragraph

(b) substitute—

“(b)
condition A or B is met.”

      (2)
After subsection (3) insert—

“(3A)
Condition A is met if—

(a)
there is at that time a person who falls within section

43(6)(b) or (c), and

(b)
the value at that time of that person’s resources is not less

than the relevant deficit, that is to say the amount which

is the difference between—

(i)
the value of the resources of the employer, and

(ii)
the amount which is the prescribed percentage of

the estimated section 75 debt.

(3B)
Condition B is met if—

(a)
there are at that time two or more persons who—

(i)
fall within section 43(6)(b) or (c), and

(ii)
are connected with, or associates of, each other,

and

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(b)
the aggregate value at that time of the resources of the

persons who fall within paragraph (a) (or any of them) is

not less than the relevant deficit.”

      (3)
In subsection (4), for “subsection (3)” substitute “subsections (3) to (3B)”.

Effect of amendments made by this Schedule

15  (1)
The amendments made by paragraphs 2, 6 and 7 have effect in relation

to any act occurring, or any failure to act first occurring, on or after 14

April 2008.

      (2)
The amendments made by paragraph 8 have effect—

(a)
for the purposes of the material detriment test, where at least one

of the acts or failures to act occurs or first occurs on or after 14

April 2008, and

(b)
for all other purposes, where at least one of the acts or failures to

act occurs or first occurs on or after the day on which this Act is

passed.

      (3)
The amendments made by paragraphs 9 and 10 have effect in relation to

any case where rights are transferred or extinguished on or after 14 April

2008.

      (4)
The amendment made by paragraph 14 has effect so as to enable the

Pensions Regulator to make a financial support direction under section

43 of that Act by reference to any time falling on or after 14 April 2008.

Transitional provision

16  (1)
In the case of the first set of regulations made under subsection (8) of

section 39B, subsection (10)(a) of that section has effect as if for the words

from “the date” to “the regulations” there were substituted “20 October

2008”.

      (2)
In the case of the first set of regulations made under subsection (8) of

section 43B, subsection (10)(a) of that section has effect as if for the words

from “the date” to “the regulations” there were substituted “20 October

2008”.”
Schedule 9
279
Page 97, line 15, after “6(1)” insert “, (2) and (4).”
280
Page 97, line 20, leave out “80(1)(a)(iii),” and insert “80(1)(a) at the end of sub-

paragraph (iii), the word”
281
Page 97, line 21, at end insert—

“Section 23(2) to (4).”

282
Page 97, line 21, column 2, at end insert—

“In Schedule 6, in paragraph 7(3)(a), the words

“employees who are”.”

283
Page 97, line 24, at end insert—

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“Social Security Contributions
In Schedule 4B, in paragraph 12,

and Benefits Act 1992 (c. 4)
the definition of “assumed

surplus”.”

284
Page 98, line 19, at end insert—

“Part 2A

Contracting-out: abolition of all protected rights

Title
Extent of repeal

Pension Schemes Act 1993
Section 10.

(c. 48)

Sections 25A to 27A.

Section 30.

Sections 32 and 32A.

Section 33A.

Pensions Act 2007 (c. 22)
In Schedule 4, paragraphs 5, 8 to 10 and 12 to 14.


These repeals have effect in accordance with section (Contracting-out:

abolition of all protected rights).”
285
Page 99, line 13, at end insert—

“Pensions Act 2004 (c. 35)
In section 173(5), the words

“of this Act”.”

286
Page 99, line 20, at end insert—

“Pensions Act 2004 (c. 35)
In section 38(5)(a)(ii), the words “otherwise than

in good faith,”.”

287
Page 99, line 20, at end insert—

“Pensions Act 2004 (c. 35)
Section 321.”

288
Page 99, line 20, at end insert—

“Pensions Act 2004 (c. 35)
In Schedule 1, paragraph 28.”

289
Page 99, line 20, at end insert—


“The repeal in section 38(5)(a)(ii) of the Pensions Act 2004 has effect in

accordance with paragraph 15(1) of Schedule (Contribution notices and

financial support directions under Pensions Act 2004) to this Act.”

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