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| | Wednesday 25 February 2009 |
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| | Saving Gateway Accounts Bill, As Amended
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| | Page 1, line 15 [Clause 1], at beginning insert ‘Subject to subsection (4) below,’. |
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| | Page 1, line 19 [Clause 1], at end insert— |
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| | | ‘(4) | If a person was eligible to receive a notice of entitlement by virtue of section 3(1) |
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| | | but had ceased to be eligible before the notice of eligibility was issued, then the |
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| | | person is still entitled to receive that notice.’. |
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| | Page 2, line 16 [Clause 3], after ‘(2)’, insert ‘or the person is aged between 18 and |
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| | 65 and has an annual income of less than that prescribed by regulations;’. |
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| | Page 2, line 35 [Clause 3], leave out ‘subsection’ and insert ‘subsections (1) and’. |
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| | Page 3, line 3 [Clause 3], at end insert— |
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| | | ‘(8) | The Treasury will each year lay before Parliament a report which sets out the |
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| | | (a) | are eligible to hold a Savings Gateway account by being entitled to each |
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| | | of the benefits and tax credits listed in subsection (2) above; |
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| | | (b) | are aged between 18 and 65 years old and earn less than any amount |
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| | | prescribed under regulations made under subsection (4) above; and |
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| | | (c) | have opened a Savings Gateway account in that year.’. |
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| | Page 3, line 33 [Clause 5], at end insert— |
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| | | ‘(1A) | Conditions imposed under subsection (1)(a) shall have regard to |
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| | | (a) | location of the provider’s premises; |
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| | | (b) | the provider’s commitment to financial education; and |
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| | | (c) | the provider’s willingness to expand access to broader financial |
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| | Page 4, line 19 [Clause 6], at end insert— |
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| | | ‘(6) | After the first exercise of the powers in subsection (5), the Treasury will be |
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| | | required to consult interested parties on any changes to those regulations and lay |
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| | | a copy of the report on this consultation before Parliament before any further |
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| | Page 5, line 25 [Clause 11], leave out paragraph (e). |
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| | Page 7, line 9 [Clause 16], at end insert— |
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| | | ‘(1A) | Subject to subsection (1B), funds in the account will be transferred into an |
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| | | account which pays interest at a rate which is equal to or greater than the rate paid |
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| | | on funds held in an Individual Savings Account as set out in the Finance Act 1998 |
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| | | (c. 36) operated by the Savings Gateway Account provider in question. |
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| | | (1B) | Where an account provider does not operate an Individual Savings Account, the |
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| | | amounts will be transferred into an account that it provides which— |
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| | | (a) | has no penalty for the withdrawal of funds without notice; and |
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| | | (b) | offers a rate equal to or higher than the highest interest rate offered on |
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| | | other accounts operated by the provider.’. |
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| | Page 13, line 4 [Clause 27], after ‘(4)’, insert ‘, 4’. |
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