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| | Wednesday 10 November 2010 |
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| | Equitable Life (Payments) Bill
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2A) | Payments authorised by the Treasury under this section to with-profits annuitants |
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| | | shall be made without regard to the date on which such policies were taken out.’. |
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2A) | The Parliamentary Commissioner for Administration shall report to Parliament |
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| | | on the implications for payments to which this section applies of the findings of |
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| | | the Independent Commission on Equitable Life Payments, no later than one |
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| | | month after the publication of such findings.’. |
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2B) | The design and administration of any scheme of payments to which this section |
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| | | applies shall be independent of government.’. |
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2C) | The Treasury shall publish details of the independent appeals procedure for |
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| | | policyholders as defined in subsection (2) above to use in the event of dispute |
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| | | over the compensation payment decision in their case, no later than three months |
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| | | after commencement of this Act.’. |
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2D) | The Treasury shall lay before Parliament details of the timings and planned dates |
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| | | for payments of compensation to which this section applies, no later than three |
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| | | months after commencement of this Act.’. |
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2A) | In determining the amount of the payments that it is appropriate for the Treasury |
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| | | to authorise under subsection (2), the Treasury must have regard to such matters |
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| | | relating to the adverse effects of that maladministration on those persons and the |
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| | | proper calculation of their resulting losses as have been determined by the |
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| | | Parliamentary Commissioner for Administration to be relevant to and appropriate |
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| | Clause 1, page 1, line 7, at end insert— |
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| | | ‘(2A) | After determining the total amount of the payments that the Treasury is to |
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| | | authorise under subsection (2) and the persons to whom those payments are to be |
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| | | made, the Treasury must secure— |
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| | | (a) | that each of those persons is paid the full amount due to that person in a |
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| | | (b) | that the single payment is made as soon as practicable.’. |
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| | Clause 1, page 1, line 20, at end insert— |
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| | | ‘( ) | The functions of the Director of Savings include anything the Director is |
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| | | appointed by the Treasury to do in connection with payments to which this |
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| | | Clause, as amended, Agreed to. |
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| | To move the following Clause:— |
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| | | ‘(1) | An independent payments commission shall be established comprising three |
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| | | members appointed by the Secretary of State. |
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| | | (2) | The independent payments commission shall design a distribution scheme for |
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| | | payments made arising from this Act. |
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| | | (3) | In designing a distribution scheme under subsection (2) the independent |
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| | | payments commission shall consult with interested parties, including the |
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| | | Equitable Life Assurance Society and representatives of policyholders. |
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| | | (4) | The Treasury may make provision by order made by statutory instrument for |
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| | | payments to be made in line with the distribution scheme designed by the |
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| | | independent payments commission. |
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| | | (5) | A statutory instrument containing an order under subsection (4) may not be made |
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| | | unless a draft has been laid before and approved by resolution of each House of |
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| | | Bill reported, with an amendment. |
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| | | No Amendments on consideration. |
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| | | Bill read the third time, and passed. |
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