Pensions Bill
THIRD
MARSHALLED
LIST OF AMENDMENTS
TO BE MOVED
IN COMMITTEE
The amendments have been marshalled in accordance with the Instruction of 17th May 2007, as follows—
Schedule 6
Clauses 20 to 25 | Schedule 7
Clauses 26 to 30 |
[Amendments marked * are new or have been altered]
Amendment
No.
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 89 | Page 58, line 14, after "a" insert "direct or indirect" |
| 90 | Page 58, line 16, leave out "non-executive" |
| 91 | Page 58, line 21, at end insert— |
| "( ) | The Authority shall notify the Secretary of State of any declaration of interest made under paragraph 13." |
| 92 | Page 58, line 24, leave out "non-executive" |
| 93 | Page 58, line 25, leave out "non-executive" |
| | BARONESS GIBSON OF MARKET RASEN |
| 93A | Page 58, line 40, at end insert ", or |
| (c) | that he is a member of the scheme" |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 94 | Page 59, line 3, at end insert— |
| "( ) | The term of an appointment or reappointment shall not exceed 5 years and the total period for which a person may be appointed may not exceed 10 years." |
| 95 | Page 59, line 13, leave out paragraph (d) and insert— |
| "(d) | is unfit for office by reason of misconduct," |
| 96 | Page 59, line 26, leave out sub-paragraph (2) |
| 97 | Page 59, line 40, leave out sub-paragraph (4) |
| 98 | Page 60, line 13, leave out "chairman or the Secretary of State" and insert "Authority" |
| 99 | Page 60, line 19, after "State" insert "after consulting the chairman" |
| 100 | Page 60, line 25, at end insert "after consulting the chairman" |
| 101 | Page 61, line 9, leave out sub-paragraph (4) |
| 102 | Page 61, line 36, leave out "or a non-executive member" |
| 103 | Page 62, line 13, leave out from "contain" to end of line 14 and insert "a majority of persons who are either members or employees of the Authority" |
| 104 | Page 62, line 20, at end insert— |
| " | The Authority must establish a committee for the purpose of representing the interests of scheme members and prospective scheme members." |
| | BARONESS GIBSON OF MARKET RASEN |
| 104A | Page 62, line 20, at end insert— |
| " | The Authority must establish a committee for the purpose of representing the interests of scheme members and prospective scheme members; and so far as practicable, shall ensure that at least one-third of the members of the committee are representatives of scheme members and that any such representative is— |
| (a) | a nominee of an organisation appearing to the Authority to be representative of consumers; |
| (b) | a nominee of an organisation appearing to the Authority to be representative of employees; or |
| (c) | a member of the scheme." |
| 104B | Page 64, line 27, at end insert ", or |
| (c) | that he is a member of the scheme" |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 105 | Page 64, line 32, at end insert "whose chairman and a majority of whose members are members or employees of the Authority" |
| 106 | Page 65, line 34, after "must" insert "show separately the expenditure by the Authority on its functions of preparing for implementation and of advising on modification as set out in section 20 and otherwise" |
| 107 | Page 65, line 34, after "must" insert "show any expenditure on a system of personal accounts which should be recovered from the income as a part of that system (whether or not the system is delivered by the Authority) and otherwise" |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 108 | Page 23, line 17, after "means" insert "any" |
| 109 | Page 23, line 18, leave out from "State" to "which" in line 19 |
| 110 | Page 23, line 25, leave out sub-paragraph (ii) |
| | LORD OAKESHOTT OF SEAGROVE BAY
LORD ADDINGTON |
| 111 | Page 23, line 27, at end insert— |
| "(2A) | In discharging its functions under this Part, the Authority shall publish, no later than 31st December 2007— |
| (a) | estimates of the percentage of those people without existing occupational or personal pension provision who would be subject to means-testing if enrolled in personal accounts; |
| (b) | estimates of the percentage of people who will be auto-enrolled into personal accounts who can be expected to secure returns of— |
| (i) | £2 or more for every £1 saved, |
| (ii) | £1 or more for every £1 saved, |
| (iii) | less than £1 for every £1 saved; |
| (c) | a breakdown of the target groups for personal accounts that are most at risk of low returns on their savings; and |
| (d) | plans for the delivery of free generic financial advice to those people who are liable to be auto-enrolled in personal accounts." |
| | BARONESS HOLLIS OF HEIGHAM
LORD OAKESHOTT OF SEAGROVE BAY |
| 112 | Page 23, line 27, at end insert— |
| "( ) | The Authority shall carry out a gender impact assessment of relevant proposals regarding saving in personal accounts as specified in subsection (2)." |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 113 | Page 23, line 27, at end insert— |
| "( ) | In carrying out its functions under subsection (1), the Authority shall have an objective of the continuation or creation of personal pension schemes or occupational pension schemes which provide for higher levels of contribution or higher levels of benefits than are likely to be provided by the relevant proposals about personal accounts." |
| 114 | Page 23, line 27, at end insert— |
| "( ) | In carying out its functions under subsection (1), the Authority shall aim to secure that there is effective co-operation between itself, the Pensions Regulator, the Financial Services Authority and the Secretary of State." |
| | BARONESS HOLLIS OF HEIGHAM
LORD OAKESHOTT OF SEAGROVE BAY |
| 115 | Page 23, line 30, at end insert— |
| "( ) | Subject to the discharge of its function under this section the Authority shall, within the first year of its establishment, produce a report on the information and advice needs of women and men in relation to this section." |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 116 | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice support the objectives of the scheme that— |
| (a) | the overall outcome, taking account of the impact on the existing market, is an increase in the number of people saving and the overall amount being saved, |
| (b) | the levels of participation by the groups of individuals who are targeted by the scheme are maximised, and |
| (c) | there is no unfair competition with other savings products." |
| 117 | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice minimise burdens on employers." |
| 118 | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice support the objectives for the scheme that— |
| (a) | investment strategy will be set in the best interests of members; |
| (b) | members will have appropriate levels of choice; |
| (c) | charges will be fair and reasonable; and |
| (d) | funds will be invested in the best interests of the members." |
| 119 | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice support the objectives for the scheme that— |
| (a) | the administration of the scheme will be secure; |
| (b) | the scheme will be run economically and efficiently; |
| (c) | the scheme will be governed in the best interests of members and beneficiaries; and |
| (d) | those managing and directing the scheme will act impartially, prudently, responsibly and honestly." |
| 120 | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice support the objectives for the scheme that— |
| (a) | individuals and employers have access to information about their rights and responsibilities under the scheme, and |
| (b) | individuals have access to financial advice that is relevant to their circumstances." |
| 121 | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice ensure that the provisions of the Data Protection Act 1998 (c. 29), and in particular the data principles set out in Schedule 1 to that Act, will be met." |
| 122 | Page 23, line 43, at end insert— |
| "( ) | In discharging its functions under this section, the Authority shall seek to ensure that the full costs of setting up and operating the scheme are covered by charges to be made on or to the scheme and not met from other sources." |
| | BARONESS GIBSON OF MARKET RASEN |
| 122A | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice support the objective for the scheme that all investments held for the purposes of the scheme are managed in accordance with what appears to the Authority to be industry best practice relating to the responsibilities of institutional shareholders and their agents in relation to shareholder activism, including any principles governing intervention in an investee company on account of its approach to corporate social responsibility." |
| 122B | Page 23, line 43, at end insert— |
| "( ) | In discharging its function under this section, the Authority shall ensure that its actions and advice support the objectives for the scheme that— |
| (a) | investment strategy (including policy on the exercise of the rights (including voting rights) attaching to investments) will be set in the best interests of members; |
| (b) | members will have appropriate levels of choice, including an opportunity to invest in one or more funds that have a stated policy under which defined social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments; |
| (c) | charges will be fair and reasonable; and |
| (d) | funds will be invested in the best interests of the members." |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 123 | Page 24, line 3, leave out subsection (7) |
| 124 | Page 24, line 4, at end insert— |
| "( ) | Before issuing guidance under subsection (6), the Secretary of State shall consult— |
| (b) | the Information Commissioner; |
| (c) | organisations appearing to him to be representative of employees; |
| (d) | organisations appearing to him to be representative of employers; |
| (e) | organisations appearing to him to be representative of the financial sevices industry; |
| (f) | organisations appearing to him to be representative of consumer interests; |
| (g) | such other persons as the Secretary of State considers it appropriate to consult in relation to the guidance." |
| 125 | Page 24, line 4, at end insert— |
| "( ) | Guidance issued under this section shall be laid before each House of Parliament. |
| ( ) | The Secretary of State shall arrange for any guidance issued under this section to be published in such manner as he considers appropriate." |
| | BARONESS NOAKES
LORD SKELMERSDALE |
| 126 | Page 24, line 8, leave out "such" |
| 127 | Page 24, line 9, leave out "as the Authority thinks appropriate" and insert "issued by the Treasury, the Cabinet Office or the Office of the Commissioner for Public Appointments" |
| 128 | Page 24, line 10, at end insert "to the extent that the principles may reasonably be regarded as applicable in relation to a statutory corporation." |
| 129 | Page 24, line 11, leave out subsection (2) |
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