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MARSHALLED LIST OF MOTIONS AND AMENDMENTS TO BE MOVED ON |
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CONSIDERATION OF commons REASONS |
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[The page and line references are to HL Bill 61, the bill as first printed for the Lords.] |
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| Page 2, line 32, at end insert— |
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| | “(3A) | With effect from the commencement of this section or 1st November 2007, |
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| | whichever shall be earlier, the contributor may at any time up to state |
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| | pension age, make voluntary (Class 3) contributions for any period of his |
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| | or her working life, in respect of up to 9 years, whether consecutive or not, |
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| | which for any reason shall not have satisfied the conditions for a Qualifying |
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| | Year or Years, so that such year or years shall then be deemed to be a |
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| | Qualifying Year or Years.” |
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| | COMMONS DISAGREEMENT AND REASON |
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| | The Commons disagree to Lords Amendment No. 1 for the following Reason— |
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1A | Because it would involve charges on public funds, and the Commons do not offer any |
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| | further Reason, trusting that this reason may be deemed sufficient. |
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A | Lord McKenzie of Luton to move, That this House do not insist on its Amend |
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| | ment 1, to which the Commons have disagreed for their Reason 1A. |
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12 | Insert the following new Clause— |
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| | “Minimum retirement income |
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| | (1) | The amount of the minimum retirement income in respect of each tax year |
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| | shall be set by the Chancellor of the Exchequer by order at the level of the |
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| | standard minimum guarantee prescribed under section 2 of the State |
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| | Pension Credit Act 2002 (c. 16). |
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| | (2) | Before making an order under subsection (1), the Chancellor of the |
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| | Exchequer shall consult such persons as he considers appropriate. |
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| | (3) | An order under this section (other than the order that applies to the first tax |
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| | year during which this section is in force) must be made on or before 31st |
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| | January of the tax year before the tax year to which the order applies.” |
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| | COMMONS DISAGREEMENT AND REASON |
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| | The Commons disagree to Lords Amendments Nos. 12, 13, 14 and 73 for the following |
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12A | Because they would alter provisions relating to taxation, and the Commons do not offer any |
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| | further Reason, trusting that this reason may be deemed sufficient. |
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13 | Insert the following new Clause— |
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| | (1) | The Finance Act 2004 (c. 12) is amended as follows. |
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| | (2) | After section 152 (meaning of “arrangement”), insert— |
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| | “152A | Meaning of “retirement income fund” |
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| | (1) | In this Part a retirement income fund means a scheme for the |
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| | reinvestment of savings in retirement which— |
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| | (a) | is operated by or on behalf of a person authorised to operate |
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| | a registered pension scheme, |
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| | (b) | is a scheme in which investments are approved by the |
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| | (c) | meets the conditions set out in subsections (2) to (9). |
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| | (2) | The first condition is that, subject to the other conditions in this |
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| | section, funds held in the retirement income fund may be invested |
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| | and withdrawn by the member as and when he elects. |
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| | (3) | The second condition is that an authorised retirement income fund |
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| | provider must set an annual maximum withdrawal allowance for |
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| | each member, based on an assessment of each member’s life |
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| | expectancy, and a member’s withdrawals from the fund in any one |
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| | year must not exceed that allowance. |
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| | (4) | The third condition is that, in setting annual maximum withdrawal |
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| | allowances, an authorised provider must ensure that no member’s |
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| | total future income falls below the minimum retirement income |
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| | level, as set out under section (Minimum retirement income) of the |
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| | Pensions Act 2007, except in the circumstances provided for in the |
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| | (5) | The fourth condition is that an authorised provider must set an |
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| | annual minimum withdrawal allowance so that each member’s |
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| | total income is at least equivalent to the minimum retirement |
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| | income level, except in the circumstances provided for in the sixth |
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| | (6) | The fifth condition is that where a member chooses not to declare |
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| | his total annual income to the authorised provider, he must |
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| | withdraw funds equivalent to the level of the minimum retirement |
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| | income level or his annual maximum withdrawal allowance, |
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| | (7) | The sixth condition is that, where there are insufficient funds to |
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| | enable the annual minimum withdrawal allowance to be set so that |
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| | a member’s total income is at least equivalent to the minimum |
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| | retirement income level, the allowance should be set at the highest |
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| | level consistent with the assessment of the member’s life |
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| | (8) | The seventh condition is that the maximum and minimum |
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| | withdrawal allowances must be set at the same level where a |
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| | member’s total annual income, including his maximum |
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| | withdrawal allowance, is lower than the minimum retirement |
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| | (9) | The eighth condition is that a retirement income fund, and any |
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| | income derived from it, must not be capable of assignment or |
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| | surrender by the member.”” |
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| | COMMONS DISAGREEMENT AND REASON |
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| | The Commons disagree to Lords Amendments Nos. 12, 13, 14 and 73 for the following |
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13A | Because they would alter provisions relating to taxation, and the Commons do not offer any |
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| | further Reason, trusting that this reason may be deemed sufficient. |
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14 | Insert the following new Clause— |
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| | “Withdrawal from a retirement income fund |
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| | (1) | Section 165 of the Finance Act 2004 (c. 12) (pension rules) is amended as |
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| | (2) | In subsection (1) (which sets out the pension rules)— |
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| | (a) | in Pension rule 4, after paragraph (a), insert— |
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| | “(aa) | a withdrawal from a retirement income fund,”; |
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| | (b) | in Pension rule 4, after the second appearance of the words “scheme |
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| | pension”, insert the words “a withdrawal from a retirement income |
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| | (c) | in Pension rule 6, after paragraph (a), insert— |
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| | “(aa) | a withdrawal from a retirement income fund,”; |
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| | (d) | in Pension rule 6, after the second appearance of the words “scheme |
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| | pension”, insert the words “a withdrawal from a retirement income |
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| | COMMONS DISAGREEMENT AND REASON |
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| | The Commons disagree to Lords Amendments Nos. 12, 13, 14 and 73 for the following |
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14A | Because they would alter provisions relating to taxation, and the Commons do not offer any |
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| | further Reason, trusting that this reason may be deemed sufficient. |
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73 | Page 71, line 30, at end insert— |
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| | Removal of annuity protection lump sum death benefit |
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| | | | | | | | “Finance Act 2004 (c. 12) |
| In Schedule 29, paragraph 16(1)(a).” |
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| | COMMONS DISAGREEMENT AND REASON |
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| | The Commons disagree to Lords Amendments Nos. 12, 13, 14 and 73 for the following |
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73A | Because they would alter provisions relating to taxation, and the Commons do not offer any |
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| | further Reason, trusting that this reason may be deemed sufficient. |
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B | Lord McKenzie of Luton to move, That this House do not insist on its Amend |
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| | ments 12, 13, 14 and 73, to which the Commons have disagreed for their Reasons |
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