Public Bill Committee: 5th February 2008
Pensions Bill, continued
Paul Rowen
Clause 62, page 29, line 18, at end insert—
'(h)
the Authority achieves delivery of a simple system of personal accounts'.
Member's explanatory statement
The purpose of this amendment is to ensure that PADA delivers a simple system of personal
'(g)
the UN Principles for Responsible Investment should be adhered to'.
The purpose of this amendment is to ensure that PADA adheres to the UN Principles of
Responsible Investment as developing a capability to monitor and manage environmental, social
and governance issues increases returns and financial security.
Nick Ainger
international best practice on responsible ownership and environmental,
social and corporate governance issues should be considered.'.
The purpose of this Amendment is to ensure that the PADA investment policy follows international
best practice on responsible ownership and should consider environmental, social and corporate
governance issues when investing
clear and robust information and generic advice should be available to
members and future members of the scheme'.
The purpose of this amendment is to add an additional principle that PADA must ensure that
information and generic advice is available to consumers.
Mr Nigel Waterson
Andrew Selous
Mr Stewart Jackson
Miss Julie Kirkbride
Mr John Greenway
Clause 62, page 29, line 20, after 'others', insert 'including Opposition parties'.
Clause 62, page 29, line 21, at end add—
The Secretary of State shall collect and publish appropriate data annually, and
will consult with industry, to measure the extent to which the Authority has
achieved these principles in carrying out its functions.
The Secretary of State shall by regulation identify the data and targets to be used
for this purpose.'.
Clause 63, page 29, line 30, at end insert ' as soon as is practicable.'.
Clause 64, page 29, line 37, leave out 'grants'.
Clause 64, page 29, line 38, leave out from 'which' to end of line 39 and insert
'shall include conditions about repayment and interest at commercial rates.'.
'( )
For the avoidance of doubt, all the costs incurred by the Authority in establishing
the pension scheme under section 50 of the Pensions Act 2008 (c. ) shall be
recouped through charges to members over a period of five years from 2012.'.
Page 29, line 31, leave out Clause 64.
The purpose of this amendment is to ensure that a proper debate can take place on the financing
of PADA.
Clause 68, page 32, line 4, at end insert—
'(1A)
In section 1 (meaning of "stakeholder pension scheme"), omit subsections (7) and
(8).'.
The purpose of this amendment is to amend the 1999 Welfare and Pensions Act by removing the
obligation for stakeholder pensions to accept transfer values, giving them discretionary freedom
to determine whether it is viable to accept certain low value funds.
Clause 68, page 32, line 24, leave out 'regular intervals' and insert 'intervals of less
than one year'.
This amendment is to prevent employees from rescheduling payments to very long intervals to
avoid the requirement to make auto enrolled personal acount contributions.
Clause 69, page 33, line 20, leave out 'whether oral or'.
This amendment seeks to prove the nature of oral contracts of employment.
Clause 69, page 33, line 29, leave out 'whether it is oral or'.
See Member's explanatory statement for amendment 185.
Clause 72, page 34, line 41, at end add 'or a Member of the House of Lords.'.
This amendment is to prove the position of staff employed by peers and MP's.
'(c)
who is employed by a Member of Parliament.'.
subsection (1) shall not apply to any member of the reserve forces who is paid for
more than six months in any three-year period.'.
Mr Mike O'Brien
Clause 77, page 36, line 29, leave out 'or 6(3)' and insert ', 6(3) or [Workers
without qualifying earnings](2)'.
This amendment is related to New Clause 8. It extends the definition of "enrolment duty" to
include a duty under that New Clause.
'"trustee or manager"—
in relation to England and Wales or Scotland, is to be construed in
accordance with section 178 of the Pension Schemes Act 1993 (c. 48)
(trustees and managers of schemes: interpretation);
in relation to Northern Ireland, is to be construed in accordance with
section 173 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49)
(trustees or managers of schemes);'.
The purpose of this amendment is to ensure that deferred pensions are not unfairly devalued.
Page 57, line 10, leave out Schedule 2.
Clause 83, page 39, line 28, after first 'order' insert 'or provision'.
This amendment is consequential on the amendment to clause 84 which adds a reference to
provision contained in a qualifying agreement.
Clause 83, page 39, line 28, at end insert ', or provision contained in a qualifying
agreement,'.
Clause 83, page 39, line 30, after 'order' insert 'or provision'.
Clause 83, page 39, line 33, at end insert 'or provision'.
'(f)
a pension compensation sharing order under section 8 of the Family Law
(Scotland) Act 1985 (c. 37) (orders for financial provision);
any provision corresponding to provision which may be made by such an
order, and which—
is contained in a qualifying agreement between the parties to a
marriage or the partners in a civil partnership,
is in such form as the Secretary of State may prescribe by
takes effect on the grant, in relation to the marriage, of decree of
divorce or a declarator or nullity or (as the case may be) on the
grant, in relation to the civil partnership, of decree of dissolution
or of declarator of nullity,
except where the provision relates to the same rights to PPF
compensation as are the subject of an order made under section 12B(2)
of the Family Law (Scotland) Act 1985 (c. 37) (order for payment of
capital sum: pension compensation).
For the purposes of this Chapter, a qualifying agreement is an agreement which—
has been entered into in such circumstances as the Secretary of State may
prescribe by regulations, and
is registered in the Books of Council and Session.'.
This clause sets out sets out the possible orders a court could make which would trigger the new
pension compensation sharing scheme. The amendment extends the scheme to Scotland by adding
references to the Family Law (Scotland) Act 1985 and to provision in qualifying agreements.
Clause 87, page 41, line 6, after 'order' insert 'or provision'.
Clause 89, page 41, line 17, leave out '4 months' and insert '2 months.'.
Clause 90, page 41, line 39, at end insert 'and transferor.'.
Revised 5 February 2008