With this it will be convenient to discuss the following: New clause 29—Winding up of Personal Accounts Delivery Authority—
‘(1) If the condition in subsection (2) is satisfied the Secretary of State must by order provide for the winding up and dissolution of the Authority.
(2) The condition is that it appears to the Secretary of State that in excess of 29 per cent. of the population over state pension age will, at the time of the introduction of personal accounts, be entitled to claim pension credit or another means-tested benefit.
(3) Subsections (5) to (8) of section 21 apply to an order under this section as they apply to an order under that section.’.
Amendment no. 7, in clause 19, page 21, line 28, at end insert—
‘(2A) In discharging its functions under this Part, the Authority shall publish no later than 1st 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;
(d) plans how generic financial advice will be delivered to those people who are liable to be auto-enrolled in personal accounts.’.
Amendment no. 3, in page 22, line 6, at end insert—
‘(7A) Before issuing guidance under subsection (6) the Secretary of State shall consult—
(a) the Authority;
(b) organisations appearing to him to be representative of consumers;
(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 services industry;
(f) such other persons as the Secretary of State considers it appropriate to consult in relation to the guidance.
(7B) A draft of any guidance proposed to be issued under this section shall be laid before each House of Parliament.
(7C) Guidance shall not be issued under this section until after the period of forty days beginning with—
(a) the day on which the draft is laid before each House of Parliament; or
(b) if the draft is laid before the House of Lords on one day and the House of Commons on another, the later of those two days.
(7D) If, before the end of that period, either House resolves that the guidance should not be issued, the Secretary of State must not issue it.
(7E) In reckoning any period of forty days for the purposes of subsection (7C) or (7D), no account shall be taken of any time during which—
(a) Parliament is dissolved or prorogued, or
(b) both Houses are adjourned for more than four days.
(7F) The Secretary of State shall arrange for any guidance issued under this section to be published in such manner as he considers appropriate.’.
Pensions Bill
Proceeding contribution from
Speaker
in the House of Commons on Wednesday, 18 April 2007.
It occurred during Debate on bills on Pensions Bill.
About this proceeding contribution
Reference
459 c368 Session
2006-07Chamber / Committee
House of Commons chamberLibrarians' tools
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2023-12-15 11:34:27 +0000
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