Pensions Bill

moved AmendmentsNos. 55 to 61: 55: Schedule 4, page 46, line 16, leave out ““or”” 56: Schedule 4, page 46, line 18, at end insert ““, or (c) a registered pension scheme under section 153 of the Finance Act 2004— (i) which is not a scheme falling within paragraph (a) or (b), and (ii) to which the rights of a person who was at any time a member of a scheme mentioned in either of those paragraphs have been transferred.”” 57: Schedule 4, page 46, line 29, at end insert— ““ After section 27 insert— ““27A Requirements in relation to giving effect to protected rights (1) The rules of the scheme must provide that if, in the case of a member who is married or who has a civil partner, effect is to be given to the protected rights of the member by— (a) the provision by the scheme of a pension, or (b) the purchase by the scheme of an annuity, the requirement set out in subsection (2) must be satisfied in relation to the pension or annuity. (2) The requirement is that, in a case where— (a) the member dies while the pension or annuity is payable to him or her, and (b) the member is survived by a widow, widower or surviving civil partner (““the survivor””), the pension or annuity is payable to the survivor in prescribed circumstances and for the prescribed period at an annual rate which at any given time is one-half of the rate at which it would have been payable to the member if the member had been living at that time. (3) The rules of the scheme must provide that, if effect is to be given to a member’s protected rights by the provision of a lump sum, the prescribed conditions must be satisfied. (4) The rules of the scheme must provide that, if— (a) a member has died without effect being given to his or her protected rights, and (b) the member is survived by a widow, widower or surviving civil partner, effect is to be given to the protected rights in such manner as may be prescribed.”” Omit sections 28 to 29 (ways of giving effect to protected rights etc.). For section 32A substitute— ““32A Discharge of protected rights on winding up: insurance policies (1) Where an occupational pension scheme is being wound up, effect may not be given to the protected rights of a member of the scheme by taking out a policy of insurance (or a number of such policies) under which the member is the beneficiary unless the policy (or each such policy) satisfies the requirement in subsection (2). (2) The requirement is that the policy of insurance makes such provision in relation to giving effect to the protected rights of the beneficiary as a scheme to which section 25A applies is required to make under or by virtue of section 27A in relationto giving effect to the protected rights of a member of the scheme.”””” 58: Schedule 4, page 52, line 11, at end insert— ““In section 2 of that Act (registration of stakeholder pension schemes) in subsection (2) (when Authority to register schemes) in paragraph (b)(i) for ““to (10)”” substitute ““to (9)””.”” 59: Schedule 4, page 52, line 14, at end insert— ““In Schedule 5 to that Act (pension credits: mode of discharge) in paragraph 7(6) (disqualification as destination for pension credit) in the definition of ““contracted-out rights””— (a) in paragraph (a), omit ““or (3)””; (b) after paragraph (a) insert— ““(ab) an occupational pension scheme constituting a money purchase contracted-out scheme for the purposes of that Act, or””; (c) in paragraph (b), for ““which is”” substitute ““constituting””.”” 60: Schedule 4, page 53, line 23, at end insert— ““In section 20 (transfer of accrued rights) in subsection (3) (regulations may provide for certain provisions to have effect subject to modifications) omit ““and 43 to 45””. Omit section 31 (investment and resources of scheme).”” 61: Schedule 4, page 54, leave out lines 35 to 38 and insert— ““(a) omit the definition of ““appropriate flat-rate percentage””; (b) for the definition of ““the percentage for contributing earners”” substitute— ““““the percentage for contributing earners”” means 3 per cent;””; (c) for the definition of ““the percentage for non-contributing earners”” substitute— ““““the percentage for non-contributing earners”” means4.8 per cent.”””” On Question, amendments agreed to. Schedule 4, as amended, agreed to. Clause 16 [Dispute resolution arrangements]: