Pension Schemes Bill

Baroness Laing of Elderslie Excerpts

Tuesday 25th November 2014 Commons Chamber

[The Minister for Pensions (Steve Webb)]

I beg to move, That the clause be read a Second time.

[Madam Deputy Speaker (Mrs Eleanor Laing)]

With this it will be convenient to discuss the following:

Government new clause 2—Power to impose requirements about factors used to determine each benefit.

Government new clause 3—Power to impose requirements about dealing with a deficit or surplus.

Government new clause 4—Requirement to wind up scheme in specified circumstances.

Government new clause 5—Policies about winding up.

Government new clause 6—Working out which assets are available for the provision of which benefits.

Government amendments 2, 3, 5 to 23, 25, 31, 32, 38, 43, 47, 51 to 55.

[Steve Webb]

It is good to see a packed House for this vital pensions Bill. The amendments are in two groups that correspond broadly with the Bill’s two main themes—the new definitions of pension schemes and pension scheme benefits, and budget pensions flexibilities.

--- Later in debate ---

[Steve Webb]

I beg to move, That the clause be read a Second time.

[Madam Deputy Speaker (Mrs Eleanor Laing)]

With this it will be convenient to discuss the following:

Government new clause 8—Power to require employer to arrange advice for purposes of section (Independent advice in respect of conversions and transfers: Great Britain).

Government new clause 9—Independent advice: consequential amendments—Great Britain.

Government new clause 10—Independent advice in respect of conversions and transfers: Northern Ireland.

Government new clause 11—Power to require employer to arrange advice for purposes of section (Independent advice in respect of conversions and transfers: Northern Ireland).

Government new clause 12—Independent advice: consequential amendments—Northern Ireland.

Government new clause 13—Independent advice: income tax exemption.

Government new clause 14—Sums or assets that may be designated as available for drawdown: Great Britain.

Government new clause 15—Provision about conversion of certain benefits for drawdown: Great Britain.

Government new clause 16—Provision about calculation of lump sums: Great Britain.

Government new clause 17—Restrictions on conversion of benefits during winding up etc: Great Britain.

Government new clause 18—Restriction on payment of lump sums during PPF assessment period: Great Britain.

Government new clause 19—Sums or assets that may be designated as available for drawdown: Northern Ireland.

Government new clause 20—Provision about conversion of certain benefits for drawdown: Northern Ireland.

Government new clause 21—Provision about calculation of lump sums: Northern Ireland.

Government new clause 22—Restrictions on conversion of benefits during winding up etc: Northern Ireland.

Government new clause 23—Restriction on payment of lump sums during PPF assessment period: Northern Ireland.

Government new clause 24—Rights to transfer benefits.

Government new clause 25—Restriction on transfers out of public service defined benefits schemes: Great Britain.

Government new clause 26—Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain.

Government new clause 27—Public service defined benefits schemes: consequential amendments: Great Britain.

Government new clause 28—Restriction on transfers out of public service defined benefits schemes: Northern Ireland.

Government new clause 29—Reduction of cash equivalents: funded public service defined benefits schemes: Northern Ireland.

Government new clause 30—Public service defined benefits schemes: consequential amendments: Northern Ireland.

Government new clause 31—Meaning of “flexible benefit”.

Government new clause 32—Meaning of “cash balance benefit”.

Government new clause 33—Interpretation of Part 4.

Government amendments 4, 24, 26 to 30, 33, 34 to 37, 39 to 42, 44 to 46, 48.

Government new schedule 1—Rights to transfer benefits.

Government amendments 49, 50, 56 to 72.

Amendment 73, page 46, line 25, in schedule 4, at end insert—

‘(1A) Individuals delivering the pensions guidance must ask those receiving the guidance about other potential sources of retirement income in addition to defined contribution pension schemes; this must include an assessment of assets such as housing wealth, savings and investments.”

Government amendment 1.