Report

Part of Pension Schemes Bill – in the House of Lords at 4:00 pm on 27th January 2015.

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Photo of Lord Bradley Lord Bradley Shadow Spokesperson (Work and Pensions), Shadow Spokesperson (Health) 4:00 pm, 27th January 2015

I am grateful to the Minister for the explanation of the amendments, which are fine for the Bill, particularly the clarification around the amendment that we moved in Committee on the issues of appropriate independent advice and authorised independent adviser. That is very helpful, and I am pleased that the amendments are now being made.

Amendment 4 agreed.

Amendment 5

Moved by Lord Newby

5: Clause 48, page 21, leave out lines 1 and 2 and insert—

““appropriate independent advice” means advice that—

(a) is given by an authorised independent adviser, and

(b) meets any other requirements specified in regulations made by the Secretary of State;

“authorised independent adviser” means a person who—

(a) has permission under Part 4A of the Financial Services and Markets Act 2000, or resulting from any other provision of that Act, to carry on a regulated activity specified in regulations made by the Secretary of State, and

(b) meets such other requirements as may be specified in regulations made by the Secretary of State for the purpose of ensuring that the person is independent;”

Amendment 5 agreed.

Clause 51: Independent advice in respect of conversions and transfers: Northern Ireland

Amendments 6 and 7

Moved by Lord Newby

6: Clause 51, page 22, line 21, leave out “create exceptions to subsection (1)” and insert—

“(a) create an exception to subsection (1) in the case of a member or survivor whose subsisting rights in respect of safeguarded benefits under the scheme, or safeguarded benefits under the scheme and any other schemes, are worth less than a specified amount;

(b) create other exceptions to subsection (1).

( ) Regulations under subsection (3)(a) may, in particular, make provision about—

(a) the valuation of the subsisting rights;

(b) the process for determining whether the exception applies.”

7: Clause 51, page 22, leave out lines 31 and 32 and insert—

““appropriate independent advice” means advice that—

(a) is given by an authorised independent adviser, and

(b) meets any other requirements specified in regulations made by the Department for Social Development in Northern Ireland;

“authorised independent adviser” means a person who—

(a) has permission under Part 4A of the Financial Services and Markets Act 2000, or resulting from any other provision of that Act, to carry on a regulated activity specified in regulations made by the Department for Social Development in Northern Ireland, and

(b) meets such other requirements as may be specified in regulations made by the Department for Social Development in Northern Ireland for the purpose of ensuring that the person is independent;”

Amendments 6 and 7 agreed.

House resumed.