Clause 120 - Application for reconsideration

Pensions Bill – in a Public Bill Committee at 3:45 pm on 25th March 2004.

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Amendments made: No. 462, in

clause 120, page 75, line 7, leave out from beginning of line to 'for' in line 8 and insert

'Where subsection (2) or (2A) applies in relation to an eligible scheme, the trustees or managers of the scheme may make an application to the Board under this section'.

No. 463, in

clause 120, page 75, line 10, leave out subsection (2) and insert—

'(2) This subsection applies where—

(a) a notice confirming that a scheme rescue is not possible in relation to the scheme has been issued under section 96(2) and the trustees or managers have received a copy of that notice under section 96(6) (or, in a case to which section 97 applies, under subsection (4) of that section),

(b) the valuation obtained by the Board under section 112 in respect of the scheme has become binding, and

(c) the Board would have been required to assume responsibility for the scheme under section 99 but for the fact that the condition in subsection (2)(a) of that section was not satisfied.

(2A) This subsection applies where—

(a) the Board has issued a notice under subsection (2) of section 102 confirming that a scheme rescue is not possible in relation to the scheme and the trustees or managers have received a copy of that notice under subsection (4) of that section,

(b) the valuation obtained by the Board under section 112 in respect of the scheme has become binding, and

(c) the Board would have been required to assume responsibility for the scheme under section 100 but for the fact that the condition in subsection (2)(a) of that section was not satisfied.'.

No. 464, in

clause 120, page 75, line 19, leave out subsection (4) and insert—

'(4) An application under this section must be made within the authorised period.

(4A) In this section ''the authorised period'' means the prescribed period which begins—

(a) where subsection (2) applies, with the later of—

(i) the day on which the trustees or managers received the copy notice mentioned in paragraph (a) of that subsection, and

(ii) the day on which they were notified of the binding valuation mentioned in paragraph (b) of that section, and

(b) where subsection (2A) applies, with the later of—

(i) the day on which the trustees or managers received the copy notice mentioned in paragraph (a) of that subsection, and

(ii) the day on which they were notified of the binding valuation mentioned in paragraph (b) of that subsection.'.—[Mr. Pond.]

Photo of Mr Chris Pond Mr Chris Pond Parliamentary Under-Secretary, Department for Work and Pensions

I beg to move amendment No. 382, in

clause 120, page 75, line 36, after 'quotation' '' insert

', in relation to a scheme,'.

Photo of Mr James Cran Mr James Cran Conservative, Beverley and Holderness

With this it will be convenient to discuss the following:

Government amendments Nos. 383, 384 and 386 to 388.

Photo of Nigel Waterson Nigel Waterson Conservative, Eastbourne

May I make a point that is not about these amendments as such? I appreciate that we may be running ahead of ourselves slightly. I lay no blame anywhere for that, but may I repeat our informal agreement that we should get some notes about new Government amendments so that we can prepare ourselves in advance? As I say, I do not think that it is

anybody's fault that that has not happened—we have suddenly put on a turn of speed—but if we can ensure that we have notes soon for the Government amendments that will come up next Tuesday, that would be helpful.

Photo of Mr Chris Pond Mr Chris Pond Parliamentary Under-Secretary, Department for Work and Pensions

We certainly note that point, and will do whatever we can.

Amendment agreed to.

Amendments made: No. 465, in

clause 120, page 75, line 40, after 'scheme', insert 'from the reconsideration date'.

No. 383, in

clause 120, page 75, line 46, leave out from 'member's' to 'rights' in line 47 and insert

'entitlement or accrued rights (including pension credit rights within the meaning of section 124(1) of the Pensions Act 1995 (c.26)) under the scheme rules (other than his entitlement or'.

No. 466, in

clause 120, page 75, line 48, leave out from 'benefits),' to end of line 2 on page 76 and insert

'whichever benefits can, in the case of that member, be secured at the lower cost.'.

No. 384, in

clause 120, page 76, line 2, at end insert—

' ''scheme rules'', in relation to a scheme, means—

(a) the rules of the scheme, except so far as section 129 of the Pension Schemes Act 1993 (c.48), section 117 of the Pensions Act 1995 (c.26) or section 230 of this Act overrides them,

(b) any provision of any of those Acts which overrides or modifies any of the rules of the scheme by virtue of one of the provisions mentioned in paragraph (a), and

(c) any provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of Part 4 of the Pension Schemes Act 1993 (preservation of benefit under occupational pension schemes).'—[Mr. Pond.]

Clause 120, as amended, ordered to stand part of the Bill.

Further consideration adjourned.—[Margaret Moran.]

Adjourned accordingly at fourteen minutes past Four o'clock till Tuesday 30 March at half-past Nine o'clock.