Clause 44 - Commencement

Part of Pension Schemes Bill – in a Public Bill Committee at 9:25 am on 4th November 2014.

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The Schedule inserted by this amendment sets out the legislative framework for the giving of pensions guidance to pension scheme members with a right or entitlement to cash balance benefits or other money purchase benefits by inserting a new Part 20A into the Financial Services and Markets Act 2000 and making consequential amendments.

Amendment (a) to Government new schedule 2, in proposed new section 333B, after “Treasury’s”, insert

“and the Department for Work and Pensions’”.

Amendment (b) to Government new schedule 2, in proposed new section 333B(1) after “Treasury”, insert

“and the Department for Work and Pensions”.

Amendment (c), in proposed new section 333B(2) after “Treasury”, insert

“and the Department for Work and Pensions”.

Amendment (d) to Government new schedule 2, in proposed new section 333C after “(3)”, insert

“subject to the condition in subsection (3A)”.

Amendment (e) to Government new schedule 2, in proposed new section 333C(3) at end insert—

“(3A) The following people may not give pension guidance—

(a) persons set out in section 154(1) of the Finance Act 2004;

(b) persons whose main business is the operation or management of pension schemes;

(c) persons whose main business is the provision of products or other arrangements that provide or are capable of providing income for persons in retirement;

(3B) A person shall not be excluded by subsection (3A) solely for the reason of providing a Pension Scheme for the employees of that Person.”

Amendment (f) to Government new schedule 2, in proposed new section 333E(1) after “(e)”, insert

“Subject to the condition in subsection (1A)”.

Amendment (g) to Government new schedule 2, in proposed new section 333E insert—

“(1A) The following persons may not be designated under section (1)(e)—

(a) persons set out in section 154(1) of the Finance Act 2004;

(b) persons whose main business is the operation or management of Pension Schemes;

(c) persons whose main business is the provision of products or other arrangements that provide or are capable of providing income for persons in retirement;

(1B) A person shall not be excluded by subsection (1A) solely for the reason of providing a Pension Scheme for the employees of that person.”

Amendment (h) to Government new schedule 2, in proposed new section 333E(2) at end insert—

“(1A) The standards in subsection (1) must include—

(a) a guidance session provided by a designated guidance provider should in general be planned to have a duration of at least 30 minutes;

(b) individuals in receipt of guidance should be provided with joining instructions at least 14 days prior to the guidance session which sets out the information needed to make the session effective, including the preparation by the individual of a statement of their financial affairs and sources of income in retirement.”