Prohibition on increasing charges etc during triggering event period

Part of Pension Schemes Bill [Lords] – in a Public Bill Committee at 12:00 pm on 9 February 2017.

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Amendments made: 14, in clause 34, page 23, line 41, after “scheme” insert

“that is a Master Trust scheme”.

This amendment confines clause 34(2) to receiving schemes that are Master Trust schemes (in consequence of the amendment to the definition of “receiving scheme” made by amendment 16).

Amendment 15, in clause 34, page 24, line 16, at end insert—

“(5A) The Secretary of State may by regulations apply some or all of the provisions of this section to a receiving scheme that has characteristics specified in regulations under section 25(1A)(b).”.

This amendment enables the prohibition on increasing administration charges or imposing new administration charges to be applied where members’ rights or benefits are transferred to a pension scheme that is not a Master Trust scheme.

Amendment 16, in clause 34, page 24, line 20, leave out “Master Trust” and insert “pension”.

This amendment amends the definition of “receiving scheme” so that the clause can be applied to pension schemes that are not Master Trust schemes.

Amendment 17, in clause 34, page 24, line 28, at end insert—

“(7A) Regulations under subsection (5A) are subject to affirmative resolution procedure.”.

This amendment makes regulations that apply the clause to non-Master Trust schemes subject to the affirmative procedure.