after “person” insert “wilfully, recklessly or unscrupulously”
Bill texts 9
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Amendments 40
Committee stage — Lords 20
Lord Sharkey gives notice of his intention to oppose the Question that Clause 51 stand part of the Bill.
leave out subsection (5)
after “concern” insert “or decides to withdraw from the scheme”
leave out subsection (4)
at end insert— Regulations under subsection (3) must include provision for the scheme to hold a capital buffer in an amount to be specified by the Secretary of State.”
at end insert— If the trustees receive an application under section 95 relating to money purchase benefits that are collective money purchase benefits, the trustees must check that the member or survivor has received appropriate independent advice before—
at end insert— Regulations under subsection (1) must ensure that any information published relating to the scheme must clearly and prominently state that benefits that may be payable under the scheme are only targets and not guaranteed, and that benefits paid may vary, increasing or decreasing from time to time.”
at end insert— rules for ensuring fairness among all members of the scheme.”
at end insert— that the scheme provides for intergenerational fairness among its members, specifically in connection with the amount of benefits paid to pensioners, proposed adjustments to annual benefits and cash equivalent values provided to members wishing to transfer out of the scheme.”
at end insert— the impact of a collective money purchase scheme on private and public sector defined benefit schemes.”
Insert the following new Clause— “Duty to notify the Pensions Regulator: fit and proper persons requirement
after “scheme”, insert “or by an employer”
Test text
leave out lines 33 and 34
at end insert— require information to be made available to the Pensions Regulator relating to actions taken by the scheme to ensure diversity considerations are taken into account in the recruitment of the trustee board with regard to—
at end insert— In determining whether a person had a reasonable excuse under subsection 2(c) the factors to be considered include—
leave out lines 35 and 36 and insert— no reasonable person having regard to all of their duties and all relevant circumstances would have done the act or engaged in the course of conduct.”
at end insert— rules for determining the risk margin to be applied to adjust the transfer value to be paid in respect of a member who has made an application for cash equivalent to account for long-term risks of the scheme’s underperformance and to mitigate inter-generational risks.”
at end insert— processes for regular member data accuracy audits, reporting of error rates in member records and reporting on resolution of any errors.”
Report stage — Lords 20
leave out subsection (11)
leave out “The first”
leave out subsection (6)
leave out “The first”
leave out subsection (7)
leave out “The first”
leave out subsection (6)
leave out “The first”
leave out subsection (9)
leave out “The first”
leave out subsection (5)
leave out “The first”
leave out “Subsequent regulations under subsection (3)(a), and”
leave out “The first”
leave out subsection (8)
at end insert— require information to be published relating to actions taken by the scheme with regard to how scheme investments take environmental, social, and governance factors into account.”
at end insert— require information to be published relating to actions taken by the scheme to ensure diversity considerations are taken into account in the recruitment of the trustee board with regard to—
at end insert— specifying requirements to be met by an employer using or intending to use a qualifying scheme under section 3(3) in respect of the costs under subsection (2) of this section.”
at end insert— processes for regular member data accuracy audits, reporting of error rates in member records and reporting on resolution of any errors.”
leave out “The notice” and insert “Any such notice must include the requirement that trustees make an assessment of the extent to which the scheme is operating in a manner fair to all members and”