HC Deb 19 May 1986 vol 98 cc90-1

PERSONAL PENSION PROTECTED RIGHTS PREMIUM

8 pm

Mr. Major

I beg to move amendment No. 13, in page 6, line 12, after 'under', insert `section 52C of or'.

Mr. Deputy Speaker

With this it will he convenient to take Government amendments Nos. 29 and 103.

Mr. Major

Amendment No. 13 and the associated amendments are purely technical amendments which correct a possible inconsistency in the discharge of liability given to trustees or managers of schemes when a member's rights to benefits are secured by an insurance policy or annuity contract. The amendments make it clear that the purchase of such policies or contracts will also discharge trustees or managers of liability for the payment of state scheme premiums.

Amendment agreed to.

Amendments made: No. 14, in page 6, line 17, leave out 'Subject to subsection (9) below'.

No. 15, in page 6, line 21, leave out subsections (9) and (10).

No. 16, in page 7, line 17, after 'premium', insert `together with, if the person in respect of whom it falls to be paid gives notice to the prescribed person within the prescribed period—

  1. (i) the cash equivalent, calculated and verified in the prescribed manner and paid to the Secretary of State within the prescribed period, of any other rights which he has under the scheme and specifies in the notice, and
  2. (ii) the amount of any voluntary contribution paid to the Secretary of State within the prescribed period by, or in respect of, the person concerned.'.
No. 17, in page 7, line 30, at end insert— '(15A) The power to make regulations conferred by subsections (8) and (12) above includes power to provide that cash equivalents are to be calculated and verified in such manner as may be approved in particular cases—
  1. (a) by prescribed persons;
  2. (b) by persons with prescribed professional qualifications or experience; or
  3. (c) by persons approved by the Secretary of State,
and power to provide that they shall be calculated and verified in accordance with guidance prepared by a prescribed body.'.

No. 18, in page 7, line 41. leave out subsections (17) to (19).—[Mr. Major.]

Back to
Forward to