HL Deb 12 July 1995 vol 565 cc1741-2

165 Clause 86, page 54, line 23, leave out from second 'section' to 'an' in line 24 and insert '(Forfeiture by reference to obligation to the employer)'.

166 Page 55, line 14, after 'section' insert 'and section (Forfeiture by reference to obligation to the employer)'.

167 After Clause 86, insert the following clause: —

Forfeiture by reference to obligation to the employer

.—(1) Subject to subsection (2), section 86(1) does not prevent forfeiture of a person's entitlement, or accrued right, to a pension under an occupational pension scheme by reference to the person having incurred some monetary obligation due to the employer and arising out of a criminal, negligent or fraudulent act or omission by the person.

(2) A person's entitlement or accrued right to a pension may be forfeited by reason of subsection (1) to the extent only that it does not exceed the amount of the monetary obligation in question, or (if less) the value (determined in the prescribed manner) of the person's entitlement or accrued right to a pension under the scheme.

(3) Such forfeiture as is mentioned in subsection (1) must not take effect where there is a dispute as to amount of the monetary obligation in question, unless the obligation has become enforceable under an order of a competent court or in consequence of an award of an arbitrator or, in Scotland, an arbiter to be appointed (failing agreement between the parties) by the sheriff.

(4) Where a person's entitlement or accrued right to a pension is forfeited by reason of subsection (1), the person must be given a certificate showing the amount forfeited and the effect of the forfeiture on his benefits under the scheme.

(5) Where such forfeiture as is mentioned in subsection (1) occurs, an amount not exceeding the amount forfeited may, if the trustees or managers of the scheme so determine, be paid to the employer.'. '

168 Clause 87, page 55, line 17, after & 86' insert 'and (Forfeiture by reference to obligation to the employer)'.

169 Page 55, line 25, at end insert: '() references to a charge are to be read as references to a right in security or a diligence and "charged" is to be interpreted accordingly,'.

170 Page 55, line 31, leave out from `1980'to end of line 35 and insert: '() the reference to an income payments order under the Insolvency Act 1986 is to be read as a reference to an order under section 32(2) of the Bankruptcy (Scotland) Act 1985, and () the reference to the making of a bankruptcy order is to be read as a reference to the award of sequestration or the making of the appointment of such a judicial factor.'.

Lord Mackay of Ardbrecknish

My Lords, I beg to move that the House do agree with the Commons in their Amendments Nos. 165 to 170 en bloc. I have already spoken to them.

Moved, That the House do agree with the Commons in their Amendments Nos. 165 to 170. —(Lord Mackay of Ardbrecknish.)

On Question, Motion agreed to.