Torsten Bell

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1. “(2B) This sub-paragraph applies where— (a) the qualifying pension scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, (b) that accrual was in relation to GMP indexed service in respect of which the annual payment is payable, and (c) immediately before the scheme began to wind up the scheme rules— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(a), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme.”

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2. “(12) In paragraph 6 of Schedule 3 (determination of certain annual payments)— (a) in sub-paragraph (2)— (i) in the definition of “underlying rate”, after paragraph (a) insert— “(aa) where sub-paragraph (2A) applies, the product of X multiplied by— (i) where the beneficiary is a qualifying member or a survivor or surviving dependant of a qualifying member who died on or after the calculation date— (aa) where the qualifying member is not a qualifying member to whom regulation 17D applied, so much of the revalued notional pension as is attributable to pre-1997 service; or (bb) where the qualifying member is a qualifying member to whom regulation 17D applied, so much of the sum of R-A as is attributable to pre-1997 service; and (ii) where the beneficiary is a survivor or surviving dependant in respect of whom a survivor notional pension has been determined, so much of the survivor notional pension as is attributable to the qualifying member’s pre-1997 service; (ab) where sub-paragraph (2B) applies, the product of X multiplied by— (i) where the beneficiary is a qualifying member or a survivor or surviving dependant of a qualifying member who died on or after the calculation date— (aa) where the qualifying member is not a qualifying member to whom regulation 17D applied, the relevant percentage of so much of the revalued notional pension as is attributable to pre-1997 service; or (bb) where the qualifying member is a qualifying member to whom regulation 17D applied, the relevant percentage of so much of the sum of R-A as is attributable to pre-1997 service; and (ii) where the beneficiary is a survivor or surviving dependant in respect of whom a survivor notional pension has been determined, the relevant percentage of so much of the survivor notional pension as is attributable to the qualifying member’s pre-1997 service;”; (iii) after the definition of “post-1997 service” insert— ““pre-1997 service” means— (a) pensionable service (either actual or notional) which occurred before 6th April 1997; or (b) where the pension was payable to, or in respect of, a qualifying member who is, or was, a pension credit member of the scheme, pension credit rights deriving from rights attributable to service (whether actual or notional) which occurred before 6th April 1997; “relevant percentage” means such percentage as may be determined by the Secretary of State;”; (b) after sub-paragraph (2) insert— “(2A) This sub-paragraph applies where immediately before the qualifying pension scheme began to wind up— (a) the scheme rules included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (b) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (c) that requirement applied in relation to pre-1997 service in respect of which the annual payment is payable.”

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3. “(2D) In sub-paragraphs (2A) to (2C)— “GMP indexation period” means the period beginning with 6 April 1988 and ending with 5 April 1997; “GMP indexed service” means— (a) pensionable service (whether actual or notional) which occurs during the GMP indexation period; or (b) where the ill health payment is payable to, or in respect of, a qualifying member who is, or was, a pension credit member of the scheme, pension credit rights deriving from rights attributable to service (whether actual or notional) which occurred during the GMP indexation period; “guaranteed minimum pension” has the meaning given in section 8(2) of the 1993 Act.” (11) In sub-paragraph (3)— (a) after “attributable to” insert “pre-1997 service or”; (b) for “that amount” substitute “the amount in question”.”

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4. “(2B) This sub-paragraph applies where— (a) the qualifying pension scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, (b) that accrual was in relation to GMP indexed service in respect of which the ill health payment is payable, and (c) immediately before the scheme began to wind up the scheme rules— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(a), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme (2C) For the purposes of sub-paragraphs (2A) and (2B)— (a) in any case where it is unclear to the scheme manager whether, immediately before the scheme began to wind up, the scheme rules included a requirement of the kind mentioned in sub-paragraph (2A)(a), those sub-paragraphs have effect as if the scheme included such a requirement; (b) in any case where it is unclear to the scheme manager whether, immediately before the scheme began to wind up, a requirement of the scheme of a kind mentioned in sub-paragraph (2A)(a) (including such a requirement included by virtue of paragraph (a)) applied in relation to particular pre-1997 service, those sub-paragraphs have effect as if the requirement applied in relation to such service; (c) in any case where it is unclear to the scheme manager whether the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, those sub-paragraphs have effect as if the scheme so provided; (d) in any case where it is unclear to the scheme manager whether the accrual of a guaranteed minimum pension provided by the scheme (including by virtue of paragraph (c)) was in relation to particular GMP indexed service, those sub-paragraphs have effect as if the accrual was in relation to such service.”

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5. “(8) Paragraph 9 of that Schedule is amended in accordance with subsections (9) to (11). (9) In sub-paragraph (2)— (a) after the definition of “E” insert— ““EA” means so much of the expected pension as is attributable to pre-1997 service; “EB” means the relevant percentage of so much of the expected pension as is attributable to pre-1997 service;”; (b) after the definition of “post-1997 service” insert— ““pre-1997 service” means— (a) pensionable service (whether actual or notional) which occurs before 6th April 1997; or (b) where the ill health payment is payable to, or in respect of, a qualifying member who is, or was, a pension credit member of the scheme, pension credit rights deriving from rights attributable to service (whether actual or notional) which occurred before 6th April 1997; “relevant percentage” means such percentage as may be determined by the Secretary of State;”; (c) in paragraph (a) of the definition of “underlying rate”, after sub-paragraph (i) insert— “(ia) where sub-paragraph (2A) applies, the product of X multiplied by (C x EA); (ib) where sub-paragraph (2B) applies, the product of X multiplied by (C x EB);”; (d) in paragraph (b) of the definition of “underlying rate”— (i) omit the “and” at the end of sub-paragraph (i); (ii) after that sub-paragraph insert— “(ia) where sub-paragraph (2A) applies, so much of the amount “A” for the purposes of paragraph 2 as is, proportionately, attributable to pre-1997 service; (ib) where sub-paragraph (2B) applies, the relevant percentage of so much of the amount “A” for the purposes of paragraph 2 as is, proportionately, attributable to pre-1997 service; and”; (10) After sub-paragraph (2) insert— “(2A) This sub-paragraph applies where immediately before the qualifying pension scheme began to wind up— (a) the scheme rules included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (b) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (c) that requirement applied in relation to pre-1997 service in respect of which the ill health payment is payable.”

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6. “(2D) In sub-paragraphs (2B) and (2C)— “GMP indexation period” means the period beginning with 6 April 1988 and ending with 5 April 1997; “GMP indexed service” means— (a) pensionable service (whether actual or notional) which occurs during the GMP indexation period; or (b) where the annual payment is payable to, or in respect of, a qualifying member who is, or was, a pension credit member of the scheme, pension credit rights deriving from rights attributable to service (whether actual or notional) which occurred during the GMP indexation period.” (6) In sub-paragraph (3)— (a) after “attributable to” insert “pre-1997 service or”; (b) for “that amount” substitute “the amount in question”. (7) In paragraph 7(1)(b) of Schedule 2A (determination of ill health and interim ill health payments), after “(b)(i)” insert “, (ia) and (ib)”.”

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7. “(2C) For the purposes of sub-paragraphs (2A) and (2B)— (a) in any case where it is unclear to the scheme manager whether, immediately before the scheme began to wind up, the scheme rules included a requirement of the kind mentioned in sub-paragraph (2A)(a), those sub-paragraphs have effect as if the scheme included such a requirement; (b) in any case where it is unclear to the scheme manager whether, immediately before the scheme began to wind up, a requirement of the scheme of a kind mentioned in sub-paragraph (2A)(a) (including such a requirement included by virtue of paragraph (a)) applied in relation to particular pre-1997 service, those sub-paragraphs have effect as if the requirement applied in relation to such service; (c) in any case where it is unclear to the scheme manager whether the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, those sub-paragraphs have effect as if the scheme so provided; (d) in any case where it is unclear to the scheme manager whether the accrual of a guaranteed minimum pension provided by the scheme (including by virtue of paragraph (c)) was in relation to particular GMP indexed service, those sub-paragraphs have effect as if the accrual was in relation to such service.”

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8. “(2B) This sub-paragraph applies where— (a) the qualifying pension scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, (b) that accrual was in relation to GMP indexed service in respect of which the annual payment is payable, and (c) immediately before the scheme began to wind up the scheme rules— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(a), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme.”

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9. “(5) After sub-paragraph (2) insert— “(2A) This sub-paragraph applies where, immediately before the qualifying pension scheme began to wind up— (a) the scheme rules included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (b) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (c) that requirement applied in relation to pre-1997 service in respect of which the annual payment is payable.”

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10. “(4) In sub-paragraph (2)— (a) in paragraph (a) of the definition of “underlying rate”, after sub-paragraph (i) insert— “(ia) where sub-paragraph (2A) applies, the product of X multiplied by so much of the expected pension as is attributable to pre-1997 service; (ib) where sub-paragraph (2B) applies, the product of X multiplied by the relevant percentage of so much of the expected pension as is attributable to pre-1997 service;”; (b) in paragraph (b) of the definition of “underlying rate”— (i) omit the “and” at the end of sub-paragraph (i); (ii) after that sub-paragraph insert— “(ia) where sub-paragraph (2A) applies, so much of the expected pension as is, proportionally, attributable to pre-1997 service; (ib) where sub-paragraph (2B) applies, the relevant percentage of so much of the expected pension as is, proportionally, attributable to pre-1997 service; and”; (c) after the definition of “post-1997 service” insert— ““pre-1997 service” means— (a) pensionable service (whether actual or notional) which occurs before 6th April 1997; or (b) where the annual payment is payable to, or in respect of, a qualifying member who is, or was, a pension credit member of the scheme, pension credit rights deriving from rights attributable to service (whether actual or notional) which occurred before 6th April 1997; “relevant percentage” means such percentage as may be determined by the Secretary of State;”.”

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11. “Brought up , read the First and Second time, and added to the Bill. New Clause 33 Financial Assistance Scheme: indexation of payments for pre-1997 service “(1) The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986) are amended as follows. (2) In paragraph 7(1)(b) of Schedule 2 (determination of annual and initial payments), after “(b)(i)” insert “, (ia) and (ib)”. (3) Paragraph 9 of that Schedule is amended in accordance with subsections (4) to (6).”

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12. “(6D) For the purposes of paragraph (a) of the definition of “the pre-1997 underlying rate”, “the pre-1997 indexed proportion” is the proportion of the amount mentioned in sub-paragraph (3)(a) of the paragraph of that Schedule under which the transferor’s PPF compensation is payable that is attributable to pre-1997 service.”; (g) in sub-paragraph (7), for ““the underlying rate”” substitute ““the general underlying rate”, the definition of “the notional pre-1997 underlying rate”, the definition of “the post-1997 underlying rate” and the definition of “the pre-1997 underlying rate””; (h) for sub-paragraph 9 substitute— “(9) In this paragraph— “GMP indexation period” means the period beginning with 6 April 1988 and ending with 5 April 1997; “guaranteed minimum pension” has the same meaning as in the Pension Schemes Act (see section 4(2) of that Act); “post-1997 service” , “pre-1997 service” and “GMP indexed service” have the same meaning as in paragraph 28 of Schedule 6 to the 2005 Order (annual increase in periodic compensation); “the assessment date” , in relation to a pension scheme, has the same meaning as in that Schedule (see paragraph 2 of that Schedule).” (6) In paragraph 20, in sub-paragraph (1)(b), for “for the purposes of paragraph 17(2)” substitute “— (i) of the pre-1997 underlying rate and of the notional pre-1997 underlying rate for the purposes of sub-paragraphs (2E) and (2F) of paragraph 17; (ii) of the post-1997 underlying rate for the purposes of sub-paragraphs (2E), (2F) and (2G) of that paragraph; (iii) of the general underlying rate for the purposes of sub-paragraph (2H) of that paragraph.””— ( Torsten Bell.) This new clause makes provision for certain compensation paid by the Pension Protection Fund in respect of a person’s pre-1997 pensionable service under legislation extending to Northern Ireland to be increased annually.”

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13. “(6B) For the purposes of paragraph (a) of the definition of “the notional pre-1997 underlying rate”, “the notional pre-1997 indexed proportion” is such proportion of the amount mentioned in sub-paragraph (3)(a) of the paragraph of Schedule 6 to the 2005 Order under which the transferor’s PPF compensation is payable that is attributable to pre-1997 service as may be prescribed. (6C) For the purposes of paragraph (a) of the definition of “the post-1997 underlying rate”, “the post-1997 indexed proportion” is the proportion of the amount mentioned in sub-paragraph (3)(a) of the paragraph of that Schedule under which the transferor’s PPF compensation is payable that is attributable to post-1997 service.”

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14. “(2G) The amount mentioned in this sub-paragraph is the appropriate percentage of the post-1997 underlying rate. (2H) The amount mentioned in this sub-paragraph is the appropriate percentage of the general underlying rate.” (b) in sub-paragraph (3), for “(2)” substitute “(2E), (2F), (2G) or (2H) (as the case may be)”; (c) after sub-paragraph (3) insert— “(3A) For the purposes of sub-paragraphs (2A) to (2C)— (a) in any case where it is unclear to the Board whether, immediately before the assessment date, the admissible rules of the scheme included a requirement of the kind mentioned in sub- paragraph (2A)(b)(i), those sub-paragraphs have effect as if the scheme included such a requirement; (b) in any case where it is unclear to the Board whether, immediately before the assessment date, a requirement of the scheme of a kind mentioned in sub-paragraph (2A)(b)(i) (including such a requirement included by virtue of paragraph (a)) applied in relation to particular pre-1997 service, those sub-paragraphs have effect as if the requirement applied in relation to such service; (c) in any case where it is unclear to the Board whether the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, those sub-paragraphs have effect as if the scheme so provided; (d) in any case where it is unclear to the Board whether the accrual of a guaranteed minimum pension provided by the scheme (including by virtue of paragraph (c)) was in relation to particular GMP indexed service, those sub-paragraphs have effect as if the accrual was in relation to such service.” (d) in sub-paragraph (4)— (i) in the opening words, for “sub-paragraph (2)” substitute “sub-paragraphs (2) to (2H)”; (ii) for the definition of “the underlying rate” substitute— ““the general underlying rate” , as at an indexation date, is the aggregate of— (a) the general indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b); “the notional pre-1997 underlying rate” , as at an indexation date, is the aggregate of— (a) the notional pre-1997 indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b); “the post-1997 underlying rate” , as at an indexation date, is the aggregate of— (a) the post-1997 indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b); “the pre-1997 underlying rate” , as at an indexation date, is the aggregate of— (a) the pre-1997 indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b).”; (e) omit sub-paragraphs (5) and (6); (f) before sub-paragraph (7) insert— “(6A) For the purposes of paragraph (a) of the definition of “the general underlying rate”, “the general indexed proportion” is such proportion as is determined in accordance with regulations made by the Department.”

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15. “(2C) This sub-paragraph applies where— (a) the transferor's PPF compensation is payable in accordance with the relevant Schedule 6 provisions, and (b) neither sub-paragraph (2A) nor sub-paragraph (2B) applies. (2D) This sub-paragraph applies where the transferor's PPF compensation is payable otherwise than in accordance with the relevant Schedule 6 provisions. (2E) The amount mentioned in this sub-paragraph is the aggregate of the appropriate percentage of the pre-1997 underlying rate and the appropriate percentage of the post-1997 underlying rate. (2F) The amount mentioned in this sub-paragraph is the aggregate of the appropriate percentage of the notional pre-1997 underlying rate and the appropriate percentage of the post-1997 underlying rate.”

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16. “(2B) This sub-paragraph applies where— (a) the transferor's PPF compensation is payable in accordance with the relevant Schedule 6 provisions, (b) the scheme in respect of which that compensation is payable provided a guaranteed minimum pension that accrued during the GMP indexation period, (c) that accrual was in relation to GMP indexed service in respect of which that compensation is payable, and (d) immediately before the assessment date the admissible rules of that scheme— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(b)(i), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme.”

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17. “(2A) This sub-paragraph applies where— (a) the transferor's PPF compensation is payable in accordance with paragraph 3, 5, 8, 11, 15 or 22 of Schedule 6 to the 2005 Order (“the relevant Schedule 6 provisions”), and (b) immediately before the assessment date — (i) the admissible rules of the scheme in respect of which that compensation is payable included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (ii) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (iii) that requirement applied in relation to pre-1997 service in respect of which that compensation is payable.”

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18. “(5) In paragraph 17— (a) for sub-paragraph (2) substitute— “(2) Subject to sub-paragraph (3), the transferee is entitled, on each indexation date, to an increase of— (a) where sub-paragraph (2A) applies, the amount mentioned in sub-paragraph (2E); (b) where sub-paragraph (2B) applies, the amount mentioned in sub-paragraph (2F); (c) where sub-paragraph (2C) applies, the amount mentioned in sub-paragraph (2G); (d) where sub-paragraph (2D) applies, the amount mentioned in sub-paragraph (2H).”

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19. “(3) In paragraph 29, for sub-paragraph (2) substitute— “(2) The Board may also determine the percentage that is to be— (a) the appropriate percentage for the purposes of sub-paragraphs (2C) and (2D) of paragraph 28; (b) the appropriate percentage for the purposes of sub-paragraph (2E) of that paragraph, (and where it does so, the definition of “appropriate percentage” in paragraph 28(3) does not apply in relation to the sub-paragraph in question).” (4) Schedule 4 to the Pensions (No.2) Act (Northern Ireland) 2008 (pension compensation payable on discharge of pension compensation credit) is amended in accordance with subsections (5) and (6).”

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20. “(2I) In any case where it is unclear to the Board whether the accrual of a guaranteed minimum pension provided by the scheme (including by virtue of sub-paragraph (2H)) was in relation to particular GMP indexed service, this paragraph has effect as if the accrual was in relation to such service.” (b) in sub-paragraph (3)— (i) in the opening words for “sub-paragraph (2)” substitute “sub-paragraphs (2) to (2E)”; (ii) for both definitions of “underlying rate” substitute— ““notional pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date; “notional pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 5, 8, 11 or 15, the aggregate of— (a) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, (b) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(aa) of the paragraph in question as is attributable to pre-1997 service, and (c) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amounts within paragraphs (a) and (b) of this definition immediately before the indexation date; “post-1997 underlying rate” means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to post-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date; “post-1997 underlying rate” means, in the case of periodic compensation under paragraph 5, 8, 11 or 15, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to post-1997 service, (b) so much of the amount mentioned in sub-paragraph (3)(aa) of the paragraph in question as is attributable to post-1997 service, and (c) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amounts within paragraphs (a) and (b) of this definition immediately before the indexation date; “pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date; “pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 5, 8, 11 or 15, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, (b) so much of the amount mentioned in sub-paragraph (3)(aa) of the paragraph in question as is attributable to pre-1997 service, and (c) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amounts within paragraphs (a) and (b) of this definition immediately before the indexation date.”; (c) in sub-paragraph (5)— (i) in paragraph (a), for “sub-paragraph (2), each definition of “underlying rate”” substitute “sub-paragraphs (2C) to (2E), each definition of “notional pre-1997 underlying rate”, “post-1997 underlying rate” and “pre-1997 underlying rate””; (ii) in paragraph (c), for “sub-paragraph (2), the definition of “underlying rate”” substitute “sub-paragraphs (2C) to (2E), the definition of “notional pre-1997 underlying rate”, the definition of “post-1997 underlying rate” and the definition of “pre-1997 underlying rate””; (d) in sub-paragraph (6), before the definition of “post-1997 service” insert— ““GMP indexation period” means the period beginning with 6 April 1988 and ending with 5 April 1997; “GMP indexed service” means— (a) pensionable service which is within paragraph 36(4)(a) and occurs during the GMP indexation period, or (b) pensionable service which is within paragraph 36(4)(b) and meets such requirements as may be prescribed; “guaranteed minimum pension” has the same meaning as in the Pension Schemes Act (see section 4(2) of that Act);”; (e) in sub-paragraph (7), for “and “pre-1997 service”” substitute “, “pre-1997 service” and “GMP indexed service””.”

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21. “(2G) In any case where it is unclear to the Board whether, immediately before the assessment date, a requirement of the scheme of a kind mentioned in sub-paragraph (2A)(a) (including such a requirement included by virtue of sub-paragraph (2F)) applied in relation to particular pre-1997 service, this paragraph has effect as if the requirement applied in relation to such service. (2H) In any case where it is unclear to the Board whether the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, this paragraph has effect as if the scheme so provided.”

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22. “(2E) The amount mentioned in this sub-paragraph is— (a) the appropriate percentage of the amount of the post-1997 underlying rate immediately before the indexation date, or (b) where the person first became entitled to the periodic compensation during the period of 12 months ending immediately before that date, 1/12th of that amount for each full month for which the person was so entitled. (2F) In any case where it is unclear to the Board whether, immediately before the assessment date, the admissible rules of the scheme included a requirement of the kind mentioned in sub-paragraph (2A)(a), this paragraph has effect as if the scheme included such a requirement.”

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23. “(2C) The amount mentioned in this sub-paragraph is— (a) the appropriate percentage of the amount of the pre-1997 underlying rate immediately before the indexation date, or (b) where the person first became entitled to the periodic compensation during the period of 12 months ending immediately before that date, 1/12th of that amount for each full month for which the person was so entitled. (2D) The amount mentioned in this sub-paragraph is— (a) the appropriate percentage of the amount of the notional pre-1997 underlying rate immediately before the indexation date, or (b) where the person first became entitled to the periodic compensation during the period of 12 months ending immediately before that date, 1/12th of that amount for each full month for which the person was so entitled.”

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24. “(2B) This sub-paragraph applies where— (a) the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, (b) that accrual was in relation to GMP indexed service in respect of which the compensation is payable, and (c) immediately before the assessment date the admissible rules of the scheme— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(a), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme.”

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25. “(2A) This sub-paragraph applies where, immediately before the assessment date— (a) the admissible rules of the scheme included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (b) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (c) that requirement applied in relation to pre-1997 service in respect of which the compensation is payable.”

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26. “(2) In paragraph 28— (a) for sub-paragraph (2) substitute— “(2) Where a person is entitled to periodic compensation under any of those paragraphs, the person is entitled, on the indexation date, to an increase under this paragraph of— (a) where sub-paragraph (2A) applies, the aggregate of the amount mentioned in sub-paragraph (2C) and the amount mentioned in sub-paragraph (2E); (b) where sub-paragraph (2B) applies, the aggregate of the amount mentioned in sub-paragraph (2D) and the amount mentioned in sub-paragraph (2E); (c) in any other case, the amount mentioned in sub-paragraph (2E).”

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27. “New Clause 32 Indexation of periodic compensation for pre-1997 service: Northern Ireland “(1) Schedule 6 to the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) (pension compensation provisions) is amended in accordance with subsections (2) and (3).”

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28. “(6) In paragraph 20, in sub-paragraph (1)(b), for “for the purposes of paragraph 17(2)” substitute “— (i) of the pre-1997 underlying rate and of the notional pre-1997 underlying rate for the purposes of sub-paragraphs (2E) and (2F) of paragraph 17; (ii) of the post-1997 underlying rate for the purposes of sub-paragraphs (2E), (2F) and (2G) of that paragraph; (iii) of the general underlying rate for the purposes of sub-paragraph (2H) of that paragraph.””— ( Torsten Bell.) This new clause makes provision for certain compensation paid by the Pension Protection Fund in respect of a person’s pre-1997 pensionable service under legislation extending to England and Wales and Scotland to be increased annually. Brought up, read the First and Second time, and added to the Bill.”

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29. “(6D) For the purposes of paragraph (a) of the definition of “the pre-1997 underlying rate”, “the pre-1997 indexed proportion” is the proportion of the amount mentioned in sub-paragraph (3)(a) of the paragraph of that Schedule under which the transferor’s PPF compensation is payable that is attributable to pre-1997 service.”; (g) in sub-paragraph (7), for ““the underlying rate”” substitute ““the general underlying rate”, the definition of “the notional pre-1997 underlying rate”, the definition of “the post-1997 underlying rate” and the definition of “the pre-1997 underlying rate””; (h) in paragraph (9)— (i) before the definition of “post-1997 service” insert— ““GMP indexation period” means the period beginning with 6 April 1988 and ending with 5 April 1997; “guaranteed minimum pension” has the same meaning as in the Pension Schemes Act 1993 (see section 8(2) of that Act);”; (ii) in the definition of “post-1997 service” for “has” substitute “, “pre-1997 service” and “GMP indexed service” have”; (iii) after that definition insert— ““the assessment date” , in relation to a pension scheme, has the same meaning as in that Schedule (see paragraph 2 of that Schedule);”.”

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30. “(6B) For the purposes of paragraph (a) of the definition of “the notional pre-1997 underlying rate”, “the notional pre-1997 indexed proportion” is such proportion of the amount mentioned in sub-paragraph (3)(a) of the paragraph of Schedule 7 to the Pensions Act 2004 under which the transferor’s PPF compensation is payable that is attributable to pre-1997 service as may be prescribed. (6C) For the purposes of paragraph (a) of the definition of “the post-1997 underlying rate”, “the post-1997 indexed proportion” is the proportion of the amount mentioned in sub-paragraph (3)(a) of the paragraph of that Schedule under which the transferor’s PPF compensation is payable that is attributable to post-1997 service.”

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31. “(2G) The amount mentioned in this sub-paragraph is the appropriate percentage of the post-1997 underlying rate. (2H) The amount mentioned in this sub-paragraph is the appropriate percentage of the general underlying rate.” (b) in sub-paragraph (3), for “(2)” substitute “(2E), (2F), (2G) or (2H) (as the case may be)”; (c) after sub-paragraph (3) insert— “(3A) For the purposes of sub-paragraphs (2A) to (2C)— (a) in any case where it is unclear to the Board whether, immediately before the assessment date, the admissible rules of the scheme included a requirement of the kind mentioned in sub-paragraph (2A)(b)(i), those sub-paragraphs have effect as if the scheme included such a requirement; (b) in any case where it is unclear to the Board whether, immediately before the assessment date, a requirement of the scheme of a kind mentioned in sub-paragraph (2A)(b)(i) (including such a requirement included by virtue of paragraph (a)) applied in relation to particular pre-1997 service, those sub-paragraphs have effect as if the requirement applied in relation to such service; (c) in any case where it is unclear to the Board whether the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, those sub-paragraphs have effect as if the scheme so provided; (d) in any case where it is unclear to the Board whether the accrual of a guaranteed minimum pension provided by the scheme (including by virtue of paragraph (c)) was in relation to particular GMP indexed service, those sub-paragraphs have effect as if the accrual was in relation to such service.” (d) in sub-paragraph (4)— (i) in the opening words, for “sub-paragraph (2)” substitute “sub-paragraphs (2) to (2H)”; (ii) for the definition of “the underlying rate” substitute— ““the general underlying rate” , as at an indexation date, is the aggregate of— (a) the general indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b); “the notional pre-1997 underlying rate” , as at an indexation date, is the aggregate of— (a) the notional pre-1997 indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b); “the post-1997 underlying rate” , as at an indexation date, is the aggregate of— (a) the post-1997 indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b); “the pre-1997 underlying rate” , as at an indexation date, is the aggregate of— (a) the pre-1997 indexed proportion of the aggregate of the initial annual rate of compensation and (in the case of compensation payable under paragraph 6), the revaluation amount, (b) so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and (c) so much of any annual increase to which the transferee is entitled under this paragraph in respect of earlier indexation dates as relates to the amounts in paragraphs (a) and (b).”; (e) omit sub-paragraphs (5) and (6); (f) before sub-paragraph (7) insert— “(6A) For the purposes of paragraph (a) of the definition of “the general underlying rate”, “the general indexed proportion” is such proportion as is determined in accordance with regulations made by the Secretary of State.”

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32. “(2C) This sub-paragraph applies where— (a) the transferor's PPF compensation is payable in accordance with the relevant Schedule 7 provisions, and (b) neither sub-paragraph (2A) nor sub-paragraph (2B) applies. (2D) This sub-paragraph applies where the transferor's PPF compensation is payable otherwise than in accordance with the relevant Schedule 7 provisions. (2E) The amount mentioned in this sub-paragraph is the aggregate of the appropriate percentage of the pre-1997 underlying rate and the appropriate percentage of the post-1997 underlying rate. (2F) The amount mentioned in this sub-paragraph is the aggregate of the appropriate percentage of the notional pre-1997 underlying rate and the appropriate percentage of the post-1997 underlying rate.”

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33. “(2B) This sub-paragraph applies where— (a) the transferor's PPF compensation is payable in accordance with the relevant Schedule 7 provisions, (b) the scheme in respect of which that compensation is payable provided a guaranteed minimum pension that accrued during the GMP indexation period, (c) that accrual was in relation to GMP indexed service in respect of which that compensation is payable, and (d) immediately before the assessment date the admissible rules of that scheme— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(b)(i), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme.”

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34. “(2A) This sub-paragraph applies where— (a) the transferor's PPF compensation is payable in accordance with paragraph 3, 5, 8, 11, 15 or 22 of Schedule 7 to the Pensions Act 2004 (“the relevant Schedule 7 provisions”), and (b) immediately before the assessment date— (i) the admissible rules of the scheme in respect of which that compensation is payable included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (ii) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (iii) that requirement applied in relation to pre-1997 service in respect of which that compensation is payable.”

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35. “(5) In paragraph 17— (a) for sub-paragraph (2) substitute— “(2) Subject to sub-paragraph (3), the transferee is entitled, on each indexation date, to an increase of— (a) where sub-paragraph (2A) applies, the amount mentioned in sub-paragraph (2E); (b) where sub-paragraph (2B) applies, the amount mentioned in sub-paragraph (2F); (c) where sub-paragraph (2C) applies, the amount mentioned in sub-paragraph (2G); (d) where sub-paragraph (2D) applies, the amount mentioned in sub-paragraph (2H).”

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36. “(3) In paragraph 29, for sub-paragraph (2) substitute— “(2) The Board may also determine the percentage that is to be— (a) the appropriate percentage for the purposes of sub-paragraphs (2C) and (2D) of paragraph 28; (b) the appropriate percentage for the purposes of sub-paragraph (2E) of that paragraph, (and where it does so, the definition of “appropriate percentage” in paragraph 28(3) does not apply in relation to the sub-paragraph in question).” (4) Schedule 5 to the Pensions Act 2008 (pension compensation payable on discharge of pension compensation credit) is amended in accordance with subsections (5) and (6).”

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37. “(2I) In any case where it is unclear to the Board whether the accrual of a guaranteed minimum pension provided by the scheme (including by virtue of sub-paragraph (2H)) was in relation to particular GMP indexed service, this paragraph has effect as if the accrual was in relation to such service.” (b) in sub-paragraph (3)— (i) in the opening words for “sub-paragraph (2)” substitute “sub-paragraphs (2) to (2E)”; (ii) for both definitions of “underlying rate” substitute— ““notional pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date; “notional pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 5, 8, 11 or 15, the aggregate of— (a) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, (b) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(aa) of the paragraph in question as is attributable to pre-1997 service, and (c) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amounts within paragraphs (a) and (b) of this definition immediately before the indexation date; “post-1997 underlying rate” means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to post-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date; “post-1997 underlying rate” means, in the case of periodic compensation under paragraph 5, 8, 11 or 15, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to post-1997 service, (b) so much of the amount mentioned in sub-paragraph (3)(aa) of the paragraph in question as is attributable to post-1997 service, and (c) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amounts within paragraphs (a) and (b) of this definition immediately before the indexation date; “pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date; “pre-1997 underlying rate” means, in the case of periodic compensation under paragraph 5, 8, 11 or 15, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, (b) so much of the amount mentioned in sub-paragraph (3)(aa) of the paragraph in question as is attributable to pre-1997 service, and (c) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amounts within paragraphs (a) and (b) of this definition immediately before the indexation date.”; (c) in sub-paragraph (5)— (i) in paragraph (a), for “sub-paragraph (2), each definition of “underlying rate”” substitute “sub-paragraphs (2C) to (2E), each definition of “notional pre-1997 underlying rate”, “post-1997 underlying rate” and “pre-1997 underlying rate””; (ii) in paragraph (c), for “sub-paragraph (2), the definition of “underlying rate”” substitute “sub-paragraphs (2C) to (2E), the definition of “notional pre-1997 underlying rate”, the definition of “post-1997 underlying rate” and the definition of “pre-1997 underlying rate””; (d) in sub-paragraph (6), before the definition of “post-1997 service” insert— ““GMP indexation period” means the period beginning with 6 April 1988 and ending with 5 April 1997; “GMP indexed service” means— (a) pensionable service which is within paragraph 36(4)(a) and occurs during the GMP indexation period, or (b) pensionable service which is within paragraph 36(4)(b) and meets such requirements as may be prescribed; “guaranteed minimum pension” has the same meaning as in the Pension Schemes Act 1993 (see section 8(2) of that Act);”; (e) in sub-paragraph (7), for “and “pre-1997 service”” substitute “, “pre-1997 service” and “GMP indexed service””.”

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38. “(2G) In any case where it is unclear to the Board whether, immediately before the assessment date, a requirement of the scheme of a kind mentioned in sub-paragraph (2A)(a) (including such a requirement included by virtue of sub-paragraph (2F)) applied in relation to particular pre-1997 service, this paragraph has effect as if the requirement applied in relation to such service. (2H) In any case where it is unclear to the Board whether the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, this paragraph has effect as if the scheme so provided.”

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39. “(2E) The amount mentioned in this sub-paragraph is— (a) the appropriate percentage of the amount of the post-1997 underlying rate immediately before the indexation date, or (b) where the person first became entitled to the periodic compensation during the period of 12 months ending immediately before that date, 1/12th of that amount for each full month for which the person was so entitled. (2F) In any case where it is unclear to the Board whether, immediately before the assessment date, the admissible rules of the scheme included a requirement of the kind mentioned in sub-paragraph (2A)(a), this paragraph has effect as if the scheme included such a requirement.”

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40. “(2C) The amount mentioned in this sub-paragraph is— (a) the appropriate percentage of the amount of the pre-1997 underlying rate immediately before the indexation date, or (b) where the person first became entitled to the periodic compensation during the period of 12 months ending immediately before that date, 1/12th of that amount for each full month for which the person was so entitled. (2D) The amount mentioned in this sub-paragraph is— (a) the appropriate percentage of the amount of the notional pre-1997 underlying rate immediately before the indexation date, or (b) where the person first became entitled to the periodic compensation during the period of 12 months ending immediately before that date, 1/12th of that amount for each full month for which the person was so entitled.”

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41. “(2B) This sub-paragraph applies where— (a) the scheme provided a guaranteed minimum pension that accrued during the GMP indexation period, (b) that accrual was in relation to GMP indexed service in respect of which the compensation is payable, and (c) immediately before the assessment date the admissible rules of the scheme— (i) did not include a requirement of the kind mentioned in sub-paragraph (2A)(a), or (ii) included such a requirement only in relation to a guaranteed minimum pension provided by the scheme.”

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42. “(2A) This sub-paragraph applies where, immediately before the assessment date— (a) the admissible rules of the scheme included a requirement for all or any part of so much of the annual rate of a pension in payment under the scheme as is attributable to a person’s pre-1997 service to be increased annually, (b) that requirement did not apply only in relation to a guaranteed minimum pension provided by the scheme, and (c) that requirement applied in relation to pre-1997 service in respect of which the compensation is payable.”

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43. “(2) In paragraph 28— (a) for sub-paragraph (2) substitute— “(2) Where a person is entitled to periodic compensation under any of those paragraphs, the person is entitled, on the indexation date, to an increase under this paragraph of— (a) where sub-paragraph (2A) applies, the aggregate of the amount mentioned in sub-paragraph (2C) and the amount mentioned in sub-paragraph (2E); (b) where sub-paragraph (2B) applies, the aggregate of the amount mentioned in sub-paragraph (2D) and the amount mentioned in sub-paragraph (2E); (c) in any other case, the amount mentioned in sub-paragraph (2E).”

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44. “New clause 30 accordingly read a Second time, and added to the Bill. New Clause 31 Indexation of periodic compensation for pre-1997 service: Great Britain “(1) Schedule 7 to the Pensions Act 2004 (pension compensation provisions) is amended in accordance with subsections (2) and (3).”

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45. “Following on from other issues raised in Committee, I am pleased to report that following the findings of the curriculum and assessment review, the Government will make financial education compulsory in primary schools in England. One issue raised in Committee was the Department’s monitoring and evaluation plans for the policy programme set out in the Bill, not least the guided retirement measures. Those comments have been taken on board; an updated impact assessment this week lays out how we intend to approach monitoring impact. I have endeavoured to do justice to the very wide range of different issues raised during the debate today. I hope hon. Members will support Government amendments that build on policies that will make a real difference to all our constituents in the decades to come. Question put and agreed to.”

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46. “I would just like to cover some of the commitments I made in Committee. [ Interruption. ] I know this is going to be electric for all Members. That is the kind of enthusiasm I hope to see from more Members across the House. I will make a quick update on pensions dashboards, which at least one Member will appreciate. User testing on pensions dashboards has begun. I know that will thrill everybody in this House. [Hon. Members: “Hear, hear.”] That is the attitude we need! [ Laughter. ] It will ramp up over the course of the next year, with greater volumes and more focus on consumer behaviour. We will be conducting a full evaluation of pensions dashboards over the coming years as the service goes live. That will include the impact of dashboards on engagement with pensions. I commit to update the House on that work in due course.”

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47. “That said, she has spoken powerfully on that point and I will speak to the PPF at my next meeting with the chief executive and the chair to see what more can be done. I thank her for raising those issues. I also thank the hon. Member for Horsham for bringing us back to the question of advice and guidance. Most of us do need help in preparing for retirement. However, I take a slightly more positive view of the current provision of free guidance through the Money and Pensions Service. I also agree a bit more with the hon. Member for Mid Dunbartonshire (Susan Murray) that the task of Government is to reduce the complexity in our pensions system, rather than just hoping that ever more advice will help savers to navigate it. That is exactly why the parts of the Bill on guided retirement and small pots are so important as we move forward.”

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48. “Member for Stratford-on-Avon spoke powerfully to her new clause 3, as did the hon. Member for Mid Dorset and North Poole (Vikki Slade). I believe the PPF works hard to make sure that it can deal quickly with payments for people with terminal illness, and the Bill contains other measures that mean it can do that at an earlier point in someone’s prognosis. The SR1 form would already be sufficient for the PPF to provide the certainty that the hon. Member for Stratford-on-Avon is looking for. I have checked with the PPF to ensure that currently within the PPF and the FAS we do not currently have any outstanding requests for such payments where they have been unable to make them, for example for the reasons of not having sufficient evidence.”

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49. “Member for Horsham, and I encourage him to make sure that no Liberal Democrat anywhere opposes construction projects—I have seen the leaflets—be they for energy, roads, housing or anything else. A crucial point was raised in Committee about the importance of monitoring these commitments, and I can confirm that since then the ABI and Pensions UK have committed that they will work together to track progress. I hope that helps answer some of the questions raised in Committee. The proposals to add to the matters on which the Government must report are, I believe, unnecessary, as any exercise of the power would be subject to a wide range of safeguards—not only the production of a report about the impacts on savers and growth, but a savers’ interest test. The hon.”

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50. “As I mentioned in my opening remarks, we will also bring forward legislation to clarify that trustees can take systemic factors into account when making their investment decisions. I hope this provides hon. Members with significant reassurance on those points. The hon. Members for North West Norfolk and for Torbay returned to the issue, which we discussed extensively in Committee and on Second Reading, on the limited reserve or backstop asset allocation power. As I have repeatedly made it clear to this House, we do not currently anticipate it will need to be used. That is precisely because of the industry’s commitment to the Mansion House accord and wider support from the pension industry for greater investment in private assets. I welcome the recognition of the importance of the pipeline of projects by the hon.”

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