Place in draft bill
|
Amendment
|
Proposed by
|
Reference
|
Clause 3 |
This clause should be altered to omit the requirement for a third party to participate in Family Law Bar negotiating process.
|
Family Law Bar Association
|
DSS 70, paragraph 9.8
|
Clauses 3(1)(b)(i), 3(1)(c)(i) & 3(2)(b)
|
The parties may make a pension sharing agreement in a form to be approved. Consensual resolution of these issues is desirable; but the technical requirements are not straightforward and there should definitely be a prescribed form.
|
Family Law Bar Association
|
Ev.p.52, paragraph 13
Q.273
|
Clause 3(2) |
The definition of "qualifying agreement" is unduly restrictive and does not embrace the type of agreement envisaged by the Family Law Act 1996,l s 9(2)(c)
|
Solicitors' Family Law Association
|
Appendix 9, paragraph 12.2
|
Clause 3(2) |
Needs to specify that any agreement reached after mediation or other form of negotiation involving a third party must be subject to independent legal advice from a solicitor. It would be naïve to allow couples to reach a binding pension sharing arrangement without such advice.
|
National Stepfamily Association
|
DSS 40, paragraph 4.1
|
Clause 3(2)(a) & (b)
|
It needs to be clear whether "negotiation involving a third party" includes the information meeting which one of the divorcing parties is required to attend, ie would the solicitor conducting that meeting be regarded as the third party referred to?
|
Association of British Insurers
|
DSS 62, paragraph 4.2
|
Clause 3(6) |
If it is considered necessary to have this provision at all, clause 3(6) should spell out the precise consequences for all parties if pension trustees are not served within two months of the divorce.
|
Family Law Bar Association
|
DSS 70, paragraph 9.9
|
Clause 3(6) |
What happens where the pension sharing order is not sent to the scheme by the person receiving the pension credit within the two month time limit needs to be covered.
|
Association of British Insurers
|
DSS 62, paragraph 4.3
|
Clause 3(6) |
This paragraph should be amended to include a provision requiring the scheme member or beneficiary to give notice, and providing for sanctions in the event of default, or continued default.
|
Association of District Judges
|
DSS 64, paragraph 5.3
|
Clauses 3(6), 4(1)(b), 8(1), 8(2)(b), Schedule 2 paragraph 3(3)
|
The references to "person responsible", "the person responsible", "a person" and "any trustee or manager" require clarification.
|
National Association of Pension Funds
|
Appendix 13, Annex paragraphs 3,4,10,12
|
Clause 4 |
Concern is expressed that Pension Sharing can apply to pensions in payment - more particularly where these have been secured by means of an annuity.
|
Legal & General
|
DSS 28, Part2, paragraph (A)1
|
Clause 4(4) |
The reference to "future benefits" in Clause 4(4) is puzzling. There should be consistency.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 3.3
|
Clause 4(4) |
It is difficult to understand why survivors' pensions in payment are to be excluded from the relevant benefits which may have a pension debit set against them.
|
Watson Wyatt Partners
|
DSS 57, page5 |
Clause 4(4) |
The exception for a survivor's pension already in payment is not explained. It is not clear why there should be a difference between this and a pension credit. Both are assets which that person brought to the new partnership.
|
Society of Pension Consultants
|
Appendix 11, page200
|
Clause 4(5) |
The member might only have been entitled to a refund of contributions if pensionable service had ended the day before the transfer day, or the accrued benefit may be very small. It is important that there is no requirement to set up a small pension credit in respect of a share of a refund or where it would be too small to be viable.
|
Association of British Insurers
|
DSS 62, paragraph 4.4
|
Clause 4(5) |
Amend "occupational pension scheme" to read "salary related scheme" - for accuracy.
|
National Association of Pension Funds
|
Appendix 13, Annex 6
|
Clause 4(6) |
Clause 4(6) states that the value of the member's rights is based on the cash equivalent on the day when the pension sharing order takes effect, or a later date within the implementation period. This is not consistent with the approach to valuation used in Scotland.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 6.3
|
Clause 4(7) |
In the definition of "relevant arrangement", "arrangement" should be "pension arrangement".
|
Association of Pension Lawyers
|
Appendix 5, paragraph 3.5
|
Clauses 4 & 5
|
While accepting that the use of the cash equivalent transfer value (CETV) methodology to assess the value of a pension 'credit' or 'debit' appears to be more straight-forward, the NIC's view is that it would have been better to use a future reserve basis for assessing external transfers.
|
Irish Congress of Trade Unions Northern Ireland Committee
|
DSS 80, section 3
|
Clauses 4 & 5
|
The use of cash equivalent in Clauses 4 & 5 is misleading in the case of pensions in payment (or where income is being drawn down). Clause 4 should refer to 'value' and clause 5 should say something like 'provision for the value of benefits for the purpose of section 4 to be calculated and revalued in a prescribed manner'.
|
Family Law Committee and Pensions Law Working Party of the Law Society of Scotland
|
Appendix 7, page181.
|
Clauses 4 & 6
|
These Clauses are convoluted and unclear. If flexibility is not to be allowed, the drafting needs to be clearer and more specific
|
Association of Pension Lawyers
|
Appendix 5, paragraph 3.2
|
Clauses 4(4) & 6(2)
|
The words "or future" to be deleted - though they are probably intended to refer to the date on which benefits may become payable, they are misleading.
|
National Association of Pension Funds
|
Appendix 13, Annex 5
|
Clauses 4(4) & 6(2)(a)
|
Clarification of the word "entitled" is required.
|
National Association of Pension Funds
|
Appendix 13, Annex 9
|
Clauses 4(1)(6), 8(2)(6), Schedule 2, paragraphs 2 & 3
|
A more precise definition of who is responsible for implementing the pension share is needed. The current wording is too wide and could encompass third party administrators as well as pension scheme trustees or personal pension and annuity providers.
|
National Association of Pension Funds
|
Appendix 13, paragraph 5.3
|
Clause 6 |
This clause is unclearly drafted.
|
Law Society Family Law Committee
|
Appendix 6, paragraph 3.22(a)
|
Clause 6 |
Another look at the drafting of the clause is required and more and better examples in the explanatory literature.
|
Solicitors' Family Law Association
|
Appendix 9, paragraph 15.1
|
Clause 6 |
There are many problems interpreting this clause - particularly in relation to the interpretation of the term "appropriate percentage" and how it is to be calculated. Further discussion is the only way to resolve the difficulties. The inclusion of worked examples within the legislation is also suggested.
|
National Association of Pension Funds
|
Appendix 13, Annex 8
|
Clause 6 |
It is not clear how this will apply to money purchase schemes.
|
Legal & General
|
DSS 28, Part 2, paragraph (A)2
|
Clause 6 |
Clarification is needed of how the pension debit is to be applied in respect of funds which are segregated other than into contracted-in and contracted-out rights.
|
Association of British Insurers
|
DSS 62, paragraph 4.6
|
Clause 6(2) |
There are schemes where the spouse's death in service pension is related to the member's prospective pension. This clause would result in a reduction in such a pension although this may not be intended. As clause 6(2) is overriding by virtue of sub-section (4) the Bill needs to take account of this point.
|
Association of British Insurers
|
DSS 62, paragraph 4.8
|
Clause 6(2) |
It is not clear that, as worded, this caters for the negative deferred pension deduction since the latter is not an equal amount to the value of the appropriate percentage.
|
Legal & General
|
DSS 28, Part2, paragraph (A)2
|
Clause 8 |
It is unfortunate that the term used in the clause is "the person responsible". It is not clear why the term "trustees or managers" which is used elsewhere in these relevant clauses is not used here.
|
Occupational Pensions Regulatory Authority
|
DSS 12 |
Clause 8(2) |
It is not the case that the offence is failing to notify OPRA. The offence is failing to take all such reasonable steps to ensure that the liability was so discharged.
|
Occupational Pensions Regulatory Authority
|
DSS 12 |
Clause 8(2) |
On the assumption that the sanction within paragraph (b) applies to the failure to discharge the pension credit within the implementation period, there does not appear to be a sanction for omitting to report such failure to OPRA under paragraph (a).
|
Watson Wyatt Partners
|
DSS 57, page5 |
Clauses 8 & 9
|
That provision be made that the pension sharing order shall not be effected for 21 days to allow time for an appeal
|
Family Law Bar Association,
Solicitors' Family Law Association
|
Ev.p.53, paragraph 14
Appendix 9, paragraph 17.2
|
Clauses 8 & 9
|
The 4 month time limit for effecting the pension sharing order seems at odds with current time limits for paying transfer values. It would be simpler and therefore cheaper to administer if the new legislation were consistent with existing legislation.
|
National Provident Institute
|
DSS 45, page5 |
Clauses 8 & 9
|
There will be clear resource implications for OPRA if it is required to regulate new areas of pension legislation. This will need to be taken into account. There must also be a mechanism in place to ensure that individual transferees are aware of their right to complain to OPRA if there is a delay in providing the pension credit.
Clause 8 is unclear about the position relating to a late payment of a transfer/implementation of a pensions share from a personal pension. Presuming this responsibility does not fall to OPRA, the position needs to be clarified.
|
Irish Congress of Trade Unions Northern Ireland Committee
|
DSS 80, section 3
|
Clause 9 |
The period for implementing pensions sharing to be 21 days - in line with the appeals period. The four-month period proposed for implementing pension sharing is likely to cause difficulty for some schemes since, generally, a recalculation of the cash equivalent is required when the order is received.
|
National Association of Pension Funds
|
Ev.p.31, paragraph 15
|
Clause 9 |
The implementation period for a pension credit of 4 months is insufficient. Also, the period should start from the date when the trustees receive all the information including the destination of the transfer.
|
Pensions Management Institute
|
Appendix 12, paragraph 7.2
|
Clause 9 |
It is unfortunate that the expression used is "the person responsible for the pension arrangement" and not the trustees or managers of the scheme.
|
Occupational Pensions Regulatory Authority
|
DSS 12 |
Clause 9(1) |
It is not clear why the implementation period for discharging a pension credit differs from other timescales for trustee action (eg three months to issue a guaranteed statement of cash equivalent, six months to make payment of a cash equivalent etc).
|
Watson Wyatt Partners
|
DSS 57, page6 |
Clause 9(2) |
Should the "relevant matrimonial documents" not include the prescribed forms which are intended to accompany the pension sharing order (the "Statement of Information to Accompany an Order")?
|
Association of British Insurers
|
DSS 57, paragraph 4.9
|
Clause 10(2) |
The intention to carry out the member's wishes is to be applauded but there are clearly problems if death occurs before implementation. The scheme should be able to give a lump sum but not forced to give internal membership if it could be avoided.
|
Pensions Management Institute
|
Appendix 12, paragraph 9.1
|
Clause 10 & Schedule 2
|
The expression used is "the person responsible for the pension arrangement". This expression could lead to some confusion.
|
Occupational Pensions Regulatory Authority
|
DSS 12 |
Clause 11 |
It may not be necessary to impose the burden of issuing a separate safeguarded rights scheme certificate. The position of safeguarded rights could be covered under the annual certification scheme.
|
Society of Pension Consultants
|
Appendix 11, page 200.
|
Clause 11 |
There seems to be no good reason why a scheme which already has a contracting out certificate should not automatically be granted a Safeguard Rights certificate.
|
Legal & General
|
DSS 28, Part 2, paragraph (A)3
|
Clause 11 |
NAPF queries why if schemes are already contracted-out they cannot automatically be allowed to take safeguarded rights. If a scheme complies with the rigorous legislative and regulatory requirements necessary to obtain a contracting-out certificate it should be deemed capable of accepting safeguarded rights without further action.
|
National Association of Pension Funds
|
Appendix 13, paragraph 2.3, 2.5.2
|
Clause 11 |
When members of a contracted-out final salary scheme with post April 1997 (ie Section 9(2)(B)) rights transfer out of a scheme the whole of their benefit is treated as contracted-out rights. The Bill does not cover what happens if a former spouse transfers his/her pension credit out of the scheme, ie what part of the credit is treated as safeguarded rights?
|
Association of British Insurers
|
DSS 62, paragraph 4.10
|
Clause 11, s.68A |
If safeguarded rights will be on a money purchase basis, it would be simpler to define the safeguarded rights as the rights granted to the transferee of the pension credit which derive from that part of the pension credit which is attributable to contracted-out rights or safeguarded rights of the transferor.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.3
|
Clause 11, s.68A(2)
|
This section should be confined to schemes which provided protected rights.
|
Association of British Insurers
|
DSS 62, paragraph 4.11
|
Clause 11, s.68B |
It may not be the case that a contracted-out scheme which wishes to provide internal transfers (and thus has to provide safeguarded rights) should need to go to the Secretary of State for a further certificate before it can provide the safeguarded rights. This seems an unnecessary expense both for pension schemes and for the DSS. It would be helpful if the DSS issued model safeguarded rights rules.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.3
|
Clause 11, s. 64B(1)
|
It would be adequate to legislate that any scheme which held a contracted out or appropriate scheme certificate should automatically be able to hold safeguard rights if it wished
|
Investment and Life Assurance Group
|
DSS 35, page2 |
Clause 11, s.68B(1)
|
It is unclear why there is a need for a scheme receiving a pension credit which includes safeguarded rights to be issued with a safeguarded rights certificate if it is already required to hold a contracting-out or appropriate scheme certificate. This seems as unnecessarily protracted procedure. Any scheme or arrangement which is allowed to hold paid-up contracted-out benefits should be able to hold safeguarded rights benefits.
|
Association of British Insurers
|
DSS 62, paragraph 4.12
|
Clause 11, sections 68C, 68D & 68E
|
It was expected that these provisions would be confined to protected rights.
|
Association of British Insurers
|
DSS 62, paragraph 4.13
|
Clause 11, section 68I
|
It is not clear that this is needed given the wide powers in section 68B(4)
|
Association of British Insurers
|
DSS 62, paragraph 4.14
|
Clause 11, section 68I
|
If this section and section 68H are to be mutually exclusive, the words "does not" need to be deleted in line 3.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.3
|
Clause 12 |
The restrictions relating to unfunded public sector schemes should be removed. At the very least, external transfers should be available to other schemes in the public sector transfer "club".
|
TUC |
PS34, page 11
|
Clause 12 |
There is no justification for limiting the application of pension sharing arrangements in unfunded public sector schemes to internal transfers. It is recommended that the restriction relating to unfunded pension schemes be removed.
|
Irish Congress of Trade Unions Northern Ireland Committee
|
DSS 80, section 3
|
Clause 12 |
The requirement for Pension Credit to be available from an age between 60 and 65 may be more restrictive than is applicable to the benefits under the scheme generally. generally.
|
Legal & General
|
DSS 28, Part2, paragraph (A)4
|
Clause 12 |
Clarification required as it refers to "members" - should it not refer to former spouses?
|
National Association of Pension Funds
|
Appendix 13, Annex 11
|
Clause 12 |
Clause 12 reflects the preservation requirements contained in Part IV of the Pension Schemes Act 1993. Revaluation under s.83 of the Pension Schemes Act 1993 seems intended to apply where the benefits are based on notional pensionable service. However pensionable service has to cease in order for that section to apply and this will need to be amended if it is to address this point as well.
It would be helpful if the Bill could make it clear that a receiving scheme receiving PCB from another scheme can separate it and treat it as PCB in their scheme also. Is the word "indirectly" in the definitions in s.101B intended to achieve this result?
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.4
|
Clause 12, s.101B
|
"pension credit rights" contains a reference to "future" benefits. It would be helpful if terminology could be made consistent with terminology in the Pension Schemes Act 1993, which simply refers to "benefits".
"normal benefit age" refers to the earliest age at which a person is entitled to receive "a pension" under the scheme by virtue of PCB. The definition of normal pension age in s.180 of the Pension Schemes Act 1993 refers to "benefits" and the two definitions should be made consistent if they are intended to work in the same way.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.4
|
Clause 12, s.101C
|
The new clause for the Pension Schemes Act 1993 assumes that the former spouse is under 65 when the order is granted. Should there be power for the former spouse to start to receive benefits after age 65?
|
Pensions Management Institute
|
Appendix 12, paragraph 9.3
|
Clause 12, ss.101C, 101D(2)
|
A separate section is needed to deal with splitting a pension which is in payment or where the member is past normal pension date.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.4
|
Clause 12, ss.101E, 101F
|
A definition of "member" is required.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.4
|
Clause 12, s.101G(3)
|
Active members should not be compelled to 'opt out' of the scheme in order to transfer their pension credit rights to another arrangement. It may be that the cost of complying with the legislation surrounding pension credits is disproportionate for smaller schemes, which might decide not to offer to preserve such rights, including any that might accrue to an existing member who divorces another scheme member. Restricting the application of s101G(3) to deferred members would avoid this problem.
|
Watson Wyatt Partners
|
DSS57, page6 |
Clause 12, s.101G(3)
|
It is not clear why it should be a requirement that if the former spouse is a member of a scheme in his or her own right, as an employee, any application for a transfer in respect of the pension credit must also include an application in respect of other accrued rights. It would be more appropriate to allow such a provision to be included in scheme rules, if the transferring scheme wishes it to be included, rather than impose a blanket requirement on all former spouses to transfer all rights, even if the scheme would not choose to impose such a requirement.
|
Society of Pension Consultants
|
Appendix 11, page 199
|
Clause 12, s.101G(3)
|
The requirement appears to be that if the former spouse is a member of the scheme in her own right as an employee, any application for a transfer in respect of the pension credit must also include an application in respect of other accrued rights. This is too restrictive and should only be an optional requirement at the trustees' discretion, but only where the individual is no longer an employee.
|
Association of British Insurers
|
DSS 62, paragraph 4.15
|
Clause 12, s.101N
|
It might be helpful to have a provision preventing a divorcing member transferring his/her benefit wholly to the spouse where there is a potential claim by the employer against the member under section 91of the Pensions Act 1995.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.4
|
Clause 12, s.101P
|
The term "funded" is not defined in this section but is defined in Schedule 2 with the definition applying only to that Schedule. This definition needs to be extended in its coverage.
|
OPAS: the pensions advisory service
|
Appendix 17, paragraph 9(a)
|
Clause 15(1) |
It is requested that schemes/providers be allowed to deal separately with the "normal" costs of new scheme membership, which are included in the charging structure of insured pension arrangements, and any costs arising from pension sharing. This distinction is partly reflected in clause 15(2), although oriented towards defined benefit rather than money purchase.
|
Association of British Insurers
|
DSS 62, paragraph 4.17
|
Clauses 15 & 15(2)(b)
|
Clause 15 refers to a "reasonable charge". This drafting is not sufficiently clear. Also Clause 15(2)(b) refers to charges which "appear likely to be incurred in relation to the transferee". These will be difficult to quantify.
|
National Association of Pension Funds
|
Appendix 13, Annex
|
Clause 15(3)(b) |
Amend so that the financial agreement or court order must specify the split of the costs involved, preferably in the same proportions as the split of the pension value.
|
OPAS: the pensions advisory service
|
Appendix 17, paragraph 2(b)
|
Clauses 15 & 16
|
A penalty for non-compliance should be available in situations where the scheme makes a deduction but no notice of that deduction has been given to the scheme member or the former spouse. For the avoidance of doubt, notice that costs will be deducted once the pension scheme comes into payment should be given to both parties once the pension sharing order is made and again immediately prior to the pension coming into payment.
The costs of carrying out a pension share (and the consequential charges to the member and the former spouse) should not be excessive. It is recommended that the Government provide guidance on what a 'reasonable' level of cost should be.
|
Irish Congress of Trade Unions Northern Ireland Committee
|
DSS 80, section 3
|
Clause 16 |
Where the charges are deducted from the transferor's pensions rights, is the intention that this should have no impact upon his or her pension rights? It appears that no timescale has been given for scheme administrators to give written notice to transferees in respect of deductions of benefits.
|
Home Office, Fire Services Unit
|
DSS 68, paragraph 7
|
Clause 17(4) |
Subsection 4 should be deleted from the draft bill as it appears to take away the requirement to consult trade unions on this matter.
|
TUC |
PS34, page12
|
Clause 17(4) |
Subsection 4 should be deleted from the draft bill as it appears to take away the requirement to consult trade unions on this matter. This is not conducive to good running of the schemes and removes the transparency and accountability of the process.
|
Irish Congress of Trade Unions Northern Ireland Committee
|
DSS 80, section 3
|
Clause 21(2) |
It needs to be clear that the person responsible for an insured occupational pension scheme means the trustees if there are any, and not the insurance company. This is achieved if "trustees or managers" has the meaning given by s.124 of the Pensions Act 1995. It is not clear whether that definition is imported into this Bill.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 5.3
|
Clause 31 |
That the date of commencement be in the statute rather than in a statutory instrument.
|
Family Law Bar Association
|
Q.269-272 |
Schedule 1 |
It is still not clear from section 24A(4) what happens where one party is resident in Scotland and the other in England.
|
Association of British Insurers
|
DS 62, paragraph 4.19
|
Schedule 1 |
The need to wait until the Family Law Act is implemented. There is a perceived need to give the court pension sharing powers now. If it is decided to bring in pension sharing ahead of the Family Law Act reforms, a new Schedule will need to be inserted, before or after the present Schedule 1, to amend the Matrimonial Causes Act 1973 in its present form
|
Family Law Bar Association
|
DSS 70, paragraph 11
|
Schedule 1, paragraph 2(2)
|
This paragraph will prevent the court making a Brooks-type variation of settlement order following the implementation of the Bill. Pensions sharing may be seen as a logical successor to such a remedy. It has, however, to be recognised that a variation of settlement order can have distinct practical advantages.
|
Solicitors' Family Law Association
|
Appendix 9, paragraph 10.1
|
Schedule 1, paragraph 2(4)
|
The definition of "pension arrangement" differs from the definition of "pension arrangement", which pursuant to Schedule 4 paragraph 4(4), will feature at Matrimonial Causes Act s.25D(3)
|
Association of Pension Lawyers
|
Appendix 5, paragraph 2.2
|
Schedule 1, paragraph 3
|
The provision that all pension sharing orders requested by a couple should be made at one time could lead to unnecessary hardship should a pension be inadvertently or deliberately omitted when pension sharing is being considered.
The provision that pension sharing and earmarking cannot be made over the same pension but can be made over different pensions may cause difficulties where lump sum death benefits are in issue
|
Law Society Family Law Committee
|
Appendix 6,
paragraph 3.22(c)(d)
|
Schedule 1, paragraph 3, s.24C(5)
|
After "in relation to the marriage" insert "and in relation to the pension arrangement" - to enable pension sharing orders to be made at different times in relation to different arrangements
|
Solicitors' Family Law Association
|
Ev.p.73-4
Q.363-4
|
Schedule 1, paragraph 3, s.24C(6)
|
To strike subsection 24C(6) in order to enable amending legislation to have earmarking of lump sum death benefits for children.
|
Solicitors' Family Law Association
|
Q.364-368
Appendix 9, paragraph 5.4
|
Schedule 1, ss.24B(3) & 24D(2)
|
A better form of words would be: "The court shall exercise its powers under this section, so far as is practicable, by making on one occasion all such provisions as can be made by way of one or more pensions sharing orders in relation to the marriage as it thinks fit."
|
Family Law Bar Association
|
DSS 70, paragraph 9.3
|
Schedule 1, paragraph 3, s.24E(1)
|
A similar amendment in relation to nullity as proposed to section 24C(5) above.
|
Solicitors' Family Law Association
|
Ev.p.74 |
Schedule 1, paragraph 6(7), s.31(7G)
|
A similar amendment in relation to variation orders as proposed in Schedule 1, paragraph 3 above to section 24C(5)
|
Solicitors' Family Law Association
|
Ev.p.74 |
Schedule 1, paragraph 9
|
This paragraph appears to provide for extremely limited rights of appeal against pension sharing orders. It is essential that these provisions are clarified. Provisions of this type would only be acceptable if they relate to orders which have already taken effect. If this is the intention it should be clear from the face of the Statute that full rights of appeal apply to orders which have not yet taken effect.
|
Law Society Family Law Committee
|
Appendix 6,
paragraph 3.22(e)
|
Schedule 1,paragraph 9, section 40A
|
This proposed section should be dropped from the Bill as achieving no useful purpose.
|
Family Law Bar Association
|
DSS 70, paragraph 9.7
|
Schedule 1 paragraph 9, Clause 40A(2)
|
Amend to clarify the meaning of "the person subject to liability" - does this mean trustees or administrators?
|
National Association of Pension Funds
|
Appendix 13, Annex 1
|
Schedule 2, paragraph 1(2)
|
NAPF considers it essential that wide powers are given to trustees with overriding effect, to determine precisely the benefits to which a former spouse will be entitled - in order to eliminate any potential for conflict between the domestic provisions of a scheme in respect of deferred members, and possibly under general trust law, and the entitlements of former spouses, if a separate membership class is created.
|
National Association of Pension Funds
|
Appendix 13, paragraph 2.5.1
|
Schedule 2, paragraph 3
|
Amend so as to give the employer some choice over how the pension credit is discharged. Since the payment of an external transfer crystallises the employer's liability, the employer should have some say concerning the method of discharge.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.1
|
Schedule 2, paragraph 3
|
With respect to the tax treatment of UURBS payments, it would be more equitable to seek to levy the charge against the receiving ex-spouse.
|
William M.Mercer Actuaries and Consultants
|
DSS 43, page3 |
Schedule 2, paragraph 5
|
Amend "noted the rights in his books" to "established the rights in its records" - to use a more precise phrase.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 4.1
|
Schedule 2, paragraph 5(a)
|
After "books" insert "and/or records" - for accuracy.
|
Pensions Management Institute
|
Appendix 12, paragraph 9.4
|
Schedule 2, paragraph 5(b)
|
Paragraph 5(b) permits the Secretary of State to prescribe information to be given to pension credit members about their rights under a pension arrangement. The Department could consider achieving this through amendment s to the existing Disclosure regulations (SI1996/1665) rather than through a separate set of regulations.
|
Watson Wyatt Partners
|
DSS 57, page6 |
Schedule 4, paragraph 4
|
An additional amendment be included inserting the words "or rights" after the words "transfer credits" - to provide a better definition.
|
Solicitors' Family Law Association
|
Appendix 9, paragraph 6.2
|
Schedule4, paragraph 4(4)
|
The definition of "pension arrangement" differs from the definition of "pension arrangement" given in Schedule 1, paragraph 2(4). (See above.)
|
Association of Pension Lawyers
|
Appendix 5, paragraph 2.2
|
Schedule 4, paragraph 44
|
Sub-paragraph 4(b) and (c) should read:
"(b) in paragraph (d), for ",or accrued right, to pension" there is substituted "or right", and
(c) in paragraph (e), for ",or accrued right, to pension", there is substituted "or right".".
|
Mr J W D Trythall
|
DSS 59, page 3 |
Schedule 4, paragraph 45(2)
|
What is meant be entitlement should be defined. The distinction being drawn between "entitlement to a pension" and "right to a future pension". From the legal point of view an active or deferred member has as good an entitlement as a pensioner.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 7
|
Schedule 4, paragraph 47
|
If PCB members are to be included as "members" they should be expressly excluded from the definition of "deferred pensioners".
|
Association of Pension Lawyers
|
Appendix 5, paragraph 7
|
Draft Finance Bill
|
The proposed amendments and the accompanying notes should set out in simple terms to what extent (if at all) each party is entitled to build - or rebuild - his full complement of tax exempt pension rights following a pension share.
|
Family Law Bar Association
|
DSS 70, paragraph 9.10
|
Draft Finance Bill Schedule 1, paragraph 3
|
Further changes are necessary to deal with the position of unapproved schemes.
|
Association of Pension Lawyers
|
Appendix 5, paragraph 8.1
|
Draft Finance Bill Clause 1(3), new paragraph (bb)
|
It is not clear how the rule works in the case of money purchase schemes, where it is the member's pension 'pot' which is being divided. There is a need for further guidance.
|
Society of Pension Consultants
|
Appendix 11, page 200.
|
Draft Finance Bill Clause 3
|
The amendment to add 'husband' and 'widower' is very welcome. More is needed in relation to provision on divorce.
|
Society of Pension Consultants
|
Appendix 11, page 201.
|
Draft Finance Bill Schedule 1, clause 11
|
Amendment to s.636 to make it clear that it is only the amount of the annuity remaining after a pension sharing order or agreement which is relevant for the purpose of the limit on survivors' annuities.
|
Association of Pension Lawyers
|
Appendix 5 , paragraph 8.1
|
