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Pensions Bill

With this it will be convenient to discuss the following: New clause 3— Costs incurred by Pensions Regulator ‘The set-up costs incurred by the Pensions Regulator in carrying out its duties under Chapter 1 of this Act shall be funded from the Consolidated Fund.’. New clause 4— Costs incurred by Personal Accounts Delivery Authority ‘The set-up costs incurred by the Personal Accounts Delivery Authority in carrying out its duties under section 58 of this Act shall be recouped through charges to members over a period of five years from 1st April 2012.’. New clause 5— Financial assistance to Personal Accounts Delivery Authority ‘Any financial assistance given to the Personal Accounts Delivery Authority by the Secretary of State must include conditions about repayment and interest at commercial rates.’. Amendment No. 15, in clause 66, page 33, line 7, leave out paragraph (b). Amendment No. 16, in page 33, line 9, leave out subsection (4). Amendment No. 9, in clause 69, page 34, line 11, at end insert— ‘(3A) The Authority must within 12 months of the passing of this Act, and at such other time as the Secretary of State directs, publish a report analysing the potential impact on the financial position of a scheme under section 50(1) of different rates of— (a) take-up of, (b) persistency in, and (c) contributions to the scheme, and setting out appropriate options for managing the financial risks associated with different outcomes. (3B) In preparing the report under subsection (3A) the Authority must have regard to such independent actuarial advice as it considers appropriate.’. Amendment No. 13, in clause 70, page 34, line 31, at end insert— ‘and initially based on an annual management charge of no more than 0.3 per cent. per annum.’. Amendment No. 27, in clause 72, page 35, line 13, leave out ‘grants’. Amendment No. 28, in page 35, line 15, leave out from ‘(which’ to end of line 16 and insert— ‘shall include conditions about repayment and interest at commercial rates.’. Amendment No. 14, in page 35, line 16, at end insert— ‘(3) For the avoidance of doubt, all the costs incurred by the Authority in establishing the pension scheme under section 58 of the Pensions Act 2008 (c. ) shall be recouped through charges to members over a period of five years from 2012.’. Amendment No. 10, in schedule 1, page 62, line 11, leave out ‘grants’. Amendment No. 11, in page 62, line 12, leave out from ‘which’ to end of line 13 and insert— ‘shall include conditions about repayment and interest at commercial rates.’. Amendment No. 12, in page 62, line 14, leave out from ‘may’ and insert ‘is required to make’.