The Pension Schemes Bill will return to the House of Commons next month as it progresses to the report stage, with 36 amendments tabled and yet to be considered.
The bill’s next stage will see MPs discuss amendments to the legislation in the House of Commons, before it passes to the House of Lords. The bill was scrutinised by a committee in September over the course of seven sittings.
The report stage’s amendments include several that have already been discussed by the committee but resubmitted by MPs. The speaker of the House of Commons is responsible for selecting amendments to be debated.
Five amendments relate to the pre-1997 indexation issue, four of which specifically mention recipients of Pension Protection Fund (PPF) and Financial Assistance Scheme (FAS) compensation.
The amendment with the most backing from MPs relates to the “clarification of pension scheme investment duties”. As currently worded, this would require investment decisions to include “system-level” considerations beyond pure financial factors. A total of 39 MPs have supported this amendment.
| Amendment number | Description | Number of MP signatories |
|---|---|---|
| NC1 | Requirement for the government to review the AEA Technology case | 18 |
| NC2 | Requirement for the British Coal Staff Superannuation Scheme’s investment reserve to be shared with members | 5 |
| NC3 | Changes to terminal illness reporting rules for recipients of PPF and FAS compensation | 29 |
| NC4 | Review of LGPS investment in defence companies to ensure it is aligned with the government’s “international obligations” | 20 |
| NC5 | Review of the social impact of DB pension schemes, with particular focus on social housing and green energy | 17 |
| NC6 | Government to make provisions for the indexation of pre-1997 PPF and FAS compensation | 6 |
| NC7 | Government to publish a report on options for the indexation of pre-1997 PPF and FAS compensation | 21 |
| NC8 | Introduction of universal entitlement to free impartial pension advice at age 40 and five years before retirement age | 16 |
| NC9 | Launch of government-backed investment vehicles targeting investment in specific areas such as social housing, high street regeneration, and green energy | 16 |
| NC10 | Government to commission independent review of survivor benefit rules relating to police pension schemes | 18 |
| NC11 | Government to review Midland Bank Staff Pension Scheme case and other cases of DB clawbacks | 15 |
| NC12 | Requirement that investment mandation rule should be subject to secondary legislation laid before parliament | 15 |
| NC13 | Provision of targeted advice and support for specific cohorts that are undersaving, including women and ethnic minorities | 16 |
| NC14 | Introduction of a cap on the cost of pension advice | 15 |
| NC15 | Government to commission an independent review of the British Coal Staff Superannuation Scheme surplus-sharing arrangements | 16 |
| NC16 | Government to report on occupational pension schemes that have excluded staff based on job descriptions or start dates, with particular reference to Fife Joinery Manufacturing | 15 |
| NC17 | “Clarification of pension scheme investment duties” – requirement that investment decisions must take into account “system level” considerations such as member views and standards of living | 27 |
| NC18 | Government to report on indexation options for recipients of PPF and FAS compensation | 10 |
| NC19 | Ban pension schemes from investing in companies that derive 10% or more of revenues from thermal coal, or otherwise are significantly involved in thermal coal activity | 12 |
| NC20 | A tax-free advice allowance for people to use between the ages of 30 and 50 | 4 |
| NC21 | “Significant life event lump sum” to allow people to withdraw up to £5,000 from tax-free cash allowance before retirement age for major life events | 4 |
| NC22 | Proposal to remove references to 6 April 1997 from legislation in an effort to address the pre-1997 indexation issue | 12 |
| NC23 | Measure to allow indexation of PPF and FAS compensation | 1 |
| 1 | Measure to require employee representatives on LGPS pool boards | 15 |
| 2 | Requirement for LGPS investments to comply with government’s duty “not to aid or assist serious breaches of international law” | 39 |
| 3 | Requirement for LGPS to divest from oil and gas within five years | 17 |
| 4 | Measure to permit DB surpluses to be used to fund free pension advice for members | 16 |
| 5, 7, 11 | Connected amendments to include Paris Agreement compliance in Value for Money assessments | 16/16/15 |
| 6, 8, 12 | Connected amendments to require pension schemes to report on investments in water and sewage companies | 17/16/16 |
| 9, 10 | Connected amendments to bring defined benefit schemes into the scope of Value for Money assessments | 15/15 |
| 13 | Section 40 of the Pension Schemes Bill to expire if not enacted by the end of the current parliament | 1 |
