My Lords, a decision by a jobholder to opt out completely undoes membership of the pension scheme into which they were automatically enrolled. Our position is that jobholders should neither gain nor lose by opting out. In addition, we do not want employers or their schemes to bear unnecessary burdens...

My Lords, a decision by a jobholder to opt out completely undoes membership of the pension scheme into which they were automatically enrolled. Our position is that jobholders should neither gain nor lose by opting out. In addition, we do not want employers or their schemes to bear unnecessary burdens...

My Lords, if the noble Lord will permit me, I can go through the detail of the calculation. I have not done it myself, but I asked about the maximum amount of interest, assuming that opt-out is at the last minute and that the refund takes the maximum time to...

My Lords, if the noble Lord will permit me, I can go through the detail of the calculation. I have not done it myself, but I asked about the maximum amount of interest, assuming that opt-out is at the last minute and that the refund takes the maximum time to...

My Lords, the rate of interest was five per cent.

My Lords, the rate of interest was five per cent.

moved Amendments Nos. 8 and 9: 8: Clause 8, page 6, line 2, leave out from ““become”” to end of line 2 and insert ““an active member of the scheme on that occasion;”” 9: Clause 8, page 6, line 4, after ““jobholder,”” insert ““on the basis that the jobholder has...

moved Amendments Nos. 8 and 9: 8: Clause 8, page 6, line 2, leave out from ““become”” to end of line 2 and insert ““an active member of the scheme on that occasion;”” 9: Clause 8, page 6, line 4, after ““jobholder,”” insert ““on the basis that the jobholder has...

moved Amendment No. 6: 6: Clause 4, page 3, line 17, leave out subsection (4) and insert— ““( ) A scheme ceases to be a scheme of the relevant kind, in the case of any person, if it ceases to have a feature by reference to which regulations under this...

moved Amendment No. 6: 6: Clause 4, page 3, line 17, leave out subsection (4) and insert— ““( ) A scheme ceases to be a scheme of the relevant kind, in the case of any person, if it ceases to have a feature by reference to which regulations under this...

moved Amendment No. 7: 7: Clause 8, page 5, line 40, leave out from ““applies”” to ““(arrangements”” in line 41 and insert ““on any occasion when arrangements under section 3(2), 5(2) or 7(3) apply to a jobholder”” The noble Lord said: My Lords, I shall speak also to the other...

moved Amendment No. 7: 7: Clause 8, page 5, line 40, leave out from ““applies”” to ““(arrangements”” in line 41 and insert ““on any occasion when arrangements under section 3(2), 5(2) or 7(3) apply to a jobholder”” The noble Lord said: My Lords, I shall speak also to the other...

My Lords, I thank the noble Lord, Lord Skelmersdale, for this amendment and hope to satisfy him that it is not necessary. Specifically he asked about percentages on opt-outs. The research done to date—and this is an ongoing programme which we will also discuss later—including whether people would participate or...

My Lords, I thank the noble Lord, Lord Skelmersdale, for this amendment and hope to satisfy him that it is not necessary. Specifically he asked about percentages on opt-outs. The research done to date—and this is an ongoing programme which we will also discuss later—including whether people would participate or...

My Lords, I was not looking for a cheer—well, perhaps I was. If the Government do not come forward with further amendments at Third Reading, and I do not guarantee that we will, then we would certainly recognise the right of the Opposition to do so. I do not want...

My Lords, I was not looking for a cheer—well, perhaps I was. If the Government do not come forward with further amendments at Third Reading, and I do not guarantee that we will, then we would certainly recognise the right of the Opposition to do so. I do not want...

My Lords, I thank the noble Lord, Lord Hunt, for his kind remarks at the start of his speech on the amendments and for the manner in which he introduced them. I am afraid that I cannot accept them, but I hope that on the way I can give him...

My Lords, I thank the noble Lord, Lord Hunt, for his kind remarks at the start of his speech on the amendments and for the manner in which he introduced them. I am afraid that I cannot accept them, but I hope that on the way I can give him...

My Lords, I again thank the noble Baroness for raising this issue and for originally prompting us on it in Committee. On her specific question about the proportion of schemes that are dealt with under relief at source rather than net pay arrangements, I do not have those data but...

My Lords, I again thank the noble Baroness for raising this issue and for originally prompting us on it in Committee. On her specific question about the proportion of schemes that are dealt with under relief at source rather than net pay arrangements, I do not have those data but...

My Lords, I shall live to regret having made that remark. I shall blame it on officials because I religiously read the notes that they put in front of me. Tax relief on pension savings forms a valuable part of the incentive to save. Individuals who save at the new...

My Lords, I shall live to regret having made that remark. I shall blame it on officials because I religiously read the notes that they put in front of me. Tax relief on pension savings forms a valuable part of the incentive to save. Individuals who save at the new...

My Lords, I thank the noble Baroness for the constructive way in which the amendment was moved, and I thank other noble Lords who have spoken. We share the desire to prevent levelling down and to do all that we can to ensure that existing good-quality schemes remain and flourish....

My Lords, I thank the noble Baroness for the constructive way in which the amendment was moved, and I thank other noble Lords who have spoken. We share the desire to prevent levelling down and to do all that we can to ensure that existing good-quality schemes remain and flourish....

My Lords, I am sorry to interrupt the noble Lord, but I did not say that. I said that we appreciate that, as statutory instruments are necessarily rather technical documents, employers may not want to engage directly with the legislation to learn about the penalty regime. That is precisely the...

My Lords, I am sorry to interrupt the noble Lord, but I did not say that. I said that we appreciate that, as statutory instruments are necessarily rather technical documents, employers may not want to engage directly with the legislation to learn about the penalty regime. That is precisely the...

My Lords, the amendment gives us the opportunity to touch upon transparency, which is at its heart. We agree that it is crucial for employers to be aware of penalty levels and how the regime operates. That is why we are setting out the actual penalty levels and structure of...

My Lords, the amendment gives us the opportunity to touch upon transparency, which is at its heart. We agree that it is crucial for employers to be aware of penalty levels and how the regime operates. That is why we are setting out the actual penalty levels and structure of...

moved Amendment No. 35: 35: Clause 31, page 16, line 8, leave out ““the rules of”” On Question, amendment agreed to. Clause 39 [Fixed penalty notices]:

moved Amendment No. 35: 35: Clause 31, page 16, line 8, leave out ““the rules of”” On Question, amendment agreed to. Clause 39 [Fixed penalty notices]:

moved Amendment No. 34: 34: Clause 29, page 14, line 42, leave out ““rules”” On Question, amendment agreed to. Clause 31 [Power of trustees to modify by resolution]:

moved Amendment No. 34: 34: Clause 29, page 14, line 42, leave out ““rules”” On Question, amendment agreed to. Clause 31 [Power of trustees to modify by resolution]:

My Lords, I am grateful to the noble Lord for raising this matter and for giving us the chance to discuss the important issue of the penalty regime. As is common with other penalty regimes, we have set the maximum penalty ceilings in the Bill, with details of the regime...

My Lords, I am grateful to the noble Lord for raising this matter and for giving us the chance to discuss the important issue of the penalty regime. As is common with other penalty regimes, we have set the maximum penalty ceilings in the Bill, with details of the regime...

My Lords, this amendment would allow the Secretary of State to vary the transitional phasing period for different employers. This power already exists in the Bill. While Clause 28 sets out specific arrangements for phasing, moving from 1 per cent to 3 per cent employer contributions over two transitional periods...

My Lords, this amendment would allow the Secretary of State to vary the transitional phasing period for different employers. This power already exists in the Bill. While Clause 28 sets out specific arrangements for phasing, moving from 1 per cent to 3 per cent employer contributions over two transitional periods...

moved Amendment No. 27: 27: Clause 23, page 12, line 5, at end insert— ““( ) Section 13(1) (qualifying earnings) applies for the purposes of this section as if the reference to a pay reference period were a reference to a tax year.”” On Question, amendment agreed to. Clause 26...

moved Amendment No. 27: 27: Clause 23, page 12, line 5, at end insert— ““( ) Section 13(1) (qualifying earnings) applies for the purposes of this section as if the reference to a pay reference period were a reference to a tax year.”” On Question, amendment agreed to. Clause 26...

My Lords, we are pretty much where we were when we discussed the matter in Committee. We are consulting and, when we look at the total costs of the scheme, there will be issues to discuss around procurement before funding arrangements become clear. Knowing more fully what is involved, we...

My Lords, we are pretty much where we were when we discussed the matter in Committee. We are consulting and, when we look at the total costs of the scheme, there will be issues to discuss around procurement before funding arrangements become clear. Knowing more fully what is involved, we...