division_name: Pensions Bill &#8212; <i>Report (</i><i>2nd</i><i> Day)</i> &#8212; <i>3.39 </i><i>pm</i>
motion: <p class="italic" pid="a.972.0/1" pwmotiontext="unrecognized">Amendments 30 and 31</p>
  
  <p class="italic" pid="a.972.0/2" pwmotiontext="unrecognized"> Moved by Lord Freud</p>
  
  <p pid="a.972.0/3" pwmotiontext="unrecognized"><b>30:</b> Schedule 18, page 104, line 24, leave out &#8220;work-based&#8221;</p>
  
  <p pid="a.972.0/4" pwmotiontext="unrecognized"><b>31:</b> Schedule 18, page 104, line 42, leave out &#8220;work-based&#8221;</p>
  
  <p class="italic" pid="a.972.0/5" pwmotiontext="unrecognized">Amendments 30 and 31 agreed.</p>
  
  <p class="italic" pid="a.972.0/6" pwmotiontext="unrecognized">Amendment 31A</p>
  
  <p class="italic" pid="a.972.0/7" pwmotiontext="unrecognized"> Moved by Lord Browne of Ladyton</p>
  
  <p pid="a.972.0/8" pwmotiontext="unrecognized"><b>31A:</b> After Clause 47, insert the following new Clause&#8212;</p>
  
  <p pid="a.972.0/9" pwmotiontext="unrecognized">&#8220;Decumulation</p>
  
  <p pid="a.972.0/10" pwmotiontext="lines">(1) Any qualifying money purchase scheme must direct its savers to an independent annuity brokerage service or offer such a brokerage service itself.</p>
  
  <p pid="a.972.0/11" pwmotiontext="lines">(2) Pension schemes shall ensure that any brokerage service selected or provided meets best practice in terms of providing its members with&#8212;</p>
  
  <p pid="a.972.0/12" pwmotiontext="lines">(a) an assisted path through the annuity process;</p>
  
  <p pid="a.972.0/13" pwmotiontext="lines">(b) ensuring access to most annuity providers;</p>
  
  <p pid="a.972.0/14" pwmotiontext="lines">(c) minimising costs; and</p>
  
  <p pid="a.972.0/15" pwmotiontext="lines">(d) ensuring that information and support is available on alternative at-retirement products.</p>
  
  <p pid="a.972.0/16" pwmotiontext="lines">(3) The standards meeting best practice on decumulation shall be defined by the Pensions Regulator after public consultation.</p>
  
  <p pid="a.972.0/17" pwmotiontext="lines">(4) The standards set out in subsection (3) shall be reviewed every three years and, if required, updated.&#8221;</p>