division_name: Table &#8212; New Clause 11 &#8212; Decumulation
motion: <p pid="b.828.1/1" pwmotiontext="yes">&#8216;(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="b.828.1/2" pwmotiontext="yes">(2) Pension schemes shall ensure that any brokerage service selected or provided meets best practice in terms of providing members with&#8212;</p>
  
  <p pid="b.828.1/3" pwmotiontext="yes">(a) an assisted path through the annuity process;</p>
  
  <p pid="b.828.1/4" pwmotiontext="yes">(b) ensuring access to most annuity providers; and</p>
  
  <p pid="b.828.1/5" pwmotiontext="yes">(c) minimising costs.</p>
  
  <p pid="b.828.1/6" pwmotiontext="yes">(3) The standards meeting best practice on decumulation shall be defined by the Pensions Regulator after public consultation.</p>
  
  <p pid="b.828.1/7" pwmotiontext="yes">(4) The standards set out in subsection (3) shall be reviewed every three years and, if required, updated.&#8217;.&#8212;<i>(Gregg McClymont.)</i></p>
  
  <p class="italic" pid="b.828.1/8" pwmotiontext="yes">Brought up, and read the First time.</p>
  
  <p pid="b.828.1/9" pwmotiontext="yes"><i>Question put,</i> That the clause be read a Second time.</p>
  
  <p class="italic" pid="b.828.1/10" pwmotiontext="yes">The House divided:</p>
  
  <p pid="b.828.1/11" pwmotiontext="yes">Ayes 218, Noes 305.</p>