Report stage and third reading of the Bill took place on Tuesday 25 November 2014. A number of amendments were made to the Bill. The Bill passed third reading, without a vote, and will now move to the House of Lords for consideration.
The long title of the Bill was amended as follows:
A bill to make provision about pension schemes, including provision designed to encourage arrangements that offer people different levels of certainty in retirement or that involve different ways of sharing or pooling risk and provision designed to give people greater flexibility in accessing benefits and to help them make informed decisions about what to do with benefits.
Summary of the Pension Schemes Bill
The Pension Schemes Bill (which extends to England, Wales and Scotland) would establish a new legislative framework for private pensions, defining them on the basis of the promise they offer for members about their retirement benefits during the accumulation phase.
The promise will either refer to all the benefits (defined benefits), some of the benefits (shared risk), or there will be no promise (defined contributions). It would also enable the provision of collective benefits (provided on the basis of allowing the scheme's assets to be used in a way that pools risks across membership).
The Bill would also give force to measures announced in Budget 2014 to give people aged 55 and over more flexibility about how to access their defined contribution pension savings from April 2015. It would enable a prohibition on transfers out of unfunded public service pension schemes, except to other defined benefit schemes.
Progress of the Bill
The Bill has completed all its stages in the House of Commons and will now move to the House of Lords for consideration.
This Bill completed its committee stage on 4 November 2014. The Bill had its second reading debate on 2 September 2014. This is a Government Bill, presented to Parliament on 22 June 2014.
House of Commons Library analysis
The House of Commons Library produces briefing papers to inform MPs of key issues. The papers contain factual information and a range of opinions on each subject, and aim to be politically impartial.
What happens next?
The Bill will now move to the House of Lords for consideration.
What is the report stage of a bill?
The report stage gives MPs an opportunity, on the floor of the House, to consider any further amendments (proposals for change) to a bill which has been examined in a public bill committee or on the floor of the House. There is no set time period between the end of committee stage and the start of the report stage.
What happens at report stage?
All MPs may speak and vote. For lengthy or complex bills, the debates may be spread over several days. All MPs can suggest amendments to the bill or new clauses (parts) that they think should be added.
What happens after report stage?
Report stage is usually followed immediately by debate on the bill's third reading.
What happens at third reading?
Debate on the bill is usually short, and limited to what is actually in the bill, rather than, as at second reading, what might have been included.
Amendments (proposals for change) cannot be made to a bill at a third reading in the Commons. At the end of the debate, the House decides whether to approve the third reading of the bill.
What happens after third reading?
If the bill started in the Commons it goes to the House of Lords for its first reading.
If the bill started in the Lords it returns to the House of Lords for consideration of any amendments the Commons has made.
Watching proceedings from the public gallery
UK residents and overseas visitors can watch proceedings in the House of Commons by visiting the public gallery.
This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber