Pensions Bill — 7 Oct 2008 at 17:39
moved Amendment No. 16:
After Clause 10, insert the following new Clause-
"Duty in relation to provision of free independent generic advice
(1) The Secretary of State shall ensure that every jobholder aged 50 or over who becomes an active member of an automatic enrolment scheme under section 3 is also automatically enrolled to be offered free independent generic financial advice in accordance with subsections (2) and (3).
(2) The advice referred to in subsection (1) shall be given, unless the jobholder chooses otherwise, in a face-to-face interview, and shall include integrated advice on the possible effects of pension contributions on the management of personal debt and the loss of means-tested benefits in retirement.
(3) The advice referred to in subsection (1) shall be provided by a trained adviser, and shall be made available in the parliamentary constituency where the jobholder has their main place of residence or employment."
On Question, Whether the said amendment (No. 16) shall be agreed to?
Their Lordships divided: Contents, 66; Not-Contents, 151.
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