Clause 7 - Fixing of claimant's retirement provision
State Pension Credit Bill [Lords]
12:00 pm
Professor Steve Webb (Northavon, Liberal Democrat)
The Minister helpfully referred us to the definition in clause 7(6)(a) which, as he has just said, says that retirement pension income is defined in clause 16. In the long list on page 10, clause 16(1)(h) says:
''Income from a retirement annuity contract'',
so retirement pension income under subsection (6)(a) includes income from a retirement annuity contract. However, subsection (6)(b) says:
''Income from annuity contracts (other than retirement pension income)''.
Can the Minister clarify the distinction? It is not clear to me why retirement annuity contracts are counted in subsection (6)(a) and annuity contracts are separately listed in subsection (6)(b) and the amendment refers to inserting additional categories.