Clause 1 - Amendment of the Income and Corporation Taxes Act 1988
Retirement Income Reform Bill
2:15 pm
Mr Edward Garnier (Harborough, Conservative)
I beg to move amendment No. 22, in
clause 1, page 1, line 6, leave out from 'Fund' to ', and' in line 7.
The amendment seeks to remove from clause 1 the words
''or sums for investment in a Retirement Failsafe Fund''.
They were included to cater for the religious objections of the Plymouth Brethren to proceeding through an annuity and to allow for other forms of financial instrument. I understand that my hon. Friend the Member for Arundel and South Downs recently received a letter indicating that the Brethren are in discussion with the Treasury. It is with their acceptance and approval that we move the amendment to remove them from the provisions of the Bill.
If those discussions between the Brethren and the Treasury prove to be fruitful—that is more likely to be the case if we do not aggravate the Treasury by keeping those words in the Bill—we shall have achieved two good things. First, we will have shortened the Bill. Secondly, we shall have provided the Plymouth Brethren with some other route by which to ensure that their pension arrangements can be catered for within their religious faith.