Clause 5
Pensions Bill
10:30 am
David Taylor (North West Leicestershire, Labour)
I remind the Committee that with this we are discussing the following amendments:
No. 29, in clause 5, page 5, line 38, at end insert
‘; or by a percentage not less than the percentage by which the general level of prices is greater at the end of the period than it was at the beginning, whichever is the higher.’.
No. 2, in clause 5, page 5, leave out lines 39 to 41.
No. 31, in clause 5, page 5, line 41, at end insert—
‘(3A) The general level of earnings shall be defined as the Average Earnings Index.
(3B) The general level of prices shall be defined as the Retail Prices Index.’.
No. 3, in clause 5, page 5, leave out lines 42 to 44.
No. 4, in clause 5, page 6, line 13, leave out from ‘shall’ to end of line 14 and insert
‘determine the general level of earnings as set out in subsections (8A) and (8B).
(8A) If the average earnings index (including bonuses) for the whole economy for September in any year is higher than the index for the previous September, the Secretary of State shall as soon as practicable make an order in relation to each sum mentioned in subsection (1), increasing each sum, if the new index is higher, by the same percentage as the amount of the increase of the index.
(8B) In making the calculation required by subsection (8A), the Secretary of State shall in the case of the sums set out in subsections (1)(a) to (1)(d) inclusive, round up the result to the nearest 10 pence.’.
No. 33, in clause 5, page 6, line 14, leave out ‘he thinks fit’ and insert
‘may be approved by resolution of each House of Parliament’.
No. 5, in clause 5, page 7, line 3, at end insert—
‘(6A) The Secretary of State must, within six months of the beginning of the Parliament referred to in subsection (6), inform Parliament by means of an oral statement of the date at which the provision set out in this section could be afforded.’.
No. 78, in clause 5, page 7, line 3, at end insert—
‘(6A) The Secretary if State must, on or before 5th April 2009, announce his decision as to the date from which he will implement the provision set out in this section.’.