New Clause 8
Pensions Bill
9:10 am
David Taylor (North West Leicestershire, Labour)
With this it will be convenient to discuss the following:
New clause 9—Amendment of the pension rules—
‘(1) Section 165 of the Finance Act 2004 (c. 12) (pension rules) is amended as follows.
(2) In subsection (1) (which sets out the pension rules)—
(a) in Pension Rule 4, after paragraph (a), insert—
“(aa) a withdrawal from a Retirement Income Fund,”;
(b) in Pension Rule 4, after the second appearance of the words “scheme pension”, insert the words “a withdrawal from a Retirement Income Fund”;
(c) in Pension Rule 6, after paragraph (a), insert—
“(aa) a withdrawal from a Retirement Income Fund,”;
(d) in Pension Rule 6, after the second appearance of the words “scheme pension”, insert the words “a withdrawal from a Retirement Income Fund”.’.
New clause 10—Minimum Retirement Income—
‘(1) The amount of the Minimum Retirement Income in respect of each tax year shall be set by the Chancellor of the Exchequer by order at the level of the standard minimum guarantee prescribed under section 2 of the State Pension Credit Act 2002 (c. 16).
(2) Before making an order under subsection (1), the Chancellor of the Exchequer shall consult such persons as he considers appropriate.
(3) An order under this section (other than the order that applies to the first tax year during which this section is in force) must be made on or before 31st January of the tax year before the tax year to which the order applies.’.
New clause 11—Removal of age limit for annuity protection lump sum death benefit—
‘(1) Schedule 29 to the Finance Act 2004 (c. 12) is amended as follows.
(2) In paragraph 16(1) (definition of annuity protection lump sum death benefit), paragraph (a) shall cease to have effect.’.