New Clause 8 - Compensation of losses incurred by closure of legacy schemes

Public Service Pensions and Judicial Offices Bill [Lords] – in the House of Commons at 4:21 pm on 22nd February 2022.

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Votes in this debate

  • Division number 191
    A majority of MPs voted against ministers requiring managers of new public service pension schemes not to undertake certain investments due to UK foreign and defence policy.

‘(1) The Chancellor of the Exchequer must review how a loss incurred by a member with remediable service who is transferred to the new scheme under section 80 and—

(a) reaches the required number of years of pensionable service to retire with full benefits under the legacy scheme, and

(b) is unable to access the full value of those benefits because they must continue to work to retire with full benefits under the new scheme

could be compensated.

(2) The Chancellor of the Exchequer must prepare and publish a report on this review within two months of the passage of this Act and must lay a copy of the report before Parliament.’—(Tulip Siddiq.)

This new clause would require the Government to review how losses arising from the “pension trap” could be compensated, and to report on the review within two months of the passage of the Act.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

Division number 191 Public Service Pensions and Judicial Offices Bill — New Clause 8 — Compensation of Losses Incurred by Closure of Legacy Schemes

A majority of MPs voted against ministers requiring managers of new public service pension schemes not to undertake certain investments due to UK foreign and defence policy.

Aye: 199 MPs

No: 301 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Absent: 145 MPs

Absents: A-Z by last name

The House divided: Ayes 198, Noes 301.

Question accordingly negatived.