Clause 1 - Amendment of the Income and Corporation Taxes Act 1988

Part of Pension Annuities (Amendment) Bill – in a Public Bill Committee at 9:30 am on 14th February 2002.

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Photo of Ruth Kelly Ruth Kelly Economic Secretary, HM Treasury 9:30 am, 14th February 2002

It is important to explore in detail some of the flaws in the amendments to show why the Government cannot support them. That is not to say that we do not have the will to explore issues in relation to the Brethren. I shall come to some of the methods that they may use to save for their retirement.

To return to the size of the fund, even if there were enough money in the pension scheme, there would be no guarantee that the failsafe fund would be able to generate the minimum retirement income year after year. Although some of these issues apply to the suggested failsafe fund, they apply equally to the principles behind the Bill and this is a useful opportunity to explore them. The Government's objections on that score also apply to other provisions.