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Clause 11 - Minimum retirement income

Rights of Savers Bill – in a Public Bill Committee at 3:30 pm on 14th December 2005.

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Question proposed, That the clause stand part of the Bill.

Photo of Malcolm Rifkind Malcolm Rifkind Conservative, Kensington and Chelsea

Clause 11 sets out how the minimum retirement income will be calculated. The level will be determined annually by the Chancellor of the Exchequer by order, on or before 31 January. It will be set at the level of the minimum income guarantee as set out in the State Pension Credit Act 2002. That is the level at which basic pension credit becomes payable. I commend the clause to the Committee.

Question put and agreed to.

Clause 11 ordered to stand part of the Bill.