Clause 14

Part of Pensions Bill – in a Public Bill Committee at 2:00 pm on 24th January 2008.

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Photo of Andrew Selous Andrew Selous Shadow Minister (Work and Pensions) 2:00 pm, 24th January 2008

I beg to move amendment No. 2, in clause 14, page 7, line 9, leave out paragraph (c).

This is another probing amendment, to find out a little more about the current usage of average salary benefits. Many of us are familiar with final salary schemes. I am aware that there has been a significant demise in such schemes for various reasons in recent years, but I am not aware how widely average salary benefit schemes are being used. Therefore, I am seeking some elucidation from the Minister on that point and, in particular, on the likely impact—on the possible payments received on retirement—for personal account holders of average salary benefits being used.