Clause 53

Part of Pensions Bill – in a Public Bill Committee at 2:30 pm on 31st January 2008.

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Photo of Nigel Waterson Nigel Waterson Shadow Minister, Work & Pensions 2:30 pm, 31st January 2008

I beg to move amendment No. 77, in clause 53, page 25, line 34, at end insert—

‘(1A) The Secretary of State must in each tax year from 2005 determine whether the amount prescribed in subsection (1) has maintained its value.

(1B) If the average earnings index (including bonuses) for the whole economy for September of a year is higher than the index for the previous September, the Secretary of State shall as soon as practicable make an order in relation to the amount in section (1), increasing the amount, if the new index is higher, by the same percentage as the amount of the increase of the index.’.