Clause 85

Part of Pensions Bill – in a Public Bill Committee at 11:00 am on 19th February 2008.

Alert me about debates like this

Photo of Nigel Waterson Nigel Waterson Shadow Minister, Work & Pensions 11:00 am, 19th February 2008

I have some queries, but I am sure that now the Minister is back on his home territory of English law he will have no difficulty in answering them. These issues are mainly to do with the business of the cash equivalent. Perhaps I can deal with clauses 85 and 86 rather than raising points regarding clause 86 specifically.

According to clause 86, regulations are yet again to be made for the calculation and verification by the board of the cash equivalent. May I ask the Minister, perhaps with growing plaintiveness, whether there is the slightest prospect of these draft regulations, or any draft regulations, being available to the Committee as we plough through our proceedings? For example, it is pretty well nigh impossible to make any judgment about how clause 85 is going to work without seeing the draft regulations. This might be a useful opportunity for the Minister to give us a reality check on where we are with all the other draft regulations under this Bill.

May I also ask a specific question about subsection (5)? It talks about “the valuation day” being such day within the implementation period as the board may specify. Again, it would be interesting to get some concept of how such a valuation day is going to be established, and what criteria the board would use in making such a determination. Obviously, if there is a big variation in the valuation day, it could make a significant difference to the amount of compensation payable under these provisions. In my habitual spirit of constructive debate, may I ask the Minister to help me on any of those issues?