Clause 17 - Indexation requirements for cash balance benefits

Part of Pensions Bill [Lords] – in a Public Bill Committee at 2:45 pm on 14 July 2011.

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Amendments made: 11, in clause 17, page 13, line 41, after ‘(3)(b)’, insert ‘includes a promise that’.

Amendment 12, in clause 17, page 13, line 42, leave out ‘includes a promise that’.

Amendment 13, in clause 17, page 13, line 44, leave out from beginning to end of line 4 on page 14 and insert—

‘(b) the rate or amount of a benefit will represent a particular proportion of the available sum.’.

Amendment 14, in clause 17, page 14, line 4, at end insert—

‘( ) But a pension is not prevented from being a cash balance benefit merely because under the scheme there is a promise that—

(a) the rate or amount of a benefit payable in respect of a deceased member will be a particular proportion of the rate or amount of a benefit which was (or would have been) payable to the member;

(b) the amount of a lump sum payable to a member, or in respect of a deceased member, will represent a particular proportion of the available sum.’.—(Steve Webb.)