To reflect the changes made by amendments 43, 46, 51 and 52, this amendment removes the definition of “required probability” and inserts a definition of a “required range”.
Amendment 26, in clause 36, page 14, line 38, at end insert—
““trustees or managers” means—
(a) in relation to a scheme established under a trust, the trustees, and
(b) in relation to any other scheme, the managers;”.—(Steve Webb.)
Clause 36 provides definitions so that people can interpret part 3 of the Bill. Most of this is self-explanatory. Subsection (2) provides that a power conferred by part 3
“to make provision corresponding or similar to any provision made by a section of another Act includes a power to make provision corresponding or similar to any provision that may be made by regulations under that section.”
Essentially, these are the technicalities that we have to go through to complete the setting up of the concept of collective benefits. I hope that that is helpful and I commend clause 36 to the Committee.