Clause 14 - Restriction on transfers out of public service defined benefits schemes

Part of Pension Schemes Bill – in a Public Bill Committee at 2:00 pm on 4th November 2014.

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Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions 2:00 pm, 4th November 2014

Rather than introduce the provision through a regulation-making power, which is what clause 14 would allow, we decided, in the light of feedback, that putting it in primary legislation, in the 1993 Act, would make it clearer. Generally, people understood the idea that where there is not a pension fund to transfer money across, separate issues are raised. In general, people wanted to retain the freedoms where possible, so we have retained them for the funded public service schemes—overwhelmingly, the local government pension scheme.