HC Deb 12 June 1975 vol 893 cc718-9

Amendments made: No. 34, in page 32, line 28, leave out from 'shall' to 'shall' in line 31 and insert: 'in respect of the earner pay a state scheme premium (which may be referred to as a "limited revaluation premium").

(2) Such a premium shall be paid to the Secretary of State within the prescribed period; and its amount'.

No. 36, in page 32, line 39, leave out from 'tables' to end of line and insert: 'as in force at the time when the earner's service in contracted-out employment is terminated; and

  1. (a) the tables shall be so framed as to embody the assumption that the increase of weekly equivalent required by section 34(7) is 5 per cent. compound for each relevant year after that in which the earner's service is terminated; and
  2. (b) that assumption shall prevail over any different provision made by the scheme.

(3A) Regulations for the purposes of subsection (3) above—

  1. (a) shall be made only after consultation with the Government Actuary; and
  2. (b) shall be so framed that the tables applicable from time to time vary with the yield on such investments or classes of investments as the Secretary of State thinks fit.

(3B) In certifying any amount under subsection (2) above the Secretary of State'.— [Mr. O'Malley.]

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