HC Deb 05 July 1995 vol 263 c446

Amendments made: No. 51, in page 32, line 37, at beginning insert 'Subject to subsection (3A)'.

No. 52, in page 32, line 45, leave out from 'scheme' to 'and' in line 46.

No. 53, in page 33, line 13, at end insert— '(2A) Subsection (2) does not apply to a pension under an occupational pension scheme if the rules of the scheme require—

  1. (a) the annual rate of the pension, or
  2. (b) if only part of the pension is attributable to pensionable service or, as the case may be, to payments in respect of employment carried on on or after the appointed day, so much of the annual rate as is attributable to that part,
to be increased at intervals of not more than twelve months by at least the relevant percentage and the scheme complies with any prescribed requirements. (2B) For the purposes of subsection (2A) the relevant percentage is—
  1. (a) the percentage increase in the retail prices index for the reference period, being a period determined, in relation to each periodic increase, under the rules, or
  2. (b) the percentage for that period which corresponds to 5 per cent per annum,
whichever is the lesser'.

No. 54, in page 33, line 14, leave out 'subsection (2)' and insert 'subsections (2) and (2A)'.

No. 55, in page 33, line 21, at end insert— '(3A) This section does not apply to any pension or part of a pension which, in the opinion of the trustees or managers, is derived from the payment by any member of the scheme of voluntary contributions'.—[Mr. Hague.]

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