§ The Lord Chancellor (Lord Mackay of Clashfern)My Lords, I beg to move that the Bill be now read a second time.
This Bill consolidates the enactments relating to private occupational and personal pension schemes other than those relating to the treatment of such schemes for taxation purposes. The principal Act relating to pension schemes is the Social Security Pensions Act 1975, but further provision about the subject has been made almost annually by successive Social Security Acts. The need for a consolidation has therefore become pressing.
12 The consolidation Bill contains a number of minor technical amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission which are necessary to produce a satisfactory consolidation. The amendments are contained in the joint report of the two commissions. I wish to take the opportunity of expressing my appreciation to both commissions and to the draftsman for their work in producing the consolidation.
If your Lordships are content to give the Bill a Second Reading, it will be referred in the usual way to the Joint Committee on Consolidation Bills.
§ Moved, that the Bill be now read a second time. —(The Lord Chancellor.)
§ On Question, Bill read a second time, and referred to the Joint Committee on Consolidation Bills.