§ 8.16 p.m.
§ Baroness Hollis of Heighamrose to move, That the draft regulations laid before the House on 31 January be approved [8th Report from the Joint Committee].
The noble Baroness said: My Lords, I can be very brief, or take a little longer. Let me try being very brief and see if that is enough, and if necessary I could return to the matter in a wind-up.
Under the Pensions Act we are introducing a lump sum as an alternative to increments. This set of regulations applies the same option to those with inherited SERPS rights. That is all. I can go into the regulations more fully, but that is all they do—they apply to SERPS what your Lordships have already agreed will apply to the basic state pension. This will now apply to the additional pension as well. I beg to move.
Moved, That the draft regulations laid before the House on 31 January be approved [8th Report from the Joint Committee].—(Baroness Hollis of Heigham.)
§ Lord HigginsAs far as inherited SERPS is concerned, the topical statement is "Been there, done that". I do not propose to go over it again in any detail.
As I understand it, the effect of this order is to increase choice. The Conservative Party is in favour of choice. We are in favour of this particular proposal.
§ Lord Oakeshott of Seagrove BayMy Lords, I am in favour of this proposal in so far as I understand it.
On Question, Motion agreed to.