§ Mr. Shersby
asked the Chancellor of the Exchequer if, in the light of the continuing inflation in recent years, he will review the practice adopted by the Inland Revenue that employees with pensionable pay above £5,000 should not be eligible for refunds on leaving a pension scheme; and if he will make a statement.
§ Mr. Peter Rees
I have had this matter under consideration with the Inland Revenue. It has been decided that the £5,000 limit should be removed com-420W pletely as from 6 April 1980 so that there will be no ban on refunds to members leaving pension schemes on and after that date except as required by the Social Security Act 1973 or the Social Security Pensions Act 1975 or as provided by the rules of the pension scheme itself. This should not be taken as indicating any change in the Government's general position on pension preservation.