§ Mr. Grahamasked the Secretary of State for Social Services whether she proposes to make use of the regulation-making power in Section 45(1) of the Social Security Pensions Act 1975.
§ Mrs. CastleYes. I have today laid before Parliament the Contracted-Out Employment (Notifications, Premium Payment and Miscellaneous Provisions)
198Wance Scheme, supplementary benefit, the family income supplement, family allowances and interim benefit, together with the numbers of children covered by each definition at the most recent convenient date.
§ Mr. O'MalleyFollowing is the information:
Regulations 1976. Including in these regulations is a provision implementing the regulation-making power in Section 45 of the Social Security Pensions Act 1975. The regulations provide that, instead of paying a limited revaluation premium and revaluing the amount of a guaranteed minimum pension of a scheme member as at the time of leaving contracted-out employment by up to 5 per cent. a year compound, an employer 199W may choose to revalue the guaranteed minimum pensions of scheme members leaving contracted-out employment by a fixed rate of 8½ per cent. a year compound. If an employer chooses this option, a limited revaluation premium will not have to be paid. It is the Government's intention that, like the premium tables and the contribution reduction, the fixed rate of revaluation would be reviewed at five-yearly intervals, that a change would be made only after consultation with the Government Actuary and that at least one complete tax year would elapse between the Regulations being amended and a revised rate taking effect.