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Premium Where Guaranteed Minimum Pension Excluded From Full Revaluation

Volume 893: debated on Thursday 12 June 1975

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 34, in page 32, line 28, leave out from 'shall' to 'shall' in line 31 and insert:

'in respect of the earner pay a state scheme premium (which may be referred to as a "limited revaluation premium").

(2) Such a premium shall be paid to the Secretary of State within the prescribed period; and its amount'.

No. 36, in page 32, line 39, leave out from 'tables' to end of line and insert:

'as in force at the time when the earner's service in contracted-out employment is terminated; and
  • (a) the tables shall be so framed as to embody the assumption that the increase of weekly equivalent required by section 34(7) is 5 per cent. compound for each relevant year after that in which the earner's service is terminated; and
  • (b) that assumption shall prevail over any different provision made by the scheme.
  • (3A) Regulations for the purposes of subsection (3) above—

  • (a) shall be made only after consultation with the Government Actuary; and
  • (b) shall be so framed that the tables applicable from time to time vary with the yield on such investments or classes of investments as the Secretary of State thinks fit.
  • (3B) In certifying any amount under subsection (2) above the Secretary of State'.— [ Mr. O'Malley.]