Financing And Assurance Of Benefits
Lords amendment: No. 22, in page 31, line 20, leave out from beginning to "does" and insert:
"under the scheme in respect of benefits attributable to any period of service after the rule has taken effect.
I beg to move, That this House doth agree with the Lords in the said amendment.The Government introduced this amendment in response to representations made by Lord Banks, who referred to difficulties that occupational pension schemes might have in modifying scheme rules to comply with the priority rule in Clause 39(3). The effect of the amendment is that the items listed in Clause 39(3) will take priority only in relation to benefits arising after the priority rule comes into force.
Question put and agreed to.