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Pensions Bill

moved Amendment No. 40: 40: Clause 14, page 15, line 23, at end insert ““in respect of rights accrued before the conversion date”” The noble Baroness said: Amendment No. 40 is another probing amendment which amends paragraph (e) of new Section 24A of the Pension Schemes Act. The paragraph currently states that ““post-conversion benefits”” are, "““benefits provided under the scheme immediately before the conversion date (disregarding money purchase benefits)””." My amendment qualifies the benefits by saying that they are to be, "““in respect of rights accrued before the conversion date””." Condition 3 set out in new Section 24B states that, "““post-conversion benefits must not include money purchase benefits, apart from [those] provided under the scheme immediately before the conversion date””." The Law Society of Scotland believes that this might be read as preventing money purchase benefitsin respect of future service. Since the purpose of Clause 14 is to allow some flexibility in respect of benefits which ceased to accrue in 1997, I am sure the Minister will agree that the clause should have no effect on the way that pension rights are delivered in respect of future service. I beg to move.