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Pensions Bill

moved Amendment No. 130ZZE: 130ZZE: After Clause 89, insert the following new Clause— ““Entitlement to guaranteed minimum pensions: effect on payment of additional pension etc (1) The Pension Schemes Act 1993 (c. 48) is amended as follows. (2) In section 46 (effect of entitlement to guaranteed minimum pensions on payment of social security benefits) after subsection (1) insert— ““(1A) Subsection (1) does not apply in relation to a relevant benefit if the weekly rate of the additional pension in that benefit is determined under section 45(2A) of the Social Security Contributions and Benefits Act 1992 (retirement in tax year after 5th April 2020). (1B) In subsection (1A) ““a relevant benefit”” means— (a) a Category A or Category B retirement pension, or (b) a widowed parent’s allowance.”” (3) After section 46 insert— ““46A Retirement in tax year after 5th April 2020 (1) Subsection (2) applies where— (a) for any period a person is entitled to a Category A or Category B retirement pension, or a widowed parent’s allowance, under the 1992 Act (““the benefit””), (b) the person is entitled to one or more guaranteed minimum pensions for that period, and (c) the weekly rate of the additional pension in the benefit is determined under section 45(2A) of the 1992 Act (retirement in tax year after 5th April 2020). (2) The weekly rate of the benefit shall, for the period mentioned in subsection (1)(a), be reduced by an amount calculated in accordance with regulations. (3) Regulations under subsection (2) must provide for the amount of the reduction to be calculated in such a way that it does not exceed such part of the weekly rate of the additional pension in the benefit as is attributable to earnings factors for tax years ending before the principal appointed day. (4) The effect of the reductions made under subsection (2) in relation to any person must be actuarially equivalent to the effect of the reductions that, but for section 46(1A), would be made under section 46(1) in relation to that person. (5) The Secretary of State— (a) may require the Government Actuary or Deputy Government Actuary to prepare a report on how actuarial equivalence should be determined for the purposes of this section, and (b) must lay any such report before Parliament. (6) Regulations may make provision for determining actuarial equivalence for the purposes of this section. (7) Regulations under subsection (6) may, in particular, include provision by reference to a report under subsection (5)(a). (8) In this section ““the 1992 Act”” means the Social Security Contributions and Benefits Act 1992.”””” [Amendments Nos. 130ZZEA and 130ZZEB, as amendments to Amendment No. 130ZZE, not moved.] On Question, Amendment No. 130ZZE agreed to.