Transitional periods for money purchase and personal pension schemes

‘(1) During the first transitional period for money purchase and personal pension schemes—

(a) sections 18(1)(b) and 24(3)(b) have effect as if for “3%” there were substituted “1%”;

(b) sections 18(1)(c) and 24(4)(b) have effect as if for “8%” there were substituted “2%”.

(2) The first transitional period is a prescribed period of at least one year, beginning with the coming into force of section 18.

(3) During the second transitional period for money purchase and personal pension schemes—

(a) sections 18(1)(b) and 24(3)(b) have effect as if for “3%” there were substituted “2%”.

(b) sections 18(1)(c) and 24(4)(b) have effect as if for “8%” there were substituted “5%”.

(4) The second transitional period is a prescribed period of at least one year, beginning with the end of the first transitional period.’.—[Mr. Mike O'Brien.]

Brought up, read the First and Second time, and added to the Bill.