New Clause 11 - Treasury directions

Public Service Pensions and Judicial Offices Bill [Lords] – in a Public Bill Committee am 2:15 pm ar 27 Ionawr 2022.

Danfonwch hysbysiad imi am ddadleuon fel hyn

“(1) The powers mentioned in subsection (2) must be exercised in accordance with Treasury directions.

(2) The powers are—

(a) the power to make scheme regulations by virtue of section (Pension credit members) (pension credit members) and any powers exercisable by virtue of such regulations;

(b) the power of a scheme manager under section (Power to pay compensation)(1) (power to pay compensation),

(c) the power to make scheme regulations by virtue of section (Power to pay compensation)(2) (power to require employer to reimburse compensation paid by scheme manager) and any powers exercisable by virtue of such regulations;

(d) the power to make scheme regulations by virtue of section (Indirect compensation)(1) (indirect compensation) and any powers exercisable by virtue of such regulations;

(e) the power to make scheme regulations by virtue of section (Interest and process)(1) (interest and process) and any powers exercisable by virtue of such regulations.

(3) Treasury directions under this section may provide for amounts that are to be paid by a scheme in relation to a member to be determined—

(a) taking into account the particular circumstances of the member and (if different) the person to whom the amount is to be paid, or

(b) without taking into account any or all of the particular circumstances of that person or those persons.

(4) Treasury directions under this section that relate to the calculation and payment of interest, and variations and revocations of such directions, may only be made after consultation with the Government Actuary.

(5) For the definition of ‘Treasury directions’, see section (Interpretation of Chapter)(1).”—

This new clause requires that some of the powers relating to local government schemes that are conferred in other new clauses be exercised in accordance with Treasury directions. It is similar to the corresponding provision in Chapter 1 (which is at clause 27).

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