Moved by
Lord Sharkey
64: Clause 8, page 8, line 31, leave out “2” and insert “1A or 2 (as the case may be)”
65: Clause 8, page 8, line 31, at end insert—
“Conducting the first review
1A_(1) This paragraph applies when the Lord Chancellor is required by paragraph 1(2) to conduct a review of the rate of return.
(2) The Lord Chancellor must review the rate of return and determine whether it should be—
(a) changed to a different rate, or
(b) kept unchanged.
(3) The Lord Chancellor must conduct that review and make that determination within the 140 day review period.
(4) In conducting the review, the Lord Chancellor must consult—
(a) the Government Actuary, and
(b) the Treasury.
(5) The consultation of the Government Actuary must start within the period of 20 days beginning with the day on which the 140 day review period starts.
(6) The Government Actuary must respond to the consultation within the period of 80 days beginning with the day on which the Government Actuary’s response to the consultation is requested.
(7) The exercise of the power of the Lord Chancellor under this paragraph to determine whether the rate of return should be changed or kept unchanged is subject to paragraph 3.
(8) When deciding what response to give to the Lord Chancellor under this paragraph, the Government Actuary and the Treasury must take into account the duties imposed on the Lord Chancellor by paragraph 3.
(9) During any period when the office of Government Actuary is vacant, a reference in this paragraph to the Government Actuary is to be read as a reference to the Deputy Government Actuary.
(10) In this paragraph “140 day review period” means the period of 140 days beginning with the day which the Lord Chancellor decides (under paragraph 1) should be the day on which the review is to start.”
66: Clause 8, page 8, line 32, leave out from beginning to “to” in line 34 and insert—
“Conducting later reviews
2 (1) This paragraph applies whenever the Lord Chancellor is required by paragraph 1(3)”