Moved by
Lord Davies of Brixton
40: Clause 21, page 18, line 13, at end insert—
“(6A) In subsection (5), a loss “attributable to the application of any provision of, or made under, this Chapter” includes a loss incurred by a member with remediable service who—
(a) is transferred to the new scheme and reaches the required number of years of pensionable service to retire with full benefits under the legacy scheme, but
(b) is unable to access the full value of those benefits because they must continue to work to retire with full benefits under the new scheme.”
Member’s explanatory statement
This amendment provides that certain losses arising from the interaction of the rules of the new and legacy schemes respectively will be compensated.