Ministerial Correction

Wednesday 2nd February 2022 Ministerial Corrections

Wednesday 2 February 2022

Justice

Wednesday 2nd February 2022 Ministerial Corrections

Public Service Pensions and Judicial Offices Bill [Lords]

The following is an extract from Second Reading of the Public Service Pensions and Judicial Offices Bill [Lords] on 5 January 2022.

[James Cartlidge]

The shadow Work and Pensions Minister asked for clarity on the issues around the ceiling breaches and so on. As the Chief Secretary to the Treasury made clear in his opening speech, no member will see a reduction in their benefits as a result of the 2016 valuations. I hope that provides some reassurance to the shadow Minister. UK asset resolution schemes currently pay out benefits of about £530 million per annum; this is a cost the Government already bear. The policy creates a more efficient situation for paying these pensions and ensuring the current schemes will have a stable benefit.

[Official Report, 5 January 2022, Vol. 706, c. 112.]

Letter of correction from the Under-Secretary of State for Justice, the hon. Member for South Suffolk (James Cartlidge).

An error has been identified in my response to the debate on Second Reading of the Public Service Pensions and Judicial Offices Bill [Lords].

The correct information should have been:

[James Cartlidge]

The shadow Work and Pensions Minister asked for clarity on the issues around the ceiling breaches and so on. As the Chief Secretary to the Treasury made clear in his opening speech, no member will see a reduction in their benefits as a result of the 2016 valuations. I hope that provides some reassurance to the shadow Minister. UK asset resolution schemes currently have total pension liabilities of around £1.5 billion; this is a cost the Government already bear. The policy creates a more efficient situation for paying these pensions and ensuring the current schemes will have a stable benefit.