Pensions Bill [HL] Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Baroness Hollis of Heigham
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Pensions Bill [HL]
Baroness Hollis of Heigham Excerpts
Tuesday 15th March 2011
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(13 years, 9 months ago)
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Tabled by
46: After Clause 12, insert the following new Clause—
“Power of trustees to allow early access to lump sums
After section 32 of the 2008 Act (power of trustees to modify by resolution) insert—“32A Power of trustees to allow early access to lump sums
Providing that the jobholder has at least £10,000 in his or her pension scheme, upon application to the trustees of the qualifying scheme or automatic enrolment scheme a jobholder may withdraw up to 25% of the total sum accrued at the time of the application in the jobholder’s NEST.””
“Power of trustees to allow early access to lump sums
After section 32 of the 2008 Act (power of trustees to modify by resolution) insert—“32A Power of trustees to allow early access to lump sums
Providing that the jobholder has at least £10,000 in his or her pension scheme, upon application to the trustees of the qualifying scheme or automatic enrolment scheme a jobholder may withdraw up to 25% of the total sum accrued at the time of the application in the jobholder’s NEST.””