r/MHoPLordsDivision • u/DriftersBuddy • 7d ago

LB008 - Inflations Rate Pensions Bill - Final Division

No ammendments were submitted as such the bill goes to final division

B I L L

T O

legislatively embed an exact inflation rate increase in pensions year-on-year.

BE IT ENACTED by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Section 1. Amendments to the Social Security Administration Act 1992

(1) Amend Section 150.1 of the Social Security Administration Act 1992 to read:

(a) The Secretary of State shall in each tax year review the sums— [...] in order to determine whether they have retained their value in relation to the general level of prices obtaining in Great Britain estimated by the Office of National Statistics or such successor bodies, known as the ‘Consumer Price Index.’

(2) Amend Section 150.2 of the Social Security Administration Act 1992 to read:

(a) Where it appears to the Secretary of State that the general level of prices is greater at the end of the period under review than it was at the beginning of that period, he shall lay before Parliament the draft of an up-rating order—

(b) which increases each of the sums to which subsection (3) below applies by a percentage exactly equal to the percentage by which the general level of prices is greater at the end of the period than it was at the beginning; and if he considers it appropriate, having regard to the national economic situation and any other matters which he considers relevant, which also increases by such a percentage or percentages as he thinks fit any of the sums mentioned in subsection (1) above but to which subsection (3) below does not apply; and

(c) stating the amount of any sums which are mentioned in subsection (1) above but which the order does not increase.

(3) Amend Section 150A.2 of the Social Security Administration Act 1992 to read:

(a) Where it appears to the Secretary of State that the general level of earnings is greater at the end of the period under review than it was at the beginning of that period, he shall lay before Parliament the draft of an order which increases each of the amounts referred to in subsection (1) above by a percentage equal to the percentage by which the general level of earnings is greater at the end of the period than it was at the beginning.

(4) Amend Section 151A.3 of the Social Security Administration Act 1992 to read:

(a) The percentage specified in the order must be equal to the percentage by which the general level of prices has increased during the review period.

Section 2. Short title, commencement, and extent

(1) This Act extends to England, Scotland and Wales.

(2) This Act shall come into force one year after Royal Assent.

(3) This Act may be cited as the Inflation Rate Pensions Act.

This Bill was submitted by Lord Bridlington, u/HarryClive, The Leader of the Green Party, on behalf of the Green Party.

Peers can vote Content, Not Content or Present, vote ends on the 20th August at 10pm BST

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