Pension Schemes Act 2021
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
2 Qualifying benefits
(1) A benefit provided under a pension scheme is a “qualifying benefit” if— (a) the benefit is provided out of the available assets of the scheme, (b) under the rules of the scheme, the rate or amount of the benefit is subject to periodic adjustments designed to achieve a balance between the value of the available assets of the scheme and the required amount, and (c) the benefit is not of a description specified in regulations made by the Secretary of State. (2) In subsection (1)— “the available assets of the scheme” means all the assets that— arise or derive from the payments made by or in respect of members of the scheme, and are available (subject to any deductions that fall to be made in respect of administration charges) for the provision of benefits to or in respect of the members of the scheme collectively; “the required amount” means the amount expected to be required, applying appropriate actuarial assumptions, for the purpose of providing benefits under the scheme to or in respect of the members of the scheme collectively. (3) Regulations under subsection (1)(c) are subject to affirmative resolution procedure. (4) Where a scheme is divided into sections, this section has effect as if— (a) the reference to the scheme in subsection (1)(a) were a reference to a section of the scheme, and (b) the other references to the scheme were references to that section of it.m,.
2 Qualifying benefits
(1) A benefit provided under a pension scheme is a “qualifying benefit” if— (a) the benefit is provided out of the available assets of the scheme, (b) under the rules of the scheme, the rate or amount of the benefit is subject to periodic adjustments designed to achieve a balance between the value of the available assets of the scheme and the required amount, and (c) the benefit is not of a description specified in regulations made by the Secretary of State. (2) In subsection (1)— “the available assets of the scheme” means all the assets that— arise or derive from the payments made by or in respect of members of the scheme, and are available (subject to any deductions that fall to be made in respect of administration charges) for the provision of benefits to or in respect of the members of the scheme collectively; “the required amount” means the amount expected to be required, applying appropriate actuarial assumptions, for the purpose of providing benefits under the scheme to or in respect of the members of the scheme collectively. (3) Regulations under subsection (1)(c) are subject to affirmative resolution procedure. (4) Where a scheme is divided into sections, this section has effect as if— (a) the reference to the scheme in subsection (1)(a) were a reference to a section of the scheme, and (b) the other references to the scheme were references to that section of it.m,.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.