Proceeding contribution from Lord McKenzie of Luton (Labour) in the House of Lords on Tuesday, 31 March 2009. It occurred during Committee of the Whole House (HL) and Debate on bill on Postal Services Bill [HL].
Postal Services Bill [HL]
Perhaps I may try now. To recap, Clause 17 is about the division of the RMPP into different sections because of Post Office Ltd and so on. However, it is also about having, on a contingency basis, the ability to create a section of that scheme if, for practical or other reasons, it is not possible to set up a separate government scheme. If the unfunded scheme in respect of accrued liabilities cannot be put into a separate scheme, it may, or should, be possible to do it through a separate section of the RMPP. Obviously if that happens, given that that section will not have any investments in it, its ability to deal with those accrued liabilities will depend on the Government putting money into it and then dealing with increases. That is why it is structured on that basis. I hope that that helps the noble Lord. I can see that the alternative can be confusing, but it is an important fallback position, should we not be able to set up that separate scheme.
Secondary information
- Type
- Proceeding contribution
- Reference
- 709 c1051-2
- Session
- 2008-09
- Chamber / Committee
- House of Lords chamber
- Subjects
- Conditions of employment Contracts Industrial relations Finance Liability EU law Insolvency Government assistance Government shareholding Private sector Pensions Partnerships Post offices Pension funds Pension Protection Fund Postal services Ofcom Postal Services Commission Post Office Modernisation Regulation Voting rights Technology Royal Mail TNT
- Legislation
- Postal Services Bill (HL) 2008-09
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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