Moved by
Lord Newby
28: Schedule 7, page 36, leave out lines 14 and 15 and insert—
“(ii) such earnings as scheme regulations for the new scheme may specify, being earnings derived by the person from the new scheme service, are to be regarded as derived from the old scheme service (subject to sub-paragraph (3)).
(3) The amount of the earnings that are to be regarded as derived from the old scheme service must not be materially less than the amount of the earnings that would have been the person’s pensionable earnings derived from that service had it ended when the new scheme service ended.”