Member

Amendment 43 addresses a further concern we have about Clause 10. Clause 10, as drafted, provides that the initial regulations setting the conditions for surplus release will be subject to the affirmative procedure but that subsequent changes to those conditions may be made using the negative procedure. Amendment 43 would remove that provision. Surplus extraction is a sensitive and consequential issue. It affects the security of members’ accrued benefits and the balance of interests between members and employers. Changes to the conditions governing surplus release can therefore have material effects, whether they occur at the outset or at a later stage.