Member

The noble Baroness, Lady Altmann, is quite right—as I understand it, I think we would need to legislate to allow lump sums—but, of course, that has significant public finance implications, which I spelled out in Committee. Providing for the payment of arrears to members whose schemes provided for pre-1997 increases is not a limited measure; it potentially paves the way for future long calls on the PPF and FAS. The amendments would further reduce the PPF reserve, which is there to protect the PPF and to protect against future risks across the defined benefit system.