Subsection (1) gives effect to Schedule 6.
Subsection (2) provides that for incremental periods from 6 April 2010, section 55C of the Social Security Contributions and Benefits Act 1992 (inserted by Schedule 6 to this Act) will be modified to reflect the changes made to section 55 and Schedule 5 of that Act by the Pensions Act 1995. In effect, from April 2010 a person may defer taking the state pension indefinitely and the rate of increment earned will be higher.
Commentary Supplementary Chapter II – Sharing of State Scheme Rights Section 50: Effect of state scheme pension debits and credits