Comment by tomatocracy

The idea is that some of the current hereditary peers will be given new life peerages under existing rules which would enable them to stay in the chamber. Granting new life peerages is mostly within the gift of the Prime Minister (although there are committees which vet appointments and conventions about allowing opposition parties to nominate some), so this is not part of the legislation but a back-room deal by which the votes were secured by the government.