Pension Annuities (Amendment) Bill
10:48 am
Mr Mark Hendrick (Preston, Labour/Co-operative)
Yes, I understand that it is included.
Most of those who retire have pension funds of far less than the amounts that I have cited. The average is about £30,000. The changes proposed in the Bill would benefit—and I have heard what Opposition Members have said—wealthier sections of the population who can build up larger pots, but in practice the majority of ordinary people would still be required to use the whole of their fund to buy an annuity and so would not gain anything from the change. The right hon. Member for Skipton and Ripon mentioned that that was currently the case, and I accept that, but I would have hoped that some attempt would be made to help poorer pensioners. Clearly, that is not the aim of this Bill.