Removal of compulsion to take annuities
Orders of the Day — Pensions Bill
Mr Malcolm Wicks (Minister for pensions, Department for Work and Pensions; Croydon North, Labour)
Yes. The point is that we are talking about a quarter of a million people who are way above means-tested levels. I recognise that there is a gap in evidence about the accumulation of different pension funds but, as I said, 80 per cent. of people have very tiny pension pots. It would require some very clever arithmetic to show that large numbers of people could be placed in the relatively rich category that we have been discussing.
I accept that we need to consider this matter, and we will do so in due course. With that, I hope that the House will decline to accept the view of the House of Lords on this matter.