Pensions Bill

Part of the debate – in the House of Lords at 3:45 pm on 27 October 2008.

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Photo of Lord Fowler Lord Fowler Conservative 3:45, 27 October 2008

moved Amendment No. 69A:

After Clause 98, insert the following new Clause—

"Suspension of annuitisation order

(1) The Secretary of State may by order suspend any statutory provision or rule of law requiring a pension to be taken in the form of an annuity.

(2) The Secretary of State may by order renew an order made under subsection (1).

(3) The period for which a suspension order, made under subsection (1) or (2), has effect must be stated in the order and may not be less than 6 months or more than 2 years.

(4) Any order made under subsection (1) or (2) does not have effect until a draft has been laid before, and approved by a resolution of each House of Parliament."