Pensions Bill

Part of the debate – in the House of Lords at 4:45 pm on 27 October 2008.

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Photo of Lord McKenzie of Luton Lord McKenzie of Luton Parliamentary Under-Secretary, Department for Work and Pensions, Parliamentary Under-Secretary (Department for Work and Pensions) (also in the Department for Communities and Local Government) 4:45, 27 October 2008

My Lords, I thought we were discussing the practical circumstances that people face and what current equity values have meant for individuals. I was simply making the point that if somebody needs to convert their pot into an income because they need that income, that is very much a deadline for them now, even though they may not even be close to 75. That point is reinforced by the fact that only 5 per cent of people annuitise after 70.