Pensions Bill

Part of the debate – in the House of Lords at 6:15 pm on 27 October 2008.

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Photo of Lord Oakeshott of Seagrove Bay Lord Oakeshott of Seagrove Bay Spokesperson in the Lords, Treasury, Spokesperson in the Lords, Work & Pensions 6:15, 27 October 2008

moved Amendment No. 76:

Before Clause 123, insert the following new Clause—

"Annuities: form of consent

A provider of a pension scheme must not sell an annuity unless the purchaser has signed a form of consent, to be prescribed and kept under review by the Financial Services Authority, so as to ensure that the purchaser is fully aware of the options available to provide best value annuities in relation to matters including, but not limited to—

(a) ill health,(b) employment,(c) smoking,(d) place of residence,(e) inflation protection, and(f) any dependents' benefits after the purchaser's death."