Pensions Bill

Part of the debate – in the House of Lords at 7:17 pm on 27 October 2008.

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Photo of Lord Fowler Lord Fowler Conservative 7:17, 27 October 2008

My Lords, I shall be very brief because I think we all know where we now stand on annuities. As I said, my preferred option was the suspension of the compulsory annuity rule. The Government voted that down with the help of the Liberal Democrats and I deeply regret that. We missed an opportunity to change the pension position of this country and I think that we will live to regret it.

However, raising the age limit to 80 is an option. Given the result of the Division that we have just had, I am not unbelievably optimistic but I think that it is a better option than an age limit of 85. It has some of the characteristics of the suspension; it would serve the interests of people who are coming up to the age where they take an annuity; and I think it would protect their interests. I therefore commend the proposal to the House. I beg to move.