Retirement Income Reform Bill
2:00 pm
Dr Vincent Cable (Twickenham, Liberal Democrat)
I confirm my support for the Bill, which is a successor to Bills that were introduced by the right hon. Member for Skipton and Ripon and the hon. Member for Bournemouth, West (Mr. Butterfill). The principles behind it are sound and enjoy wide support.
I wish to make a couple of topical points that underline why the matter is so important. I spent much of this morning reading the paper on age discrimination that has been produced by the Secretary of State for Trade and Industry. It is welcome, if a little late, and looks to a future in which people will be encouraged to work to 70 and beyond, with flexible retirement options, and arrangements that ensure that their pensions are not damaged. It recognises that we are an ageing population and that people can work longer, and introduces a greater flexibility that will, incidentally, bring a large windfall to the Treasury through extra tax income. If retirement arrangements can be flexible, the question posed by this Bill is why can we not have more flexibility in the age of annuitisation and the compulsion associated with it?