New Clause 11 — Decumulation

Table – in the House of Commons at 4:47 pm on 29th October 2013.

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Votes in this debate

‘(1) Any qualifying money purchase scheme must direct its savers to an independent annuity brokerage service or offer such a brokerage service itself.

(2) Pension schemes shall ensure that any brokerage service selected or provided meets best practice in terms of providing members with—

(a) an assisted path through the annuity process;

(b) ensuring access to most annuity providers; and

(c) minimising costs.

(3) The standards meeting best practice on decumulation shall be defined by the Pensions Regulator after public consultation.

(4) The standards set out in subsection (3) shall be reviewed every three years and, if required, updated.’.—(Gregg McClymont.)

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The House divided:

Ayes 218, Noes 305.

Division number 110 Table — New Clause 11 — Decumulation

Aye: 218 MPs

No: 305 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Question accordingly negatived.