Finance (No. 2) Bill

Part of Bill Presented – in the House of Commons at 1:36 pm on 1st April 2014.

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Photo of Mark Field Mark Field Conservative, Cities of London and Westminster 1:36 pm, 1st April 2014

I welcome the simplification of the pension arrangements, which predates this Budget. As the Chief Secretary rightly says, these flat-rate pension arrangements have gone on throughout this Government. Is he concerned that there will be increasingly strong pressure from the Opposition and others, who will say that the very generous tax benefits on pensions will be more difficult to justify if the annuity arrangements—in other words, the guarantee that this money will be used in retirement—are no longer in place?