Pensions Bill

Part of the debate – in the House of Lords at 4:30 pm on 15 November 2004.

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Photo of Lord Higgins Lord Higgins Shadow Minister, Economic Affairs 4:30, 15 November 2004

moved Amendment No. 65:

Before Clause 240, insert the following new clause—

"REMOVAL OF COMPULSION TO TAKE ANNUITIES

Notwithstanding any statutory provision or rule of law to the contrary, the requirement for pensioners to take their pension in the form of an annuity, together with the requirement to do so by the age of 75, shall cease to have effect, provided that the pensioner can demonstrate that he has resources to ensure that he will not become dependent on means-tested benefits."