Pensions — Question

Part of the debate – in the House of Lords at 11:30 am on 12 December 2013.

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Photo of Lord McFall of Alcluith Lord McFall of Alcluith Labour 11:30, 12 December 2013

My Lords, the research in this report indicates that insurers can make £35,500 out of a £100,000, 25-year pension pot. That illustrates that this is a dysfunctional market. The Government have been told this for years. Given that the annuities market will double by 2015, is there not a case for the Government to consider a standing commission on pensions, which can look at the industry and pensions in the long term to ensure that people are not ripped off and that they get the best deal for their retirement?