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Clause 9 - Retirement income funds

Part of Rights of Savers Bill – in a Public Bill Committee at 3:30 pm on 14th December 2005.

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Photo of John Penrose John Penrose Conservative, Weston-Super-Mare 3:30 pm, 14th December 2005

I beg to move amendment No. 26, in page 9, line 38, at end insert—

‘(9B)A SaRA may be converted into a Retirement Income Fund at the account holder’s sole discretion, providing that he is either—

(a)over the age of 60, or

(b)in receipt of Incapacity Benefit, Disability Living Allowance or their successors.’.