Pensions: Annuity Contracts

House of Lords written question – answered on 1st October 2007.

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Photo of Lord Varley Lord Varley Labour

asked Her Majesty's Government:

How many of the 403 pension schemes which provided information on their assets to the Andrew Young financial assistance scheme review team have already made legally binding and irrevocable individual annuity contracts for their members with insurance companies; and which are the pension schemes concerned.

Photo of Lord McKenzie of Luton Lord McKenzie of Luton Parliamentary Under-Secretary, Department for Work and Pensions, Parliamentary Under-Secretary (Department for Work and Pensions) (also in the Department for Communities and Local Government)

From the data provided to the FAS assets review, we estimate that around 50 per cent of these schemes have taken some steps towards annuitisation. However, it is unclear what proportion of these has entered into individual annuity contracts that are legally binding and irrevocable. Due to commercial sensitivities and commitments made to data providers it is not possible to state which are the pension schemes concerned.

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