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Government defeated on annuity bill for second time

The Government has been defeated at the Committee Stage of Conservative MP David Curry&#39s private member annuity reform bill with the Labour chairman of the committee voting against the Government.

The Pensions Annuity (Amendment) Bill calls for the annuity regime to be reformed, scrapping the obligation on the consumer to purchase an annuity with their entire pension pot by the age of 75.

Voting on an amendment Treasury Economic Secretary Ruth Kelly narrowly lost by one vote as Labour MP George Stevenson cast his ballot against the minister.

It is still unlikely to be successful as the Government will likely use the full force of its majority to defeat the Bill at the Report Stage, but to be defeated twice over an opposition led Private Member&#39s Bill will still be seen as a major embarrassment for the Government.

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