The Retirement Income Reform Group has strongly endorsed Conservative MP Edward Garnier's Private Member's Bill aimed at reforming the current annuity regime.
The Bill, to be tabled in Parliament today, is calling for relaxation of the obligation to purchase an annuity by the age of 75. It follows on from similar legislation brought forward by Tory MP David Curry in the last Parliament, which was defeated.
The Group, led by former regulator and MP Dr. Oonagh McDonald, says it hopes the Bill will prove to be the focus of real debate on the future of pensions regulation in the UK.
McDonald says: “Edward Garnier's bill is both welcome and timely as the Government prepares to launch its little-anticipated green paper on pensions reform. We hope the bill, unlike the green paper, will prove to be the discussion point for real pensions reform in Britain.