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New annuity bill predicted

A Conservative MP will table a Private Member&#39s Bill aimed at reforming the annuity regime in the upcoming Parliamentary session, according to Shadow Work and Pensions Secretary David Willetts.

If a Tory MP is high enough in the order of private members&#39 business to have a realistic chance of tabling a bill, Willetts predicted there will be another bill similar to that sponsored by David Curry in the last session.

Curry tabled a bill calling for the abolition of the obligation to purchase an annuity by age 75. Under his proposal, everyone would have to buy an annuity at 65 but only to secure sufficient income to ensure they would not need state assistance in retirement.

The Annuity Reform Bill saw the Government defeated in two separate votes in the House. But the Government used up the entire allotted time for debate on the bill, effectively killing the legislation.

Retirement Income Reform Campaign director Dr Oonagh MacDonald says: “We very much hope there will be another Private Member&#39s Bill. All we can hope is there is a sympathetic MP near the top of the list.”

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