Oral question asked in the House of Lords, by Lord Oakeshott of Seagrove Bay (Liberal Democrat). It was answered by Lord McKenzie of Luton (Labour) on Wednesday, 16 November 2005.

Pensions

Question: Why self-invested pension plans (SIPPs) will be allowed to invest in assets, including individual houses and fine wines, from 6 April 2006 when SIPPs will not be regulated before 2007.

Answer: My Lords, pension simplification replaces the numerous existing tax regimes for pensions, creating a single unified regime for tax-privileged pension savings, including a common set of investment rules. The Government are also consulting on widening the definition of persons eligible to establish a tax-privileged pension scheme and extending the existing regulatory regime. Subject to consultation, these proposals, designed to open up the personal pension market within a full regulatory framework, will be in place from April 2007.

Secondary information

Type: Oral question
Reference: 675 c1065
Session: 2005-06
Oral question type: Lead
Chamber / Committee: House of Lords chamber
Subjects: Assets Housing Investment Personal pensions Pension funds Regulation Tax allowances Wines
Link: View this Oral question on www.publications.parliament.uk