Written question asked by Geoffrey Clifton-Brown (Conservative) on Monday, 11 February 2002, in the House of Commons. It was due for an answer on Monday, 4 March 2002. It was answered by Ian McCartney (Labour) on Monday, 4 March 2002 on behalf of the Department for Work and Pensions.

Dept for Work and Pensions

Question: To ask the Secretary of State for Work and Pensions, What plans he has to reform the annuity rule for pensioners. (Failed OPQ).

Answer: Mr. Clifton-Brown: To ask the Secretary of State for Work and Pensions what plans he has to reform the annuity rule for pensioners. [36354] Mr. McCartney: The Government issued a consultation document, "Modernising Annuities", on 5 February to stimulate discussion on annuity issues. The consultation will run until 5 April, and we will then consider the responses before deciding how to proceed. As the Government have repeatedly made clear, it is important that pension funds built up with the support of tax relief are used for their intended purpose--that is, to provide pensioners with a secure income in retirement. Our intention is to ensure that people make well-informed and appropriate decisions when purchasing annuities, and that the annuity market is flexible and offers good value choices within that market.

Secondary information