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Pensions Bill

My Lords, my Amendment No. 77A is grouped with Amendment No. 77. I shall not add much to what I have said. I have already made two speeches on annuities this afternoon, and I think that by now everyone has a clear idea of where I stand on them. I want the total abolition of compulsory annuities. Indeed, the Minister’s suggestion that alternatively secured pensions are the way forward has rather torpedoed his own case in that respect. However, we shall have to see about that. In wanting compulsory annuities to be abolished, I differ from the Liberal Democrats, who do not want them to be abolished, but want the age limit to be extended. There is no question that there is a financial crisis and there is no point in repeating the detail of it. However, given that crisis, I seek a compromise and the provision of help to people reaching 75. However, the compromise has been rejected and the help is not forthcoming. The noble Lord, Lord Oakeshott, said that one of his objections to my proposal for suspending the annuity rule was that his proposal for an 85 age limit was the only answer. We shall see what the Government say. Frankly, I doubt very much that they will give ground. I do not know whether anyone on the Liberal Democrat Benches thinks that the Government will announce a sudden conversion to the 85 age limit for annuities. If anyone thinks that, they are living in a fool’s paradise. The Liberal Democrats voted solidly against my proposal and consequently we missed an opportunity to change the situation for the better, and the losers—