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Pensions Bill

moved Amendment No. 77A: 77A: Before Clause 123, insert the following new Clause— ““Amendment of pensions annuities rule Any statutory provision or rule of law requiring a pension to be taken in the form of an annuity by the age of 75 is amended so that the age limit is 80.”” The noble Lord said: My Lords, I shall be very brief because I think we all know where we now stand on annuities. As I said, my preferred option was the suspension of the compulsory annuity rule. The Government voted that down with the help of the Liberal Democrats and I deeply regret that. We missed an opportunity to change the pension position of this country and I think that we will live to regret it. However, raising the age limit to 80 is an option. Given the result of the Division that we have just had, I am not unbelievably optimistic but I think that it is a better option than an age limit of 85. It has some of the characteristics of the suspension; it would serve the interests of people who are coming up to the age where they take an annuity; and I think it would protect their interests. I therefore commend the proposal to the House. I beg to move. On Question, Whether the said Motion (No. 77A) shall be agreed to? Their Lordships divided: Contents, 50; Not-Contents, 89.