Let me give the hon. Gentleman some further reassurance. We have debated the issue before, and I shall return to it shortly, but let me give him a second quotation from the Chartered Institute of Taxation:"““HMRC have consulted effectively on these changes; the resulting rules seek to separate structured tax...

Let me give the hon. Gentleman some further reassurance. We have debated the issue before, and I shall return to it shortly, but let me give him a second quotation from the Chartered Institute of Taxation:"““HMRC have consulted effectively on these changes; the resulting rules seek to separate structured tax...

I shall resist the temptation to return to past debates. I merely wanted to give some reassurance to the hon. Gentleman and the right hon. Member for Suffolk, Coastal (Mr. Gummer). The hon. Gentleman quoted a number of advisers who may or may not have been involved in the marketing...

I shall resist the temptation to return to past debates. I merely wanted to give some reassurance to the hon. Gentleman and the right hon. Member for Suffolk, Coastal (Mr. Gummer). The hon. Gentleman quoted a number of advisers who may or may not have been involved in the marketing...

I shall be happy to do so. If the hon. Gentleman were to ask me a written question, I should be happy to provide him with the figure, but I think that he will find that it is £100 million. The Revenue has much experience in such matters. We understand...

I shall be happy to do so. If the hon. Gentleman were to ask me a written question, I should be happy to provide him with the figure, but I think that he will find that it is £100 million. The Revenue has much experience in such matters. We understand...

No, the pot, because a person would transfer their pot into purchase of the annuity. Over and above the already generous tax incentives for saving for pensions on the way in, we have introduced flexibility in a number of ways over the last few years, through the Finance Act 2004...

No, the pot, because a person would transfer their pot into purchase of the annuity. Over and above the already generous tax incentives for saving for pensions on the way in, we have introduced flexibility in a number of ways over the last few years, through the Finance Act 2004...

I am sure that you are right, Madam Deputy Speaker. There will be other times when we can debate those tax policies and we are looking forward to learning the details in due course. I will provide the hon. Member for Northavon with details of our costings and look forward...

I am sure that you are right, Madam Deputy Speaker. There will be other times when we can debate those tax policies and we are looking forward to learning the details in due course. I will provide the hon. Member for Northavon with details of our costings and look forward...

I am pleased to respond to the debate, and to have an opportunity to restate the Government’s policy on annuities. However, I shall first answer the point made by the hon. Member for Northavon (Steve Webb). I shall resist all temptation to stray on to the philosophy of Mr. Davidson...

I am pleased to respond to the debate, and to have an opportunity to restate the Government’s policy on annuities. However, I shall first answer the point made by the hon. Member for Northavon (Steve Webb). I shall resist all temptation to stray on to the philosophy of Mr. Davidson...

I shall give a more detailed explanation of the £100 million cost of the new clause in a moment, but I can tell the hon. Gentleman that the median pension pot is about £25,000 a year, although many people get much less than that. To achieve an annuity of that...

I shall give a more detailed explanation of the £100 million cost of the new clause in a moment, but I can tell the hon. Gentleman that the median pension pot is about £25,000 a year, although many people get much less than that. To achieve an annuity of that...

If the hon. Gentleman has been following the debate, he will know that we are talking about the amount of pot a person would need to buy an annuity that delivered the minimum retirement income to which we have referred. The overall amount in the pot would need to be...

If the hon. Gentleman has been following the debate, he will know that we are talking about the amount of pot a person would need to buy an annuity that delivered the minimum retirement income to which we have referred. The overall amount in the pot would need to be...

Exactly; the pot that a person would need to buy the annuity.

Exactly; the pot that a person would need to buy the annuity.