Inland Revenue And Managed Annuity Contracts

EDM number 950 in 1993-94, proposed by Margaret Ewing on 24/03/1994.

That this House deplores the decision by the Inland Revenue to ban one of the most innovative products of the life assurance industry, namely the new managed annuity contracts offered by the Equitable Life Assurance Society and proposed by Provident Life; notes that the Inland Revenue do not regard managed annuity contracts as annuities, a view that is not shared by the providers and their external legal advisers; further notes that the decision taken by the Inland Revenue will have the effect of restricting the choice available to the individual; and calls upon the Inland Revenue to reverse this decision to permit those with retirement annuity contracts, personal pensions or occupational pension schemes to plan for their retirement with maximum flexibility.

This motion has been signed by a total of 1 MPs.