Purchase Of Annuities

EDM number 200 in 2004-05, proposed by David Willetts on 25/11/2004.

That this House observes that annuity rates have fallen significantly since 1997; is concerned that someone who is 74 years old is forced to purchase an annuity before their 75th birthday; notes with interest that a report by Watson Wyatt found that 59 per cent. of pensioners have no desire to move into an annuity at all, and 12 per cent. wish they could do so later; believes that Government should not impose unnecessary restrictions on what people do with their own money; regrets that the Government did not take the opportunity of the Pensions Bill 2004 to abolish the compulsory purchase of annuities at 75 years rule; and urges the Government to think again and bring forward legislation to abolish the obligation so that people who have sufficient income to avoid relying on means-tested benefits are not forced to purchase an annuity at 75 years.

This motion has been ammended, see 202A1.

This motion has been signed by a total of 70 MPs.