HC Deb 06 December 1955 vol 547 c176
9. Dr. D. Johnson

asked the Chancellor of the Exchequer whether, in furtherance of the policy of siphoning off existing purchasing power, he will consider the issuing of pension bonds, redeemable at retiring age in annuity form, as an attractive means of encouraging savings.

Mr. R. A. Butler

I am grateful to my hon. Friend for this suggestion, but I would point out that the life offices and friendly societies issue deferred annuities. I have no reason to believe that the facilities which they offer are inadequate.

Dr. Johnson

While thanking my right hon. Friend for his reply, may I, however, ask him to keep this idea in view as a voluntary supplement to the various compulsory measures of saving?

Mr. Butler

Yes, certainly. There is still power, I suppose, for the Government to take action of this sort, but I consider that the possibilities for the life offices and friendly societies are sufficient to meet the present problem.

Mr. Jay

Does the Chancellor of the Exchequer think that his policy of siphoning off purchasing power and encouraging savings is being assisted by commercial television?