GOVERNMENT ANNUITIES BILL. [H.L.] (Hansard, 2 April 1914)

§ THE PAYMASTER-GENERAL (LORD STRACHIE)

My Lords, I desire to present for Second Reading the Government Annuities Bill. This Bill deals with annuities granted to the public for the reduction of the National Debt, and deals with Acts passed from 1829 to 1903. I may shortly say that the Bill is divided into three parts. Part I deals with Government annuities, the main object being that for the reduction of debt. Part II deals with Savings Bank annuities and insurances. The object of that part of the Bill is to provide and encourage the provision of saving and insurance amongst the working-classes. No doubt your Lordships know that the insurance is limited to the sum of £100. Part III is general, and applies to both classes of annuities. At the present moment the law is in a very chaotic state as regards this question of annuities. There are actually sixteen separate Acts of Parliament which are very difficult even for a lawyer to unravel and understand; and when you come to a layman it is practically impossible for him to understand them and it is necessary for him to get legal advice. There are a large number of women who invest, and it is necessary 931 for them to get legal assistance likewise as regards their duties and rights. I need not point out that that is very expensive and undesirable. Then, again, it is very desirable to have a Bill such as this to state in plain language and in a simple manner what the law is, not only for the benefit of the public but also to simplify the work of the National Debt Commissioners at the National Debt Office. Therefore I hope your Lordships will give this Bill a Second Reading. I can assure the House that the Bill is purely a Consolidation Bill and makes no change in the law at all; and I understand that if it is given a Second Reading the Bill will go to the Joint Committee, and be there considered as a Consolidation Bill.