HC Deb 05 December 1994 vol 251 c93W
16. Sir Anthony Durant

To ask the Secretary of State for Social Security whether he will take steps to increase choice in pensions.

Mr. Arbuthnot

We propose to introduce age-related rebates to make contracted-out occupational money purchase schemes and appropriate personal pensions attractive across a wider age range.

In addition, personal pension holders will no longer be forced to buy an annuity as soon as they take their tax-free lump sum. They will be able to draw an income from their fund each year and defer annuity purchase until a time of their choosing up to the age of 75.