§ 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.