HC Deb 20 May 2002 vol 386 c31W
17. Mr. Connarty

To ask the Secretary of State for Work and Pensions if he will revise the annuity rule on pensions held by over-75-year-olds; and if he will make a statement. [55504]

Mr. McCartney

The Government have no plans to revise the rule that pension funds must be annuitised by the time the owner reaches 75. We believe that it is a sensible compromise that guarantees pensioners an income for life and allows them some flexibility on the use of their pension fund.

We are currently considering the responses to the Modernising Annuities consultation paper, which sets out our proposals to help all pension savers achieve better value and make suitable choices when they reach retirement.

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