§ Mr. FieldTo ask the Secretary of State for Social Security what plans he has to allow unmarried members of personal pension schemes to buy annuities where the rate is determined on the member's life only. [99891]
92W
§ Mr. RookerAll members of personal pension schemes are already able to choose to purchase a single life annuity with their entire fund, provided that the pension contains no element of protected rights.
Members of appropriate personal pension schemes, which consist wholly or partly of protected rights, are required to purchase a joint life annuity with the protected rights element of the accumulated fund which accrued before 6 April 1997. Unmarried members may use all of the rights accrued from 6 April 1997 to purchase a single life annuity.
We are considering whether a further change should be made to the legislation in respect of the requirement to purchase a joint life annuity for pre-6 April 1997 protected rights.