Mr. Gareth R. ThomasTo ask the Chancellor of the Exchequer what action he will take to reform the law on annuities and income in retirement. [48898]
§ Ruth KellyFor some time the Government have actively encouraged innovation in the annuity market to improve benefits for customers. A consultation document, "Modernising Annuities", was issued on 5 February. It was intended to stimulate discussion on how the annuity market could be encouraged to become more flexible and competitive. The consultation period ran until 5 April. The Government are now considering the responses carefully before deciding how to proceed.