Annuities Purchased by Occupational Pension Schemes

HL Deb 30 January 2002 vol 631 c38WA

Lord Varley

asked Her Majesty's Government:

What is their estimate of the tax revenue the Exchequer will forego in the current financial year as a result of the Inland Revenue imposing limits on the payments of annuities which were purchased in previous years by the trustees of some occupational pension schemes for the benefit on retirement of individual pension scheme members, and in particular where the annuity contracts stipulated that there would be an annual uprating of 5 per cent paid to the annuitant. [HL2467]

Lord McIntosh of Haringey

The Government do not hold information about annuities purchased by occupational pension schemes. So it is not possible to provide the estimate requested.