§ 26. Mr. SteenTo ask the Chancellor of the Exchequer if he will make a statement on the document "Modernising Annuities", with special reference to his policy on the upper age limit for turning savings into retirement income. [60364]
§ Ruth KellyAs the consultation document "Modernising Annuities" sets out, there are sound financial reasons for people to annuitise their retirement savings by age 75. So the Government do not propose to abolish the age 75 rule.
The consultation, which ran until 5 April, was intended to stimulate discussion on annuity issues. The Government are now evaluating the outcome of the consultation before deciding how to proceed.
§ 29. Mr. SwireTo ask the Chancellor of the Exchequer what recent representations he has received from interested organisations on annuities. [60368]
§ Ruth KellyThere were 601 responses to the Government's recent consultation document "Modernising Annuities". The Government are evaluating the outcome of the consultation before deciding how to proceed.